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Heirs Oil & Gas Announces CEO, Board Appointments

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Tony Elumelu Foundation Funds 5000 From 54 Countries In 2021
Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.

…Welcomes Ex-senior Shell Executive, Osayande Igiehon, As CEO

Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion.

The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy.

Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the group’s installed electricity generating capacity to 2,000MW.

Mr. Igiehon joins from the Royal Dutch Shell (Shell) where he was previously a vice-president with the group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.

HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the board:

READ ALSO: Melinda Gates Now A Billionaire After Stock Transfer From Bill Gates

Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited…

Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.

Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.

. Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.

.Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.

Commenting Mr. Igiehon stated: “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy.

READ ALSO: Nigeria Needs 100, 000MW Of Electricity Daily For Virile Economy – Elumelu

I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”

The Chairman of the board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent.

The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose assets include Nigerian oil block OML17, with a current production capacity of 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.

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Olaopa Lists Ways To Make HR Practice Viable As Gobir Emerges CIPM President

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Prof. Tunji Olaopa delivering his speech at the event in Lagos on Wednesday.

The Chairman, the Federal Civil Service Commission ( FCSC), Prof. Tunji Olaopa, has listed ways HR practice can be viable in the Fourth and Fifth Industrial Revolutions.

The former permanent secretary spoke on Wednesday as the chairman of the investiture of Mal. Ahmed Ladan Gobir, FCIPM, as the President and Chairman of Governing Council of CIPM, in Lagos.

The seasoned bureaucrat who spoke on the topic “IPM and the Unfinished Business of Reform in the Public Service” disclosed that his significant relationship with CIPM spanned many years.

Prof. Tunji Olaopa and the new President of CIPM,Mal. Ahmed Ladan Gobir.

According to him, CIPM is one organization he counts as a partner in the struggle for transforming the public service system in Nigeria.

“This is why I am more than delighted to be witnessing, and chairing, this investiture of the new President and Chairman of the CIPM Governing Council. CIPM is strategic as the key umbrella body—the community of practice—for administering HR practice in Nigeria. Since its founding in 1968, it has consistently continued to push the frontiers and boundaries of the HR profession as well as being in the vanguard of HR management praxis in ways that have consolidated the status of its members, and its own status as a global organizational brand”, he said.

He was hopeful that as a distinguished Nigerian, a formidable HR thought leader, astute corporate lawyer and a management professional par excellence, Gobir’s work was already clear to him ” within the challenges that CIPM might be currently facing, and how the organization could be positioned as a significant stakeholder in the overall task of institutional reform in Nigeria.”

Lauding preceding presidents, and especially the administrative and visionary efforts of Mr. Olusegun Mojeed, the immediate past president of CIPM, for a most remarkable tenure filled with spirited strides, innovations and commendable achievements and legacies, Olaopa said that no avid watcher of Nigeria’s public administration, and CIPM’s role, could be in any doubt as to the depth of clarity amongst CIPM’s thought-leaders regarding what was the next level for CIPM, especially at this momentous time in the profession’s annals, ” a time when the world of work is witnessing profound rethinking and reformulation to institutionalise the post-Covid new normal, and, at that, as we navigate the unfolding Fourth and Fifth Industrial Revolutions.”

According to Olaopa, one issue that is integral to HR rethinking and the vision of the future across all sectors of the Nigerian economy is the fact that at no time has the people factor in organisations and human capital been so core critical to development prospecting and national productivity.

Drawing lessons from comparable experiences around the globe on how nations have transformed from abject poverty to increased national income growth, and technological cum institutional advancement, Olaopa observed that all high-performing economies without exception, gave greater prominence to knowledge, human capital and governance.

“In raising the quality of governance, we came to the conclusion that the rate of progress that Nigeria will achieve will depend in part upon the degree to which political power is matched with policy and managerial intelligence.

“This is consistent with HE President BA Tinubu’s aspiration to emplace a government of national competence. In all of this, it was clear to us that public administration, leadership sophistication, competent national change management strategy and reprofiled national value system, will be critical success factors at play to unlock the binding constraints that have constrained successful translation of the many transitions of the past and the present to sustainable national structural transformation and development”, he said.

Olaopa highlighted “some issues of concern that require our joint spirited intellectual and practical interrogation first by the public administration community of practice with CIPM filling in for the core professions elements”.

He listed these as the recognition that while HR function should be professionalised, HRM is no longer the exclusive responsibility of HR departments, as line managers also need significant people management skills for overall systems’ effectiveness.

He said: “HR function must necessarily transition from a preoccupation with passive role of administering on the bases of rules, regulations, and procedures, to developing and pursuing policies in manner that extract performance results and productivity bargain from people and processes. HR innovations are required to restore government as preferred employer of labour, which will demand significant systems changes so the public sector can attract and retain top talents in an increasingly competitive labour market.

“The public service must raise its game as it anticipates and manages the fresh new orientation of that the Millennial and Gen Z generations of managers for example to the workplace, especially their preference for workplace flexibility and flexi-working so they can pursue other rewarding interests.

