The chief operating officers of the five autonomous business units and two directorates of the Nigerian National Petroleum Corporation on Thursday signed a performance bond with the oil firm’s Group Managing Director, Dr. Maikanti Baru.
According to the corporation, the exercise is part of measures aimed at transforming the NNPC into a commercially-focused and profitable business organisation.
The performance bond, tagged, ‘Corporate Scorecard Key Performance Indicators’, contains the key deliverables for the upstream, downstream, refineries, gas and power, and ventures autonomous business units, as well as finance and account, and corporate services directorates for 2017.
The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, said in a statement issued in Abuja that the bond would serve as key business objective that each of the units would pursue and was expected to achieve.
The statement noted that the signing of the performance bond took place at the end of a two-day top management retreat and performance dialogue, which ended in Abuja on Thursday.
Speaking on the significance of the Corporate Scorecard Key Performance Indicators, 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.
He noted that it would form the benchmark against which the performance of each of the autonomous business units would be evaluated at the end of the year.
Baru said, “These key performance indicators will be the basis for evaluating each of the 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.”