Nigerian oil and gas company, Belemaoil Producing Limited, has appointed a new CEO and Chief Finance Officer (CFO) as part of its strategy to drive transformation and achieve growth. Mr. Ahmadu Sambo, a former Group General Manager of Finances at the Nigerian National Petroleum Company (NNPC), has been named the new Managing Director and CEO of Belemaoil. Alongside him, Mr. Emmanuel Onos has been appointed as the CFO. The new appointments became effective from September 1, 2024.
Belemaoil, founded by Nigerian billionaire and philanthropist Tein Jack-Rich, aims to become the first indigenous oil and gas exploration and production company from a Niger Delta oil-producing community to be listed on the Nigerian Stock Exchange, as well as the New York and London Stock Exchanges. The company’s board of directors announced these new appointments after reviewing the impressive credentials of Sambo and Onos, believing they are well-suited to lead the company into its next phase of growth.
Mr. Ahmadu Sambo brings over 35 years of experience in the oil and gas industry to his new role at Belemaoil. His career spans both the public and private sectors in Nigeria and the United States. At NNPC, Sambo served as Managing Director of three subsidiaries, including NNPC Pension Fund, NIDAS Marine, and NNPC Oilfield Services. He also held key financial positions, including General Manager in charge of NAPIMS Finance and Accounts and Group General Manager of Accounts for the NNPC Group.
The new CFO, Emmanuel Onos, also has over 35 years of experience in the financial sector of the oil and gas industry, working in both local and international markets. Belemaoil’s board believes that the combination of Sambo as CEO and Onos as CFO, along with the existing management team, will help revitalize the company’s operations and unlock significant value for its shareholders.
Under the new leadership, Belemaoil aims to transform into a world-class exploration and production company. The company plans to reset its operations and achieve higher profitability, leveraging its significant gas reserves. With over 1.2 trillion cubic feet of proven gas reserves, Belemaoil is well-positioned for future growth.
Founder and President Tein Jack-Rich expressed confidence in the new leadership team, highlighting their business management skills and ability to drive the company’s vision forward. He emphasized the importance of dreaming big and pushing boundaries, despite the challenges that may come with such ambitions.
As part of its growth strategy, Belemaoil is looking beyond the oil and gas sector. The company plans to explore opportunities in the Fintech space, aiming for strategic partnerships that promote financial inclusion, social good, peace, and shared prosperity. Jack-Rich will now focus more on this broader strategic business development, while the new leadership team takes over the day-to-day operations of the company.
The company’s ambition to list on multiple stock exchanges reflects its desire to attract a broader range of investors and increase its visibility on the global stage. If successful, Belemaoil would become a model for other indigenous companies in Nigeria’s oil and gas sector, demonstrating that local firms can compete internationally.
Belemaoil’s leadership changes mark a significant step in its journey to becoming a leading player in the global oil and gas industry. With a renewed focus on growth, strategic partnerships, and expansion into new markets, Belemaoil is poised to achieve its vision of becoming a top-tier exploration and production company. The new appointments are expected to drive the company’s transformation and deliver significant benefits to its joint venture partners and shareholders.
