Adeosun takes over as MOMAN Chairman, as Oyebanji bows out

Oredola Adeola

Olumide Adeosun, Managing Director/Chief Executive Officer, Ardova Plc (Formerly Forte Oil Plc) has been elected as the new  chairman of Major Oil Marketers Association of Nigeria (MOMAN), taking over from Adetunji Oyebanji, MD/CEO, 11 PLC(formerly Mobil Plc) who has just completed his mandatory two-year tenure in office.
The Association revealed this in a virtual press conference held on Thursday, (today).

Olumide will in the next two years steer the affairs of MOMAN, which is an oil marketers’ registered association, comprising Conoil Plc, NNPC Retail Ltd, Ardova Plc( formerly Forte Oil Plc), OVH Energy Marketing Limited – an Oando licensee, Total Nigeria Plc, MRS Oil Nigeria Plc, and 11 Plc (formerly Mobil Oil Nigeria Plc).

Adeosun, currently Chief Executive Officer at Ardova Plc, was formerly a Director, Deals Advisory at PwC, and Vice President of Operations, Global West Africa at BP. He joined Ardova in 2019.

In his address , the new Chairman said, “ It is a privileged for the opportunity to serve as the Chairman of MOMAN in such an exciting time for our industry. As a collective stakeholders, we are at cusp of new beginnings for the sector and I envisage that as we move towards less price-controlled reality, our journey will make for interesting times.

While commending the outgone Chairman, Mr. Tunji Oyebanji, for providing leadership for MOMAN and the downstream sector, he also praised him for his role as an industry leader who consistently made the case for the liberalisation of the downstream sector, and for the part played in the passage of the Petroleum Industry Act (PIA). He also promised to occasionally relay thoughts and ideas to him in areas where his insight is advantageous.

Adeosun said, “ MOMAN will continue to be at the forefront of unravelling the opportunities that come with operating in the free-market structures that have been created by the PIA, whilst continually advocating for changes that positively impact our industry and the Nigerian economy at large.

“Making the transition to a fully competitive pricing oriented downstream sector will require the collective engagement and resolve of all stakeholders. MOMAN will continue to be at the forefront in bridging the Government and private sector in ensuring that Nigeria has a viable energy sector.

“We will continue sustained engagement and the creation of initiatives that will make the implementation of this law a shared success for all concerned parties.

“The world around us is changing rapidly and the oil and gas industry has been proven to be one of the most exposed to the winds of this change. The breakout of the Covid-19 pandemic and the ensuing measures designed to curb its spread – lockdowns and work from home – have shaped a new reality that challenges our operating structures.

“This period of restrained movements has seen much of the world accelerate their drive towards zero or near zero utilisation of hydrocarbon-based energy sources. A clear indication that the days of hydrocarbons might be fewer than we have projected.

“We must adapt and evolve to prevent working wide-eyed into extinction. The gains from operating in a PIA reality must be channeled towards pivoting the way industry operate.

“This is the only way we can remain globally competitive. Our opportunity to make a first step towards this evolution will be found in Liquefied Petroleum Gas (LPG).

“The Federal Government’s push to increase nationwide usage of gas is commendable and is an initiative we should all support and take advantage of. The benefits to expanding our collective capacity in retailing gas extends beyond immediate additions to our bottom-line, as the impact on our environment, our communities and the larger economy make for a better future for us all.

He said, “A new era has begun, and we will work hard to make certain that the benefits of a liberalized downstream yield the desired effects for our businesses and the Nigerian economy.

“I believe that Nigeria can and should become the energy hub of Africa. MOMAN plays a very important role in achieving this vision for the downstream sector, because no singular company makes a flourishing sector.

He however expressed MOMAN’s commitment to the sustainability and institutionalization of a viable downstream petroleum industry for the social and economic growth of the country.