By John Ikani
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has stressed the need for indigenous oil and gas companies to prioritize corporate governance principles for growth and sustainability.
Speaking at the virtual ceremony marking the rebranding of Niger Delta Exploration and Production (NDEP) as Aradel Holdings, Wabote lamented the failure of many local companies due to the lack of adherence to corporate governance principles.
He commended Aradel Holdings for setting high standards in this regard, attributing their success to their commitment to corporate governance and responsible business practices.
According to the local content chieftain: “One of the incredible things the Chairman, Chief Ladi Jadesimi; the former Managing Director, Dr. Layi Fatona and their team have done is instilling the spirit of corporate government.
“That is why the company is succeeding The owners of the business are not contractors; they do not engage contractors and they do not engage in round tripping. That has led to their success.
“They are one of the local companies that NNPC Limited is proud to associate with. NCDMD is also proud of their success and we will continue to support them.”
Engr. Wabote encouraged other indigenous producers to follow Aradel Holdings’ example and take corporate governance seriously.
He advised business owners to detach themselves from daily operations and focus on strategic planning and oversight.
Emphasizing the importance of local content development, Engr. Wabote urged Aradel Holdings to champion the cause and support the implementation of the Nigerian Content Initiative and the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
He pointed that supporting local content would not only create job opportunities but also drive technological advancements and harness the nation’s natural resources.
Speaking further, the NCDMB boss decried the high rate of unemployment in Nigeria and cautioned against neglecting local manufacturing and production in the oil industry.
He also urged Aradel Holdings to actively participate in acquiring assets being divested by international oil companies to enhance their domestic presence.
On his part, Chief Ladi Jadesimi, the Chairman of Aradel Holdings, shared the company’s history of pioneering initiatives, including the Okpele Field, where daily crude oil production increased from 1,000 to 13,000 barrels.
He added that Aradel Holdings played a significant role in modular refinery initiatives, starting with a 1,000-barrel-per-day train that expanded to 11,000 barrels per day.
Mr. Adegbite Falade, the Managing Director of Aradel Holdings, explained that the new name is an acronym representing the founding Chairman, late Chief Aret Adams, and the company’s original name and area of operations in the Niger Delta region.
The name change also reflects the company’s readiness to face energy transition and security challenges while aiming to become a leading energy company in the country.
Falade also announced that their modular refinery will soon start refining premium motor spirit and shared their plans for other major projects.