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The management of
First Hydrocarbon Nigeria Limited (FHN), an indigenous company in the
Nigerian oil and gas upstream sector, has promised to realise its
vision of expanding local upstream ownership in the country with its
new directors.

Egbert Imomoh, a
director at the company, while welcoming Owoye Andrew Azazi, Udoma Udo
Udoma and Tosin Runsewe on board, at the weekend said, “I am delighted
to have marked this milestone in our development. I look forward to
working with the Board of Directors and management team to realise our
vision of expanding local upstream ownership and significantly adding
to Nigeria’s production base.”

The board confirmed
the appointment of the three new directors after a meeting in Abuja.
They join Oladele Fajemirokun, Jonathon Long, Magaji Muhammad Inuwa and
Afren Plc Founders -Egbert Imomoh, Osman Shahenshah, Ethelbert J.L
Cooper and Constantine Ogunbiyi as directors of the company.

AfricapracticeR&B,
FHN’s marketing firm, in a statement, said the hydrocarbon company was
established in 2009 as a home-grown business to “fulfil the Nigerian
government’s criteria for indigenous operators.”

According to the
statement, the company intends to acquire and develop substantial oil
and gas assets, including holdings in assets currently under
negotiation and held by the joint ventures between the Nigerian
government and International Oil Companies. It also intends to develop
under producing and shut-in fields to their full potential.

Wealth of experience

Meanwhile, Mr.
Imomoh, who is also the Chairman of Afren Nigeria, an independent oil
company, said the decision of the new directors to accept these
positions is “a significant endorsement of the company’s vision and we
are delighted to welcome such high calibre individuals to our Board of
Directors.”

He said, “Each will
bring a wealth of experience to the company as we embark on our
acquisition and development plans. FHN has in place a strong Board of
Directors combining Afren Nigeria’s operational expertise and the
financial strength and local network of two of the largest financial
institutions in the country.”

Mr. Fajemirokun,
another director, said the company’s vision is compelling, adding that
“the intention to list the company on the Nigerian Stock Exchange in
the near future, offering all Nigerians an opportunity to invest in the
upstream sector is particularly appealing.”

The new directors

Mr. Azazi is a
retired General in the Nigerian Army, and has served as chief of
defence staff, as well as chief of army staff. He is currently involved
with Weiboro Properties Ltd and Total Transformation Associates
(security sector reforms consultancy).

Mr. Udoma was a
two-term member of the Nigerian Senate from 1999-2007. At present, he
is the part time Chairman of the Securities and Exchange Commission.
Mr. Udoma specializes on Nigerian investment laws.

Tosin Runsewe is
the chief client officer/executive director of Guaranty Trust Assurance
Plc. Prior to joining the insurance industry over six years ago, he had
acquired over 12 years experience in the banking sector in Nigeria. He
was the head of the oil and gas group in Guaranty Trust Bank.