Lagos — The latest news from the boardroom of Africa Petroleum Plc is a dampner. The boardroom has claimed one of its own. In a dramatic change of musical chairs, Femi Otedola, the new corporate czar, emerged as the new CEO.

In a flex of corporate muscles wrapped in intrigues and bare-knuckles tactics, reminiscent fo a highly prized boxing bout, which followed a court order as a result of acrimonious litigation among owners, sae Maigadi showed aside.

According to unofficial but reliable sources, as soon as the court vacated its restraining order onn Zenon Petroleum, the acclaimed core investor, a hurriedly organised boardroom meeting was held in Abuja last Wednesday, without the chief executive in attendance.

Attempt to confirm the validity of his non-attendance to the crucial board meeting was met with stony silence.

Business sources indicated that this is a well orchestrated plot by the new owners to stamp authority, not only on the company, but in the bigger downstream oil sector.

Prompted further onthe veracity that he was requested to fax in his resignation to the board meeting while he was in Lagos, Zira sighed and said: "It is well!"

Well, for ther records, Zira, the celebrated employee turn around manager who took African Petroleum Plc, out of the woods, and paid dividends to 160,000 shareholders for the first time in seven years, a few weeks ago, sat down with this reporter who captured the transformation story, before his unexpected exit.

The broad smile tells the story. Of a company that has just driven its way back from corporate wilderness where loss was a trading partner to profitability base, with dividend as its password. For the past six years, African Petroleum Plc, had failed to put smiles on the faces of its 160,000 shareholders. However, this year, the story is different.

At its Annual General Meeting (AGM) held at the Congress Hall of Transcorp Hilton, Abuja, few weeks ago, the enthusiastic shareholders pumped hands, some hugging, at the latest news from AP Boardroom: One naira per share, dividend. But the man who provided the oxygen that breath life into reputable company, that went down the valley a few years, just sat at the high table, amidst other corporate chieftains, donned an all - white "Babariga" with a blue cap to match (and as I discovered later, a black skin shoe), surveyed the share holders as they enjoyed themselves, and gave a measured smile to the encomiums.

Zira Maigadi, Chartered accountant, Chief Executive of African Petroleum Plc, occupies the driver's seat taking a once-troubled company out of the woods to the Promised Land.

The reporter gave him a hard look at the high table and discovered missing - the swash buckling trademarks, of the typical Nigerian CEO. Soft-spoken with an engaging smile, Zira was rather shy to tell you the transformation story at the end of the AGM. "Please, see Ngozi (AP's Corporate Affairs Head) for further details, "he urged the reporter. At another venue, "Oh you can see I'm going out with the Bishop", he pleaded with you. The Bishop, a regular face at AGM's (I suspect either Anglican or Methodist Faith) nodded with a gentle smile.

But the reporter never let go: we need to know the real Zira, and where he got his magic wand. "Which magic wand", he queried". The turn-around magic, did you bring it from Adamawa", the reporter teased.

"No, No", he explained, "the turn- around started before I became the chief executive a year ago, though I was part of the strategic thinking team. I now happened to be the Chief driver since last year to consolidate the transformation programme".

"This is a team work," he modestly told the reporter, "I happened to be where I am to take this company out of the woods" from almost occupying the bottom position of the big 8 (eight) major down stream marketing oil giants, AP today is a strong No3 and poised to get back to the very top sooner than you expect. There is no just going back; the industry itself knows, we're taking over the market leadership soon, given what the company went through in the last few years", he explained.

Truly so. It has been a bag of mixed blessings for this sleeping oil giant since 2001 when Sadiq Petroleum bought over the controlling share from the Federal Government.

The company became a chess pawn on the creditors' table over very controversial debts to NNPC and some financial institutions.

With this heavy burden, "yoke", company watchers were already waiting when the undertakers will shove in for the final burial.

However, with much corporate brinksmanship, bank loans were rescheduled, Sadiq Petroleum divested, NNPC converted debt to equity, the company is in the verge of new ownership as soon as legalities are resolved- all these upheavals are enough to sink any corporate firm.

But, the AP's tactical team went on to manage the crisis and repositioned the company to face the challenges of the industry.

Hear him: "I am a chartered accountant trained to look at the bottom line of operation to turn-around an ailing firm.

"We took stock of the industry, carried out some analysis, looked at our strength, weaknesses and opportunities in the market and we started charting our plan to recover lost grounds.

"A major issue is product availability, especially in the 2006 when scarcity was recorded.

NNPC supplies were inadequate, so we embarked on the importation of all the products (not just petrol) at the best competitive prices overseas and made reasonable margins.

"The success recorded here was made possible due to the combined effort by the board and management- we went to Europe and got the best deal for our purchases".

He continued further: "We pursued vigorous importation, aviation fuel, kero and others, thus, stabilized our product supplies at all our AP's stations.

"If you recollect in December 2006, AP was the only major that had PMS nationwide (as we imported 30,000 metric tones). We equally gave our stations massive face-lift. We are determined to make them a benchmark for others to copy.

"We installed state of the art equipment in all the facets of the business- aviation fuel, lubricants, to drive the business aggressively over our business growth.

