Following Reports Of NOCAL’s Bankruptcy, Ellen Axe Falls, Affecting Seniors Officials

President Ellen Johnson Sirleaf has instructed the Board of Directors of the National Oil Company of Liberia (NOCAL) to take prompt action to restructure the company to ensure its efficient and effective functioning.

The Liberian leader said her instruction is intended to ensure the most prudent handling of the country’s financial resource, taking into account the Board’s Sustainability Action Plan (SAP).

Amongst other things, the Liberian leader in a special statement to the nation on Tuesday said she has decided in accordance with the restructuring scheme that a few members of NOCAL Board will continue on an Interim Board until reconstituted.

President Sirleaf emphasized that “Appropriate severance payment will be made to those leaving."

The Liberian leader disclosed that she has also directed that severance payment to senior management officials be reduced by 50 percent and subjected to tax deduction.

“The current President or Chief Executive Officer (CEO) will be retired with severance, as approved. The Board will require the immediate resignation or dismissal of the Vice President for Administration, the Vice President for Public Affairs and the acting Vice President for Corporate Social Relations (CSR) who will receive severance as approved,” she further disclosed.

President Sirleaf said an Interim Transition Team composed of the current Chief Operating Officer, the Vice President of Finance and the Vice President for Technical Services will hold on during the transition period, with severance delayed until the period is over.

According to the Liberian leader, the Transition Team under the guidance of the Board will take on the immediate task of implementing the SAP, including the payment of severance to employees at all levels of the organization as well as reducing staff to not more than 50 employees.

The Liberian leader indicated that the objective of the restructuring plan is to ensure the viability of NOCAL so that it continues to pursue its mission to develop Liberia’s hydrocarbon resources effectively.

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