” The public sector also needs to raise its game so it can optimise PPPs contracts at its higher maturity curve and levels, which demands that it builds advanced acumen in public officials in commercial skills, knowledge of international business practices and labour laws, multicultural sensitivities and multiple language, to name just a few.

“It should also recognise that the transition from being primarily administrative expert to being change agents and strategic partners has automatically relocated the HR function from the back office that it still occupies to the front office.

“While the extent to which artificial intelligence, robotics, etc. are transforming the way we do things is growingly becoming clear to thought leaders, what is uncertain is how well we can cope with the speed of change and how to convert the uncertainties it creates into real opportunities.”

He continued: “The public sector in building on past reform gains and current commendable initiatives, must recognise that the Weberian ‘I am directed’ managerial model and tradition that was developed for the use of paper-based, top-down pyramidal structured control and procedure-oriented organisations with segmented way of delivering services requires a whole paradigm rethinking so the much bandied performance-based systems can take shape.

“The new performance-managed HR model will however necessarily be customer-centric with HR partnering with line managers to refocus HRM from just efficiency concerns and due process compliance to effectiveness within framework of a new productivity culture.

“Besides, HR managers as change leaders in the public sector requires deepening of HR skills with respect to their role in risk management. In so doing, they will not just support MDAs reforms, they will become the sponsors of change while at once driving the change.

“This suggests the need to deepen action research as a component of management cum operation research and organisation development (OD), to enable HR institute a learning culture through challenging of the status quo as champions of cultural transformations directed at translating desirable culture and public service values into public managers behaviour.

“The known public service employment policy emphasis on job security and guaranteed lifetime career then calls for rethinking, to create a distinction between career-based and position-based employment system. Central personnel governance will also need reprofiling to align the three defining trends namely, deepening of current practice of delegating HR powers to line managers, simplifying of rules, procedures and guidelines that underpin the shared powers and responsibilities.

“Ditto with centralised industrial relations governance and collective bargaining in the context of fiscal federalism, which tends to create unsustainable and intractable downstream problems that increasingly disempower the discretion that employers reserve to negotiate at operational levels, a dimension that requires deep-seated reform.The current practice of staff performance appraisal in the public service which creates the as yet resolved confusion about what is being assessed and rewarded, between results, competences, behaviour, knowledge or staff potential with associated problem of subjectivity, in a measure that focuses appraisal as means rather than the ends of performance assessment, is also core critical.”

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CBN Gives Fresh Detail About Opay, Palmpay, Moniepoint, Others

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Cardoso through the CNB in April placed an embargo on Opay, Palmpay, Kuda Bank, Moniepoint and other fintech companies from onboarding new customers,

By John Michael Ojo

The Governor of Central Bank of Nigeria, Olayemi Cardoso, during the MPC meeting on Tuesday revealed that mobile money operators who are currently being restricted from enrolling new customers would soon be allowed to carry our their operations without any form of restrictions in the next few months.

Cardoso who stated this in Abuja, denied revolking the licences of these fintech companies.

The CBN Governor, claimed that the Central Bank was working round the clock by engaging with stakeholders in order to strengthen the activities of Fintech companies in the country.

He added that the CBN is also working to mitigate against every loophole used by criminal elements to facilitate money laundering within the financial system while maintaining the integrity of the industry.

“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework,” he said.

Cardoso through the CNB in April placed an embargo on Opay, Palmpay, Kuda Bank, Moniepoint and other fintech companies from onboarding new customers, a move which was heavily criticized and seen as a gag on the financial sub-sector.

However, the CBN Governor who has now provided the public with more details about the action of the apex bank on the fintech companies said: “The fintechs have not been singled out for any exceptional kind of treatment. The CBN remains proud of the exploits of fintech firms in the last number of years and the apex bank will continue to support and strengthen them.

“However, regulation is very critical in a sector that seems to have grown so incredibly rapidly.

“More recently, we had the cause to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavily regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that, which of course gave us some cause to know that there is the need for heightened surveillance,” Cardoso stated.

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Access Holdings Gets New CEO To Replace Wigwe 

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Bolaji Agbede

By John Michael OJo

Following the death of its Co-founder and Group Chief Executive Officer, Dr Herbert Wigwe in a helicopter crash on Friday night in the United States, Access Holdings Plc on Monday appointed Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of Access Holdings.

This was made known in a statement by the company’s Board of Directors dated February 12, 2024.

The statement which added that the appointment was subject to the approval of the Central Bank of Nigeria, reads: “Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr Herbert Wigwe, on February 9, 2024.

“The appointment is subject to the approval of the Central Bank of Nigeria,” the statement read in part.

Agbede  who joined Access Bank in 2003 as an Assistant General has nearly three decades of professional experience cutting across banking and business consultancy services.

She has also served in different roles at the bank including, Head, Group Human Resources between 2010 and 2022 before she was appointed the company’s founding Executive Director, Business Support in 2022, a role she held until her new appointment

Agbede who commenced her professional career in Guaranty Trust Bank, holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Masters of Business Administration Degree from Cranfield University UK in 2002.

She is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

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