Following a restructuring and repositioning of its executive management, Nigeria’s leading indigenous energy conglomerate, Aiteo has announced the appointment of Victor Okoronkwo as its new Managing Director.
Aiteo is the operator of the prolific Oil Mining Lease (OML) 29 as well as one of Nigeria’s most vital crude oil evacuation facilities, the Nembe Creek Trunk Line (NCTL)
Prior to his appointment, Victor Okoronkwo has been Senior Vice President of Aiteo Eastern Exploration & Production Company (Aiteo E & P) since 2015. He is taking over from Chike Onyejekwe, who is retiring.
According to a press release signed by Aiteo’s Senior Manager, Corporate Communications, Ndiana Mathew, the company is carrying out the restructuring after a review of its operational and investment objectives and in reaction to prevailing business environment.
Confirming the latest development, the founder and Executive Vice Chairman of Aiteo, Benedict Peters explained that the organisation had undertaken the exercise driven by the necessity to realign its considerable interests across the various sectors within which it currently operates.
“We have always prided ourselves in housing a strong blend of skills which has been central to the attainment of our investment objectives. These appointments bring together important experiences as well as industry initiative, policy, technical and financing skills. Most importantly, it maximizes the strong energy among the team to provide material impact in sustaining refreshing, creative conviction to our approach to achieving the very lofty goals that we have set for ourselves,” Peters said
Analysts have lauded Aiteo’s move as apt and indicative of a good corporate governance culture by the 20 year-old company.
According to a source within the leading global professional service company, KPMG, Aiteo has clearly demonstrated that it has a highly effective succession plan.
“With this new development, Aiteo has demonstrated that it has a pipeline of leadership resources to sustain and escalate the company’s successes. A good succession plan ensures the development of new leaders who can replace old leaders when they leave, retire or die and this increases the availability of experienced and capable employees,” the source said
“Moreover, it indicates that the company is perceptive to changes in the business landscape and the sectors within which it operates,” it added.
The new Managing Director, Victor Okoronkwo, is a Petroleum Engineer with over 30 years of Oil and Gas Industry experience. He has played active roles in the conceptualization of energy master plans and programs for government entities. Before joining Aiteo, he was General Manager, Gas at Shell.
Today’s Echo’s background check on Okoronwo from the Society for Petroleum Engineering reveals that he is a well-rounded petroleum expert with a reputation for leading other highly-skilled engineers to accomplish several ground-breaking projects in the industry.
Today’s Echo gathers that Okoronkwo has the ability to lead integrated, multicultural and multidisciplinary teams. He is capable of providing business development and direction, easily adapts, and can successfully negotiate contracts and deals.
Besides the new MD, the restructuring also involves other new appointments as revealed in the company’s statement.
Emmanuel Ukegbu the Chief Operating Officer of Aiteo E & P Limited will be retiring from the company. In related moves, Mr. Emmanuel Ogagarue currently General Manager, Assets will become the Director in charge of Asset Development and Engineering.
James Iwoh will become the Director in charge of Production and Operations, from his current position as General Manager, Operations.
Mitchell Uchegbulam, the current Chief Financial Officer, becomes Group Head, Planning, Budget and Implementation and will report to the Group Office.
Taiye Eyewuoma, presently General Manager Joint Venture & Project Management will become Acting Chief Financial Officer, Aiteo E & P Limited.
Osareme Archibong, current Deputy Chief Financial Officer/ Head Corporate Finance, becomes General Manager, Joint Venture Finance, Aiteo E & P Limited.
Uzoh Anijah–Obi, currently Treasury Manager becomes Deputy Chief Financial Officer, Aiteo E & P Limited.
According to Aiteo, all appointments take immediate effect.