Lagos:The Chairman of Nestoil and Obijackson Group, Dr. Ernest Azudialu-Obiejesi, has urged the new boards of the group to focus on financial sustainability, corporate governance, operational efficiency, and risk management to ensure long-term growth.
According to News Agency of Nigeria, Dr. Azudialu-Obiejesi made these remarks during a dinner in Lagos organized to inaugurate the new boards. He emphasized the importance of providing strategic direction and ensuring management has the necessary support, oversight, and accountability to achieve desired results. He outlined five priority areas financial sustainability, operational excellence and asset protection, risk management, compliance and internal control, governance and accountability, and sustainable growth.
Dr. Azudialu-Obiejesi highlighted the need for disciplined oversight of financial metrics such as liquidity, cash flow, debt, and cost management. He stressed that strong accounting results should lead to sustainable cash flows and financial resilience. The group has faced challenges including financial pressures and regulatory issues, but some businesses have shown improved financial performance and progress in restructuring and asset recovery.
The chairman also called for risk management to be integral to decision-making and encouraged directors to use their experience and judgment in board discussions. He emphasized the importance of raising challenges early and providing solutions with clear accountability.
Dr. Nnenna Obiejesi, Group Executive Director of Nestoil, encouraged board members to uphold the organization’s core values of integrity, leadership, innovation, teamwork, and excellence, collectively termed ‘I-Light.’ These values should be consistently reflected in the group’s operations and decision-making processes.
Additionally, Oba Adeyeye Ogunwusi, the Ooni of Ife and newly appointed Chairman of the Board of Amaranta Oil and Gas Development, expressed plans to increase crude oil production significantly. The company aims to raise output from 40,000-50,000 barrels per day to 100,000-200,000 barrels per day through improved corporate governance and collaboration with the federal government.
Mr. Ben Akabueze, Chairman of Nestoil Technical Services Ltd., committed to leveraging his extensive experience to support the board. He urged the company to focus on growth and consolidation, building on past achievements. Meanwhile, Mr. Harrison Ibagere, Group Finance Manager, pledged to prioritize accurate financial reporting and regulatory compliance to enhance shareholder value and meet stakeholder obligations.