NESTOIL Plc has restructured its operations for market viability and growth. The restructuring, which is line with the company’s long-term goal of recording much impact in the nation’s petroleum industry, was done at the last board meeting of the parent company, Obijackson Group, in Lagos.
In a statement yesterday, the firm said a resolution binding the activities of all the companies within the Group was passed at the meeting, adding that the development is aimed at strategically positioning the Group for increased long-term value.
It said a Board was established to provide oversight functions for the conglomerate, adding that the membership consists of people with proven records of performance.
In his speech, the Group Managing Director, Ernest Azudialu, said the strategic redirection is in line with the Group’s drive, ‘’to set up structures and implement key corporate governance principles, as well as engender greater confidence of fiscal discipline, risk management and control. It is also expected to mprove compliance, corporate governance and best practice culture regime.
Azudialu said the Group is committed to improving in-house capacity by hiring highly skilled and experienced key personnel across boards.
The new Board has Prof Anya 0. Anya as (Chairman), Dr Ernest Azudialu, Dr Theo Osanakpo (SAN); Mr Orlando Ojo; Mrs Nnenna Obiejesi; Mr Hans Christ; Engr Chijioke Igwe; Mr Nichloas Okoye and Dr Okechukwu Mbonu.
Also, four new directors joined the board. They are Mr. Hans Christ, Mr. Keith Jones, Dr. Chukwueloka Umeh, and Dr. Okechukwu J. Mbonu. Alliance Law Firm was appointed as the Company Secretaries.
The Group has interests in pipeline construction, oil and gas exploration, and production and pressure vessel fabrication, power generation, transmission and distribution, dredging and telecommunication. Others are dry docking and real estate, among others.