THE EFFECT OF SUCCESSION MANAGEMENT ON CORPORATE SURVIVAL AND GOAL ATTAINMENT IN THE NIGERIAN OIL AND GAS INDUSTRY

ABSTRACT
The study examined the effect of succession management on corporate survival and goal
attainment in the Nigerian oil gas industry. Some selected companies within the industry were
assessed to ascertain the extent to which succession management could function as a strategy for
growth and profitability in the Nigerian oil and gas industry. The study verified whether
succession management encourages healthy competition and advance continuity of corporate
objective in Nigerian oil industry. The study found out whether gaps in leadership pipeline,
difficulty in filling key employee’s positions, inadequate career path and ineffective line
management were the key challenges succession management is designed to address in Nigerian
oil industry and its (succession management) role in curbing these challenges. It also
ascertained the extent to which the supply of talented, experienced, motivated and high morale
staff ensured prospects in Nigerian oil industry. The study verified the degree to which
succession management engendered significantly labour retention among employees in Nigerian
oil and gas industry. The instruments for data collection used were structured questionnaire and
oral interview. The questionnaire was structured in line with likert-five point scale and validated
using the face-to-face approach. The instruments were checked for reliability using the pilot
survey method. The data collected from the responses to questions in the questionnaire and
structured oral interview were analyzed using quantitative and qualitative methods. The test of
hypotheses was performed using chi-square distribution, Analysis of Variance (ANOVA) oneway
test and Pearson Product Moment Correlation Coefficient(r=0.84). It was discovered that
succession management functioned as a strategy for growth and profitability of the Nigerian oil
and Gas industry (Fcal=6952.68>Ftab=3.00,p<0.05). It was revealed that succession
management significantly engendered healthy competition and advanced achievement of
corporate mission in the Nigerian oil and Gas industry(Fcal=6930.50>Ftab=3.00,p<0.05). The
study revealed that gaps in leadership pipeline, difficulty in filling key employee’s position,
inadequate career paths and ineffective line management were the major challenges facing the
Nigerian oil and gas industry (Fcal=1882.01>Ftab=3.00,p<0.05). It was discovered that the
internal supply of trained, experienced and motivated talents who could create the necessary
competitive edge and sustain the companies through turbulent and uncertain business
environment were the key prospects of succession
management(Fcal=2094.23>Ftab=3.00,p<0.05). The study revealed that succession
management engendered significantly labour retention among employees in Nigerian oil and gas
industry(Fcal=7403.66>Ftab=3.00,p<0.05). Scholars have extensively discussed the effect of
succession management on the survival of organizations. They have also discussed the principles
and operational procedures of succession management. However, there are dearth of relevant
information on the implementation of succession management in Nigerian oil industry and its
effect on the survival of the industry. The study found that there was a gap between the perceived
and actual position of succession management in the oil industry which serves as a wake up call
for the industry. It was recommended that the industry should evolve strategies aimed at
identification of where and when leadership pipeline is running dry, planning and development
of management so as not to lack the capability to compete in the future, and creating changes to
refocus the firms position in the market place. All organisations need strong leaders in order to
maintain continuity and remain relevant in the ever turbulent environment. Therefore succession
management ensures the corporate survival and goal attainment in Nigerian oil and gas
industry.

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