Mr. Olumide Adeosun, the Chief Executive Officer of Ardova Plc, has been named as the substantive Chairman of the Major Oil Marketers Association of Nigeria (MOMAN).
He took over from Tunji Oyebanji, the Chief Executive Officer, 11 Plc, who has been piloting the affairs of MOMAN for the last two years.
Speaking at a news briefing on Thursday in Lagos, Adeosun commended his predecessor for his vision, support, and leadership of MOMAN.
Adeosun succeeded the CEO of 11 Plc (formerly Mobil Oil Nigeria Plc), Mr. Tunji Oyebanji, who was chairman from 2019 to 2021.
His tenure, which commenced on September 1, 2021, will run for two years, concluding in September of 2023, according to a statement.
Adeosun in his speech said, “I feel very privileged for the opportunity to serve as the Chairman of MOMAN in such an exciting time for our industry.
“As a collective 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.
He said, “My appointment as chairman of our respected association commences just as the Petroleum Industry Act has been encoded into law, marking the beginning of a new era for the downstream sector.
“As an association, this means that we must 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 economy at large.”
The statement said as the CEO of AP, Adeosun’s leadership had yielded increased efficiency and profitability, effectively positioning AP for its planned transformation to an integrated energy company.
“The entire MOMAN family wishes Mr. Adeosun success and expresses its gratitude to Mr. Oyebanji for his visionary leadership,” it added.
Earlier, Oyebanji while appraising his tenure, said despite the challenges posed by the COVID-19 pandemic, MOMAN was able to play a key role in national economic development.
He said the association donated N250 million to the Nigerian National Petroleum Corporation (NNPC) initiative to combat the pandemic.
Oyebanji said under his watch, MOMAN embarked on self-regulation by ensuring that members complied with best safety practices in their operations through routine inspection visits to terminals and retail outlets.
He said the group also continued to champion the campaign for the liberalization of the downstream petroleum sector which would soon become a reality following the enactment of the Petroleum Industry Act ( PIA).
Meanwhile, MOMAN has further assured the Federal Government of its support to ensure timely and effective implementation of the Petroleum Industry Act (PIA).
This disclosure was made by the Chairman of MOMAN, Mr. Olumide Adeosun, Chairman, during an online interaction with journalists on Thursday in Lagos.
Adeosun said, “As you know, we were actively involved in the final drafting of the PIA and we have been able to iron out some of the thorny issues which are mainly on the aspects of implementation.
“For these issues, we have written to the Minister of State for Petroleum Resources providing some guidance and our views on how the implementation can be effected and particularly within the time frame of about six months.
“So, we will be providing support to the government to ensure effective implementation of the PIA. We believe that it is critical that there should be a robust participation from market players in the implementation.”
He pointed out that the PIA marks the beginning of a new era for the downstream sector, adding that MOMAN must be at the forefront of unraveling the opportunities that come with operating in the free-market structures that have been created by the law.
He said, “Making the transition to a fully competitive pricing oriented downstream sector will require the collective engagement and resolve of all stakeholders. I assure you that MOMAN will continue to be at the forefront in bridging the government and private sector in ensuring that Nigeria has 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.’’
While expressing the full support of MOMAN for the federal government’s move to increase the nationwide usage of Liquefied Petroleum Gas (LPG), Adeosun, however, appealed to the government to reconsider the imposition of Value Added Tax on imported LPG due to the rising cost of cooking gas across the country.
Earlier, President Muhammadu Buhari signed into law the PIA almost 20 years after it was first introduced and representing a significant milestone for Nigeria’s oil and gas sector.
He further inaugurated an implementation committee for the PIA with a charge to ensure effective implementation of the act.
The new law provides the opportunity for purposeful investment into the development of oil and gas resources by providing clear and simple fiscal terms that would guarantee reasonable investors’ margins.