Emmanuel Addeh in Abuja
His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, the 51st Ooni of Ife, has been appointed Chairman of the Board of Directors of Amaranta Oil & Gas Development Company Limited.
The appointment, according to the company, forms part of a strategic leadership move as Oil Mining Lease 42 (OML 42) enters a new phase of development and assumes greater importance within Nigeria’s oil and gas industry.
Oba Ogunwusi is expected to provide strategic leadership to the company’s board as Amaranta advances its plans around the development of the oil asset, with the appointment coming at a time when the federal government is seeking to increase crude oil production, attract investment and deepen indigenous participation in the petroleum sector.
The development also highlights the growing role of indigenous companies in the ownership and management of Nigeria’s upstream oil and gas assets, following the restructuring of the sector in recent years.
“Amaranta Oil & Gas Development Company Limited has appointed His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, the 51st Ooni of Ife, as Chairman of its Board of Directors, in a strategic leadership move coming as Oil Mining Lease 42 (OML 42) enters a new phase of development and emerges as an increasingly important asset in Nigeria’s energy landscape,” a note from the firm said.
OML 42 oil and gas assets located in the Niger Delta, was previously operated by the Shell Petroleum Development Company of Nigeria (SPDC), alongside its joint venture partners.
Following the transfer of interests in the asset to indigenous players, its development has increasingly formed part of Nigeria’s broader drive to expand local participation in the upstream petroleum industry.
The appointment of the Ooni comes against this backdrop, as Amaranta moves to strengthen its governance structure and position OML 42 for its next stage of development.
Oba Ogunwusi, who ascended the throne of Ile-Ife in 2015, is widely recognised for his involvement in development initiatives.