Dipo Olowookere
By Dipo Olowookere
A performance bond tagged ‘Corporate Scorecard Key Performance Indicators (KPIs)’ has been signed by major executives of the Nigerian National Petroleum Corporation (NNPC) with the Group Managing Director of the government-owned oil agency, Mr Maikanti Baru.
The performance bond comprises 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.
It was put in place to ensure NNPC achieve its target of being a commercially focused and profitable business organization.
Those who signed the bond were the Chief Operating Officers (COOs) of the five Autonomous Business Units and two Directorates.
This was done at the end of a 2-day Top Management Retreat and Performance Dialogue, which took place in Abuja on Wednesday and Thursday.
Speaking on the significance of KPIs, Mr 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,” he 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.
