NNPC Chief Executives Sign Performance Bond Towards Achieving Strategic Business Goals
Ndu Ughamadu, Abuja: The journey to the transformation of the Nigerian National Petroleum Corporation (NNPC) into a commercially focused and profitable business organization has been taken a notch higher with the signing of a performance bond by the Chief Operating Officers (COO) of the five (5) Autonomous Business Units and two (2) Directorates with the Group Managing Director, Dr. Maikanti Baru.
The performance bond, tagged: “Corporate Scorecard Key Performance Indicators (KPIs)”, constitutes the key deliverables for the Upstream, Downstream, Refineries, Gas & Power, and Ventures Autonomous Business Units and the Finance & Accounts and Corporate Services Directorates for 2017, serving as key business objectives that each of the units would pursue and is expected to achieve.
The signing of the performance bond took place at the end of a 2-day Top Management Retreat and Performance Dialogue which ended today in Abuja.
Speaking on the significance of the Corporate Scorecard Key Performance Indicators (KPIs), Dr Baru said it was the corporation’s way of setting up a system for measuring performance with a view to driving every unit and every staff of the corporation towards achieving strategic business goals.
According to the GMD, they form the benchmark against which the performance of each of the Autonomous Business Units will be evaluated at the end of the year.
“These Key Performance Indicators will be the basis for evaluating each ABU’s performance. These KPIs are expected to be cascaded down to the individual business units by the COOs and down to individual staff by the respective Managing Directors and Executive Directors of the Strategic Business Units (SBUs). At the end of the day, we are going to add up the various inputs from individual staff, up to the SBU, to arrive at the performance of each ABU by the end of the year”, Dr Baru explained.
He said subsequently, the extent of the achievement of the KPIs by each of the Autonomous Business Units would be used to determine how much of the 13th month bonus the staff of each ABU will enjoy at the end of the year.
On the objective of the retreat, the GMD said it was organized to review the report of the committees set up to align the implementation of the 12 Business Focus Areas (BUFA) with the 20-Fixes and to review recent management policies as well as the performance of the corporation in the first quarter of 2017.
He charged members of the Top Management to brace up for challenges ahead with a view to rising above them to position the corporation for profit.