Aiteo Appoints New Managing Director, Announces Major Leadership Changes

BEVERLY HILLS, April 26, (THEWILL) – Africa’s foremost oil and energy group, Aiteo has announced the appointment of Mr. Victor Okoronkwo as its new Managing Director. His elevation follows the retirement of Chike Onyejekwe from the top post.

Aiteo, which operates one of the nation’s most prolific blocks, OML 29, in a statement weekend also announced major changes in its leadership and organisational structure.

“Following a review of its operational and investment objectives and in reaction to prevailing business environment, Aiteo has restructured its executive management, naming a number of critical appointments and reassignments.

“In confirming the appointments its Chief Executive and Executive Vice Chairman, Benedict Peters, explained that the organisation had undertaken the exercise driven by the necessity to realign its considerable interests across the various sectors within which it currently operates,“…to make the investment arms of the various businesses more effective; galvanise and enhance collective productivity to demonstrate visibly profitable outcomes for the ultimate benefit of its considerable stakeholders…”

Peters further observed that “… the uniqueness of the Group demands that an infusion of important impetus is given the necessary momentum by recognising as well as empowering key positions within the Group and realigning its considerable person-capacity to fit operational demands”, he said.

He stated,“… I am delighted to confirm that we have been able to harmonise such a talented team to deepen and embolden the growth and future of our businesses, direction of which has been predicated on the urge to enhance innovative, new approaches to the beneficiation of resources across the Energy landscape.

“We have always prided ourselves in housing a strong blend of skills which has been central to the attainment of our investment objectives. These appointments bring together important experiences as well as industry initiative, policy, technical and financing skills. Most importantly, it maximizes the strong energy among the team to provide material impact in sustaining refreshing, creative conviction to our approach to achieving the very lofty goals that we have set for ourselves”.

Onyejekwe served as the pioneer Managing Director of Aiteo E & P Limited. Okoronkwo until his appointment served as Senior Vice President, Commercial & Gas for Aiteo E & P Limited. He brings over 30 years of Oil and Gas experience to this position. Prior to joining Aiteo, he worked in various leadership capacities with the Shell Group in Nigeria and abroad as General Manager.

Announcing other major changes in the statement, Aiteo said: “Mr. Emmanuel Ukegbu the Chief Operating Officer of Aiteo E & P Limited will also be retiring from the company. In related moves, Mr. Emmanuel Ogagarue currently General Manager, Assets will become the Director in charge of Asset Development and Engineering.

“Mr. James Iwoh will become the Director in charge of Production and Operations, from his current position as General Manager, Operations.

Mr. Mitchell Uchegbulam the current Chief Financial Officer, becomes Group Head, Planning, Budget and Implementation and will report to the Group Office.

“Mr. Taiye Eyewuoma, presently General Manager Joint Venture & Project Management becomes Acting Chief Financial Officer, Aiteo E & P Limited.
Mrs. Osareme Archibong, current Deputy Chief Financial Officer/ Head Corporate Finance, becomes General Manager, Joint Venture Finance, Aiteo E & P Limited.

“Mr. Uzoh Anijah–Obi, currently Treasury Manager becomes Deputy Chief Financial Officer, Aiteo E & P Limited.”

“All appointments take immediate effect,” the energy giant, which is presently bankrolling Nigeria’s national soccer teams, said in the statement.