Hector Igbikiowubo
8 April 2009
PRESIDENT Umaru Yar'Adua yesterday approved major changes in the top management of the Nigerian National Petroleum Corporation (NNPC) which saw the removal and replacement of six Group Executive Directors (GEDs) of the corporation.
This was contained in a statement by Dr. Levi Ajuonuma, the General Manager, Group Public Affairs Department of the NNPC. Although the corporation was silent on the fate of the GEDs who were dropped, indications point to their retirement.
Meanwhile, it has come to light that the nation risks losing N435 billion ($3bn) worth of investments by oil companies owing to perceived lack of commitment to the upstream oil industry projects by the National Petroleum Investment and Management Services (NAPIMS), a subsidiary of the NNPC.
Following the presidential approval, Dr. Attahiru Baba Yusuf was appointed in acting capacity to replace Mr. Ibrahim Waziri, the Group Executive Director in charge of Corporate Services. Until his appointment, he was Group General Manager in charge of Corporate Planning.
Mr. Austin Olusegun Oniwon was also appointed in acting capacity to replace Mr. Onochie Azubuike Anyaoku as director in charge of Refining and Petrochemicals. Until his appointment he was Group General Manager in charge of Research and Development.
The Managing Director of NETCO, a subsidiary of NNPC, Mr. Phillip Onwuzuike Chukwu also moved up as he was appointed in acting capacity to replace Mr. Chris Ogiemwonyi as Group Executive Director in charge of Exploration and Production. Until his appointment, Chukwu was the Managing Director of NETCO.
Mr. Aminu Babakusa was appointed in acting capacity to replace Alhaji Sheu Ladan as Group Executive Director in charge of Commercial and Investment. Babakusa had been Group General Manager in charge of Crude Oil Marketing Division (COMD).
Mr. Faithful Abiyesuku, hitherto Deputy Managing Director of the Nigeria Liquefied Natural Gas Limited, was appointed in acting capacity to replace Mr. Olusola Williams Ayangbile as Group Executive Director in charge of Engineering and Technology.
Similarly, Mr. Michael Abiodun Arokodare, a Group General Manager in charge of accounts moved up in acting capacity to replace Mr. Stanley Lawson as Group Executive Director in charge of Finance and Accounts.
Vanguard investigations revealed that appointments to replace the Group Executive Directors had been made earlier but was delayed because of perceived insensitivity to federal character.
While speaking on the new appointments, Dr Mohammed Sanusi Barkindo, the Group Managing Director of the NNPC said ongoing changes are in response to the enormous challenges of survival and growth of the corporation.
The appointments take immediate effect.
Nigeria risks loss of N435bn investment
Meanwhile, indications are rife that Nigeria risks losing a whopping $3 billion (about N435 billion) investment package of the international oil companies (IOCs) operating in the country owing to perceived lack of commitment to upstream oil industry projects by the National Petroleum Investment and Management Services (NAPIMS), a subsidiary of the NNPC.
Vanguard gathered that Nigeria's oil and gas exploration and production partners have characterised Nigeria as a country with a challenging atmosphere for project development, a situation which has compelled them to review their disposition to investments.
One of the IOCs is currently contemplating demobilising a work group which had been in the country since NAPIMS did an about-turn on a major project and may have decided to redirect funds initially destined for project financing in the country to another oil nation.
"We may be cash-rich as a company, but the leadership of NAPIMS has not provided the kind of direction required to drive project development," a management staff of one of the companies disclosed.
He said the company had an investment portfolio of about $1 billion for project development in the country, adding that collectively the IOCs have an investment portfolio in excess of $3 billion and that their disposition to deploy the money would be informed by the conduct of their senior partner in the joint venture, NNPC.
When contacted, Dr. M.K Baru, the Group General Manager of NAPIMS advised Vanguard to send details of the affected projects to enable him make an informed response. However, at the time of filing this report, his response was yet to be received.
An official of NAPIMS who spoke on condition of anonymity however said that the organisation has not unduly delayed any project that has fulfilled its economic expectations and met due process requirements.
"We also need to have synergy in development of our assets," he disclosed.
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