Heirs Holdings Oil Company Names Igiehon Pioneer CEO
Appoints Udoma, Dua, Musa, Lawson, Nwanze to board
Heirs Holdings Oil & Gas (HHOG), Africa's integrated energy company, has announced the appointment of its management board, with Mr. Osayande Igiehon as the pioneer chief executive officer.
Igiehon's appointment took effect from May 4, 2021.
The company, in a statement yesterday, said Igiehon would be working with a nonexecutive board, which brings together leading industry figures with considerable global and regional experience to steer the company to growth and sustainability.
Igiehon, who joins from the Royal Dutch Shell, where he was a vice president with the group in The Hague, Netherlands, brings to HHOG, his over 27 years of experience and expertise in the oil and gas sector with Shell.
He previously served as chairman and chief executive officer of Shell Gabon, where he led the successful turnaround of
the operational, safety and financial performance of the organisation.
HHOG also announced the appointment of private sector and senior industry leaders into its board, including Mr. Tony Elumelu as the chairman.
Elumelu is also the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
Other members of the board are Ms. Sally Udoma, who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production.
Udoma was previously, the general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas.
She has also served as general counsel and general manager for Chevron Nigeria Limited.
Also on the board is Mr. Anil Dua, a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets, including Africa, the Middle East and Asia.
Prior to this appointment, Dua worked for over 30 years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles, including regional chief executive officer, West Africa and Regional Head of Origination and Client Coverage, Africa.
Mr. Ahmadu Musa, who previously served as deputy managing director of Total Exploration and Production Nigeria Limited, with over 32 years of experience in the oil and gas industry got the company’s board appointment.
Musa, according to the statement, brings considerable expertise in Nigerian oil and gas into the company.
The company also appointed Dr. Stanley Lawson, who currently serves on the board of Transnational Corporation of Nigeria Plc, as a member of its board.
Lawson is the managing partner at Financial Advisory & Investment Consultants Limited and previously occupied the position of group executive directorFinance and Accounts at Nigerian National Petroleum Corporation (NNPC).
The other member of the board is Mr. Samuel Nwanze, who is the chief finance officer at Heirs Oil and Gas.
Prior to his latest appointment, Nwanze was the chief investment officer at Heirs Holdings, where he was responsible for the investment and capital management of the group.
Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of Oil Mining Lease (OML) 17 in January 2021 in one of the largest oil and gas financing in Africa in more than a decade with a financing component of $1.1 billion.
The transaction represented a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa.
Through a series of strategic portfolio holdings, HH is executing this strategy and most recently, its affiliate company, Transcorp, made a $300 million acquisition of Afam Power, increasing the group’s installed electricity generating capacity to 2,000 megawatts.
Commenting on his appointment, Igiehon stated: “HHOG represents an extraordinary opportunity to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy.
"I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”
Elumelu expressed satisfaction with the appointments, saying: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent.
"The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”
Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company headquartered in Nigeria, whose assets include Nigerian oil block OML 17, with a current production capacity of 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional one billion barrels of oil equivalent resources of further exploration potential.
Heirs Oil & Gas is jointly owned by Heirs Holdings, the leading African strategic investor, and its affiliate company, Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.