Kachikwu harps on transparency as Oando inaugurates $150m head office

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has charged local operators in Nigeria’s oil and gas industry to continue to conduct their operations with transparency.

This is coming as ExxonMobil affiliates in Nigeria – Mobil Producing Nigeria Unlimited (MPN) and Esso Exploration and Production Nigeria Limited (EEPNL)-have announced the appointment of Udom Inoyo as Vice-Chairman of the Boards of the companies.

Before he joined the administration of President Muhammadu Buhari in 2015, Kachikwu had occupied a higher position of Executive Vice Chairman and General Counsel of ExxonMobil (Africa).

In his remark yesterday in Lagos at the inauguration of the head office complex built by Oando Plc with funding from Stanbic IBTC (Chartered) Bank, Kachikwu said he expected the local firms to conduct their businesses with transparency, adding that in the next few months, he will launch project 100, which seeks to identify 100 viable local projects in Nigeria that need support.

“I am not the Minister of Petroleum I am the Minister of State for Petroleum. The Minister of Petroleum remains the president. So, I bring the good tidings from the Minister of Petroleum, President Muhammadu Buhari. The building is class; it is my expectations that you do things with transparency,” Kachikwu said.

In his speech, the Group Chief Executive of Oando Plc, Mr. Wale Tinubu, stated that the head office sitting on a 27,000-square metre space is the biggest so far in Lagos.

“We were affected by 60 per cent devaluation. We invested with our bankers $150 million for this project. This site was earlier planned for a mega filling station. Work started in 2014 and completed in 2017. We attracted investment of $170 million into Nigeria. Our bankers are Stanbic IBTC (Chartered) Bank,” Tinubu explained.

In another development, ExxonMobil affiliates in Nigeria – Mobil Producing Nigeria Unlimited (MPN) and Esso Exploration and Production Nigeria Limited (EEPNL)-have announced the appointment of Udom Inoyo as Vice-Chairman of the boards of the companies, with effect from March 19, 2018.

Until his appointment, Inoyo was an Executive Director and In-country Human Resources Manager for MPN and EEPNL.

According to a statement by the Manager, Media and Communications, Mobil Producing Nigeria Unlimited, Mr. Oge Udeagha, the new ExxonMobil vice chairman joined the MPN in 1989, and after several Human Resources roles in Nigeria, United States and Belgium he was appointed Manager, HR Policies and Programmes in 2001.

He became the General Manager, External Affairs between 2002 and 2006, and, thereafter, the In-country HR Manager. He was elected to the Board of MPN as Executive Director in 2004.

Inoyo hails from Akwa Ibom State and holds a bachelor degree in Political Science (1981) and LL.B in Law (1987) from the University of Calabar, and was called to the Nigerian Bar in 1988.

He is an alumnus of the Lagos Business School and Thunderbird School of Global Management, Arizona. Udom is currently the President and Chairman of Council, Chartered Institute of Personnel Management of Nigeria (CIPM).

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