Debt and monotony have fastened the yoke on more businesses than anyone could count. Even when solvent, several enterprises have floundered and failed because of their lack of ingenious governance. Caught in the throes of the humdrum, many a business has wilted before its bloom. It takes visionary management, however, to sidestep the quicksand of monotony, the curse of the ungainly franchise.
It is for this reason that the management of the Nestoil Group embarks on a journey of continuous improvement with his rank and file.
Just recently, the company’s directorate took the management and external directors of various companies under the Obijackson Group and beyond on a three-day retreat.
It was a work-filled yet refreshing three days that saw them engage in activity sessions designed to foster teamwork, align goals, and encourage ownership in their respective fields. The retreat’s agenda was packed with discussions to reflect on the past year’s achievements and strategize for overcoming the challenges of 2024.
The retreat not only served as a platform for senior executives to align on strategic goals but also provided invaluable insights into the transformation agenda and vision of the founder and Chairman, Dr. Ernest Azudialu Obiejesi. The interactions spurred constructive suggestions for business improvements and reinforced the collective drive towards achieving the companies’ ambitious goals.
The Group is steered by a board of directors, led by the Chairman – Dr. Ernest Azudialu-Obiejesi, consisting of excellent and experienced professionals from various sectors of the Nigerian economy. The processes of the board have been restructured in such a manner that complies with and is committed to upholding best international practices and processes, with emphasis on protecting the interests of stakeholders as a path to maintaining the sustainability of the Group.
The distinguished directors of the board include Dr Okechukwu Mbonu, Dr. Theo Osanakpo, SAN, Mrs. Adesola Sotande-Peters, Engr. Oladipo Olanrewaju, and Mr. Anthony Ogufere, serve as Independent Non-Executive Directors. Additionally, Mr. Uche Valentine Obi, SAN, and Dr. Chukwueloka Umeh assume roles as Non-Executive Directors, while Dr. (Mrs.) Nnenna Obiejesi serves as the Group Executive Director.
Dr. Okechukwu John Mbonu is a Partner at Execution Edge Limited. Before this, he served as a Director at PwC Nigeria between 2009 and 2014. He started his career as an engineer with Nigerian Breweries Plc in 1982. In 1996, he was seconded to Shell Petroleum Development Company of Nigeria before his return to Nigerian Breweries in 1999. He brings extensive experience stemming from the various positions he has held throughout his career. Dr. O.J. Mbonu is the Chairperson of the Audit and Risk Management Committee of the Nestoil Board. He also serves as a member of the Finance, Sustainability and General Purpose Committee.
Dr. Theo Osanakpo, SAN, holds a PhD in law from the University of Exeter, England where he was the President of the African and Caribbean Students Association. He specializes in Commercial Transaction Law and Corporate Law Practice, with expertise in cross-border transactions and arbitration within the ECOWAS region. Dr. Theo Osanakpo, SAN serves as the Chairperson of the Governance, Remuneration and Nomination Committee of the Nestoil Board. He also serves as a member of the Finance, Sustainability and General Purpose Committee.
Dr. (Mrs.) Nnenna Obiejesi, with three decades of local and international experience in legal matters and Business Planning and Development, was trained at the University of Nigeria, Nsukka and the London School of Economics; and holds an LLM in International Business Law from the University of London. She plays a pivotal role in steering Nestoil’s strategic direction.
Adesola Sotande-Peters, a seasoned finance executive, brings over two decades of expertise from leading companies such as BBC, Diageo, Unilever, and Godrej Consumer Products Limited. Currently, she serves as the CFO for Africa, the USA, the Caribbean & the Middle East for Godrej Consumer Products Limited. Before this time, she was the Vice President of finance in Unilever Nigeria Plc and Unilever Ghana & Unilever Francophone Africa, being the first female Vice President of finance in Unilever Nigeria’s almost 100 years of existence. She also serves as a member of the Finance, Sustainability and General-Purpose Committee and the Audit and Risk Management Committee respectively.
Uche Valentine Obi, SAN, oversees transaction, corporate commercial, and dispute resolution practices as the Managing Partner of Alliance Law Firm. His recognition as a Top Lawyer by Chambers Global 500, a Top Leading Lawyer in High Demand by the International Financial Law Ranking (IFLR) 1000 along with his Harvard Executive Business School background, underscores his credentials. He has published numerous peer-reviewed articles and commentaries in capital market, oil and gas, investments, corporate governance and dispute resolution. He is an acknowledged contributor to the IMF/World Bank Doing Business Publications. He also serves as a member of the Governance, Remuneration and Nomination Committee.
Engr. Oladipo Olanrewaju, the Managing Consultant and CEO of Dilan Energy Solutions and Floraville Energy Services Ltd – two notable oil and gas consulting firms holds a first-class B.Sc. in Mechanical Engineering and an MBA from the University of Warwick, UK. He is a registered Engineer and a member of the Nigerian Society of Engineers. He is an accomplished oil and gas professional and production operations leader with over 30 years’ cumulative experience cutting across production operations, maintenance, technical, project, asset management, venture governance and leadership which covers the entire oil and gas upstream value chain. He also serves as a member of the Governance, Remuneration and Nomination Committee.
Anthony Ogufere, CEO of Jesse Freeman & Associates Inc., a US-based advisory services company, contributes over 30 years of professional consulting, banking, finance, and advisory services experience. Recognized as a Top Leading Lawyer in High Demand by IFLR 1000, Ogufere adds valuable insight to Nestoil’s board. He also serves as the Chairperson of the Finance, Sustainability and General-Purpose Committee of the Nestoil Board. He also serves as a member of the Audit and Risk Management Committee.
Dr Chukwueloka Umeh, serving as the Group Chief Operating Officer of the Nestoil Group, holds multiple US Patents and has significantly contributed to emission reduction and improved efficiency in aviation and land-based gas turbine engines through his roles in Nestoil Ltd, Century Power Generation Ltd, and Nesto Aviation Services Ltd.
The Nestoil Group has been a significant contributor to the local content in the Oil and Gas Sector since its inception in 1991. It is Nigeria’s largest indigenous Engineering, Procurement, and Construction (EPCC) Company in the Oil and Gas Sector.
Most businesses are always afraid of change. However the Nestoil Group has shown that it is remarkably different. Over the years, the enterprise has sustained its bloom simply by sidestepping the humdrum and embracing change.