Belemaoil Appoints Ex-NNPC GGM New CEO to Drive Transformation

*Eyes listing on Nigerian, London, New York exchanges

Peter Uzoho

Nigerian oil and gas firm, Belemaoil Producing Limited, has announced the appointment of a former Group General Manager in charge of Finances at the Nigerian National Petroleum Company, Mr. Ahmadu Sambo, as its new managing director/chief executive officer.

Belemaoil, owned by Nigerian billionaire oil mogul and philanthropist, Tein Jack-Rich, also appointed Mr. Emmanuel Onos as its chief finance officer (CFO), saying the new officials would be responsible for driving its transformation, realising its shared vision and deriving significant benefits for its joint venture operations and shareholders.

The company also revealed its ambition of becoming the first truly indigenous oil and gas exploration and production firm from a Niger Delta oil producing community to be listed on the Nigerian Stock Exchange, New York Exchange and the London Exchange with overwhelming stock growth.
The company’s board of directors announced this in a statement, saying it approved the new appointments “having carefully reviewed their rich credentials and found them deserving of the positions.”

According to the statement, the two appointments are effective from September 1, 2024.

Sambo, a former GGM of Finances at NNPC, is joining Belemaoil  with over 35 years experience in the oil and gas industry spanning public and private sectors in Nigeria and the United States of America.

He also served as Managing Director of three subsidiaries of NNPC, which include NNPC Pension Fund, NIDAS Marine and NNPC Oilfield Services in addition to the position of General Manager in charge of NAPIMS Finance and Accounts as well as Group General Manager Accounts for NNPC Group.
The statement read: “The board is confident that under the leadership of the new MD/CEO, Belemaoil will derive significant benefits for its joint venture operations and shareholders.

“The new Chief Finance Officer (CFO), Emmanuel Onos, also comes on board with over 35 years of experience in the financial space of the oil and gas industry at the managerial level in both local and international scenes.

“The board believes strongly that the combination of Ahmadu Sambo as MD/CEO and Emmanuel Onos as CFO of Belemaoil, supported by the existing management team, will revitalise the company’s Joint Venture (JV) operations, unlock multi-billion-dollar value and reposition it for a greater height that will be more beneficial to all shareholders.”

It said that the board considered the team as the perfect blend of skills and expertise needed to reset Belemaoil as a world-class exploration and production company and to ensure that the company becomes the best public enterprise for Nigeria and international equity investors.
According to the statement, sequel to the new appointments, the President/Founder of Belemaoil, Jack-Rich, will now focus on his vision for strategic multi-dimensional business development.

It stated that this will include lens in the Fintech space for strategic partnership with communities to foster financial inclusion, promote social good, peace and shared prosperity for national gain.

With over 1.2 trillion proven gas reserve in its asset, Belemaoil said it was now ready for higher profitability as the Adamawa State-born, United States-trained finance expert takes over leadership from September 1, 2024.

Speaking on the new appointments,  Jack-Rich said that he believes in the new appointees’ enormous business management ingenuity as well as ability to steer the ship of Belemaoil to become the first truly indigenous oil and gas explorer and producer.

He stated that this is especially since it is emerging from an oil producing community in the Niger Delta, as it will be launched in the Nigerian Stock Exchange Market as well as  London and the New York Stock Exchange with overwhelming stock growth.

“We have no choice than to dream big and break new business boundaries beyond our eyes, for shareholders. I know our critics will say that this task is herculean. And I know you can deliver for yourself, for Nigeria sake, our investors, as well as the community that sees Belemaoil as its model,” he said.