•As NDEP transforms to Aradel
By Adewale Sanyaolu
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has given reasons many indigenous oil and gas firms die early in their history, citing failure to adhere to corporate governance principles as a key point.
Wabote stated this at the weekend during a virtual meeting at a ceremony to unveil the rebranding of Nigeria’s fully integrated energy company, Niger Delta Exploration and Production (NDEP) into Aradel Holdings.
He maintained that indigenous oil and gas companies must instil the principles of corporate governance in their operations if they are to grow sustainably.
He lauded the management of Aradel Holdings for setting high standards of corporate governance, adding that “one of the incredible things the Chairman, Mr. Ladi Jadesimi; the former Managing Director, Mr. Layi Fatona, and their team did was to instil 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.”
Wabote described Aradel Holdings as a good example, noting that they have made significant returns to their joint venture partners. “They are one of the local companies that NNPC Limited is proud to associate with. NCDMB is also proud of their success and we will continue to support them,” he assured.
The NCDMB boss charged indigenous producers to emulate Aradel Holdings and to take corporate governance seriously, recommending that owners of businesses should detach themselves from the daily operations of their organisations.
Also speaking, Jadesimi explained that the rebranding of NDEP into Aradel Holdings is to better reflect its long-term strategy of becoming Africa’s leading organization in the delivery of sustainable energy solutions that support economic growth. This is as as the company disclosed that it was making plans to list its shares on the floor of the Nigerian Exchange Limited (NGX).
Jaiyesimi, noted further that the new brand identity signifies that the company has come of of age as a fully integrated player in the energy business. Jaiyesimi stated that the present and future of any company in terms of prospects are more relevant than a glorious past or heritage.
He explained that the company is very much aligned with the dynamic changes, opportunities, and challenges ahead and has a robust and well-articulated strategy to take advantage of the opportunities while managing the risks.
“Today’s launching of a new name, new logo is really all about branding. The cognizance of this is that our new brand will rapidly become a reference point in the industry, the most successful and respected name in the energy space in Nigeria.
Today also effectively flags off our progress to a formal listing of our business at the appropriate time. This is a prerequisite to having a magnitude of sustainable economic and financial growth that we are confident of achieving our objectives”.
For his part, the Managing Director, Aradel Holdings Plc, Adegbite Falade, said the company will continue to be a resilient company that adapts and reinvents itself for the future while adding that it is focused on providing energy solutions and consider itself a critical part of energy security in the nation.
“The A stands for accountability, the R for resilience, the A for adaptability, the D for diversity, the E for excellence, and the L for leadership. Today is the future that was dreamt of thirty years ago, and today we start another dream that will become a reality.”
As Nigeria’s foremost fully integrated independent energy company, NDEP has been a significant player in the industry for decades and takes a long-term view of energy provision and the global energy transition.
The company steadily seeks opportunities to introduce technology that harnesses the abundant energy sources in Nigeria and Sub-Saharan Africa into an affordable and sustainable energy bouquet that promotes universal energy access.
The company’s decision to rebrand as Aradel Holdings is a strategic move that supports its vision aimed at consolidating its position as the leading company delivering sustainable energy solutions. The new brand is reflective of NDEP’s rich history and heritage as well as its future portfolio aspirations.’’