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Prez Sirleaf restructures National Oil Company

Arthur Douglas/Joseph T. Koon
Dr. Randall McClain
Dr. Randall McClain

(elbcradio.com/Aug.27,2015)-President Ellen Johnson-Sirleaf has announcedthe restructuring of the Management Structure of the National Oil Company of Liberia (NOCAL).

President Sirleaf said: “The move is intended to ensure the operational efficiency and effectiveness of NOCAL”

President Sirleaf has instructed the Board of the National Oil Company, NOCA, to retire its current President, Dr. Randall McClain with immediate effect.

.At the same time, the Liberian Leader has also instructed the Interim to Board dismiss three Vice Presidents of the entity.

They are the Vice Presidents for Administration, Public Affairs and Corporate Affairs, Bida Mensah, Lamin Warity and Pete Norman, respectively.

President Sirleaf wants the NOCAL Board cut down the entire workforce by 50 percent.

She also instructed that they are given severance benefits as accrued.

President Sirleaf made the pronouncement Tuesday, August 25, 2015 in a nation-wide address.

President Sirleaf said: “The move is part of a sustainable action plan to address the financial crisis and improve performance in the development of Liberia’s Hydro-carbon Sector.”

The Liberian Leader attributed NOCAL’s financial crisis to its Management’s failure to mitigate the situation.

“In-spite of the negative impact of external global market factors and the Ebola virus; NOCAL’s leadership used a huge sum of its revenue on itself,” President Sirleaf emphasized.

Meanwhile,the Liberian Chief Executive has announced an interim transition team, comprising the Chief Operating Officer, the Vice Presidents for Finance and Technical Service under the supervision of the Board.

The Liberian Leader, however, expressed optimism that the measures will make NOCAL more vibrant in its pursuit to develop the hydro carbon sector.

She also instructed the NOCAL Board to cut the salaries and benefits of the senior executive members by 50 percent.

 


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