"We have enough PMS to sell, we have recaptured the aviation market leadership (about 30 percent market share), and we have bounced back with our popular Visco 2000 lubricant".

More came from him: "At the background, there was a business diagnostic carried out by KPMG, one of the major consultants in the company to reposition the company ahead of the challenges in highly volatile industry.

"In great measures, we have transformed every aspect of our business. We did not stop in-house; we went down the line to train our dealers, tranporters, pump attendants. We want to achieve a turn-around business that is value driven and giving satisfactory products and services to our numerous customers".

And the result of these efforts became manifested with the bottom-line: "Turnover for the year ended 31st December 2006, stood at N81.9 billion, representing a 91 Percent increase over 2005 figures. "A profit after tax of N2.2 billion representing a 60.56 increase over 2005 figures was equally recorded with a loss of N3.37 billion only 2005, the turn around of the company from its loss position, is a sure testimony to a focused leadership provided by Zira and his team of strategist.

Business is about people, it is nothing without them. Zira agreed. Beyond the profits and all that, what is the magic wand that gave life to a troubled company? "I ensured all the staffs and all the support business providers bought into our vision; it is essential; it is only when they see the vision, identify themselves with the goals of the vision, then, I can derive the vision through the mission," he told the reporter.

The emphasis here is that a corporate vision interpreter is imperative for running a business, even a troubled one, more even a successful one.

AP's Chief driver anchors his strength on his management style of delegating authority yet not abdicating responsibility, ensuring all inclusive participatory management style for optimum results from staffers.

But, he does not suffer fools gladly. A strong hands on manager, Zira says "as a trained chartered accountant, I know as much as needed in all segments of this business, so I can talk and act confidently in running this business to greater height than I met it.

"My professional training comes in handy", he tells you. You agree. CEOs' chartered accountants love to have nothing to so with failure, always looking at the bottom line, profit is their game. And look around the corporate landscape; you'll see chartered accountants occupying the drivers' seat running their business on profitability routes.

Even so, his professional training, fuelled by his leadership skills had given a cutting-edge as he climbed the corporate ladder to the top of his career.

After leaving Ahmedu Bello University (in 1985) with an Accounting Degree (he later bagged a Master in Banking and Finance, from the University of Lagos in 1998),

Zira cut his professional tooth as an audit Senior with the Kaduna-based Dala Akpati and Co. Chartered Accountants while doing part-time lecturing at the Kaduna Polytechnic in 1986.

In 1987, he pitched his tent with the defunct Gongola State, where he was the Accountant in the Commerce Ministry. Here he brought out his skills intertwined with integrity when he flushed out ghost workers, brought sanity back, thus saving the state government millions of naira.

Even as he moved to former Highland Bank the following year, as a Project Manager who completed works on time and within budget Zira worked later in different capacities and rose to head the Treasury department in 1997.

The picture is getting bigger and clearer, the AP boss was destined for the top in corporate Nigeria. UBA took him on for training to sharpen him and honed his skills former Unipetrol (now Oando Plc) between 1997 - 2001 gave him a wider role to play as Divisional Accountant, Consolidation Accountant and Treasury Manager.

A risk - lover, Zira moved to a rival firm (African Petroleum Plc) as a Treasury Manager in 2001 and got accelerated promotions.

The then - Okocha led board wanted a front-runner to keep hold of their finances especially during the troubled period when AP was easy prey to creditors and sharks with unquenching thirst for flesh and blood.

The board turned to Zira. In 2002, he was promoted to the post of Finance and Accounts Manager. The reward? He was honored with AP Plc outstanding Performance/Merit Award for his dedication and contributions towards the successful restructuring of AP, following the debt issue that surrounded the company's privatization exercise.

More reward: Zira moved up as Executive Director, Finance, in 2004, a position he held till April, 2007 when he was made the Acting CEO, and head of the Management Committee, when the former Chief executive, Sule Abdulahi, lost out of the corporate musical chair.

The crown came on the 8th of September 2006 when the board background on him to take the company to higher grounds where only profits will do for the 160,000 shareholders.

Now a peep into the future: "To take AP to the top as the leading company in the down stream sector of the oil and gas industry in Nigeria. Zira is firing all cylinders: we will continue with our expansion programmes, upgrade and refurbished our facilities outlets as prime reference for the industry. We're looking beyond Nigeria even beyond West Africa where our presence is already felt.

"For our shareholders, this is just the beginning of loyalty reward. In 2006, AP stock sold for N32 per unit, today it is more than N80 for the same stock. They haven't seen anything yet, I assure them. And I count on the government and other agencies to give the industry all the needed support for us to excel.

For this enterprising turn around manager of human and material resources with an enviable track record of a banker, auditor, accountant and administrator, the sky is just the dawn for him to engrave his niche on corporate Nigeria.

Now, a parting shot: "a small bird told me that Zira Maigadi, who holds the traditional title of Wali Michika (where 3 governors came from (Brig. Buba Marwa, Alhaji Michika, Boni Haruna - is sniffing the political field in his home state of Adamawa.

"What bird" he quipped back "Now go and tell that your bird that you didn't see me, haba "I have my job here and it is enough challenge for me now. Let the future take care of itself. Do you agree with Zira?