Executive Secretary NCDMB

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Kesiye Wabote, says indigenous oil and gas companies must inculcate the principles of corporate governance in their operations if they are to grow and achieve sustainability, He stated this at the ceremony marking the rebranding of the Niger Delta Exploration and Production (NDEP) into Aradel Holdings. Wabote expressed the regrets that many local oil and gas companies had died because they did not adhere to corporate governance principles. Meanwhile, he lauded the management of Aradel Holdings for setting high standards of corporate governance. He said: “One of the incredible things the Chairman, Chief Ladi Jadesimi; the former Managing Director, Layi Fatona and their team have done is instilling the spirit of corporate government. That is why the company is succeeding. The owners of the business are not contractors; they do not engage contractors and they do not engage in round tripping, which has led to their success.” Wabote described Aradel Holdings as a good example, noting that they have made significant returns to their joint venture partners.

Nation