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Heirs Oil & Gas Announces Key Executive Management Appointment

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Lagos, 20/08/21 – Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced important senior appointments to its management leadership team.

The newly appointed executives will join the Chief Executive Officer, Osayande Igiehon, to further the company’s strategic goals.

The team is comprised of leading industry professionals, with considerable regional and international experience, who are already executing HHOG’s ambition to build a truly indigenous, integrated energy company, focused on addressing Africa’s unique energy needs.

The Management team include:

Samuel Nwanze

Samuel Nwanze is Executive Director and Chief Finance Officer.  Prior to this, he was the Chief Investment Officer at HHOG’s parent company, Heirs Holdings, responsible for investment and capital management.

Nnene-Anochie Chidube

Nnene-Anochie Chidube is Vice-President, Community Affairs, Safety, Health, Environment and Security (CASHES).  Nnene has over 30 years of extensive experience in the oil and gas sector, having worked in Nigeria, Middle East, and Asia, with Royal Dutch Shell (Shell).  Her expertise spans oil and gas asset management, operational excellence for complex integrated hydrocarbon supply chains, health, safety environment including asset integrity and process safety management, risk and compliance.

Debo Adebajo

Debo Adebajo is Vice-President, Technical.  Debo is an experienced petroleum engineer, with over 30 years of industry exposure, spanning oil and gas field development, project execution, strategy, and portfolio management.  He previously worked in various Shell companies in Nigeria, Brunei and the Netherlands, occupying senior technical and management roles.

Bola Bode

Bola Bode is Vice-President, Production.  With over 34 years of sector experience, Bola previously worked with Shell, where he was most recently Production Support Manager.

Eluemuno Olumagin

Eluemuno Olumagin is Deputy Vice-President, Corporate Resources.  Elue is a human resource leader, with expertise in leveraging targeted people strategy, processes, and systems to drive business outcomes.  She has over 19 years in-country and international experience, spanning talent acquisition and development, performance management and reward, as well as organisation development and effectiveness, with Total E&P and Seplat Petroleum Development Company Plc.

Paschal Eva

Paschal Eva is Deputy Vice-President, Finance.  A chartered accountant with over 20 years of experience in performance and financial management.  Prior to joining Heirs Oil & Gas, Paschal led the finance team at Nestoil Limited and was also Deputy General Manager at Neconde Energy Limited.

Commenting, Mr. Igiehon stated: “Aligning directly with our commitment to be Africa’s leading integrated energy company, we have assembled some of the finest talent in the industry.  Their diverse experience, deep expertise and delivery capability is already delivering value in pursuit of HHOG’s growth ambitions, as we build a track record of value creation, institutional competence and strong relationships with all our stakeholders.”

About Heirs Oil & Gas

Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose assets include Nigerian oil block OML17, with a current production capacity of 30,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s largest publicly listed conglomerate.

Heirs-holding

Heirs Holdings $1.1bn OML 17 Deal Demonstrates Renewed Confidence in Nigerian Economy

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Heirs Holdings Significantly Expands Oil and Gas Portfolio

The investment of over $1billion by Heirs Holdings in the acquisition of the strategic OML 17 from Shell, ENI and Total,  has been described by various analysts as a very positive affirmation of confidence in the robustness of the Nigerian economy.

At a time of increased pessimism globally and in Nigeria, the huge deal shines a welcome light on the opportunities that are available in Nigeria. Commentators have highlighted the credentials of Heirs Holdings as a committed indigenous business and the presence of Transcorp, Nigeria’s largest listed conglomerate, with over 300,000 shareholders in the transaction. The deal further demonstrates the ability of Tony Elumelu’s led Heirs Holdings to spearhead Africa’s economic resurgence, amidst the calamity posed by the COVID-19 pandemic.

The deal, which was announced on Friday, saw Heirs Holdings, the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), acquire a 45% participating interest in Nigerian oil license OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI. The remain 55% stays with NNPC. In addition, the Heirs Holdings Group will take over the operatorship of OML 17, demonstrating the strength and quality of the industry team assembled by Elumelu’s group.

The acquisition again evidences Heirs Holdings’ strategic intent in relation to the Nigerian energy sector – to ensure that Nigerian natural resource assets are deployed to Nigeria’s power network, driving broad-based economic growth. Transcorp is one of the largest power producers in Nigeria, with 2,000 MW of installed capacity, through ownership of Transcorp Power Plant and the recent acquisition of Afam Power Plc and Afam Three Fast Power Limited. Transcorp closed the US$300 million Afam acquisitions in November 2020.

Elumelu spoke of his particular satisfaction and pride in closing the deal, as a Nigerian and Niger Delta indigene. He stated “As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria.”

Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc, with a syndicate of lending institutions including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm Amundi. The deal also involves Schlumberger as a technical partner and the trading arm of Shell, as an off-taker. Heirs Holdings’ ability to bring together global and African investors, in one of the biggest African deals of the last 10 years, is a tribute to its professionalism and determination. It reassures global investors of the country’s untapped investment opportunities and affirms the company’s commitment to improving lives and transforming Africa.

Heirs Holdings has been at the forefront of Elumelu’s Africapitalism philosophy, championing the private sector’s leadership in developing Africa. TNOG Oil and Gas, HH’s latest investment and addition to a fast-growing and successful group of investee companies across energy, financial services, hospitality, real estate, and healthcare sectors, will create thousands of jobs for Nigerian youth across the country, expanding its current 30,000 employee database across its portfolio companies. TNOG Oil and Gas will also extend Heirs Holdings’ “doing good, doing well” commitment to developing the communities of its operations through pillars of entrepreneurship, youth development, and community building, pursuing an indigenous approach to catalyzing development in host communities.