Festus Fadeyi
Dr. Festus Fadeyi (born December 12, 1941) is a Nigerian businessman, entrepreneur, philanthropist and Chairman/Managing Director of Pan Ocean Oil Corporation (Nigeria) Limited.[1] Dr. Fadeyi pioneered the active involvement of indigenous local companies in the Nigerian marginal field development.
Education[edit]
In 1970, Dr. Fadeyi bagged a BSc. in Accounting from the California State University, Pomona, California USA. A year later, he moved to Pepperdine University, Los Angeles California where he got an MBA in Behavioral Science. The same year, 1971, Dr. Fadeyi became a certified Public Accountant in Los Angeles.
Due to his passion for education, Dr. Fadeyi got his PhD in Business Administration from Pacific States University California, USA in 1973.
Career[edit]
Dr. Festus Fadeyi started his career in 1970 as a Plant Controller at United Can Company, Lamirada California, USA. He left in 1973 and joined AMDMAC Oil Services Limited Nigeria as an Account Officer.
In 1974, Dr. Fadeyi joined Pan Ocean Oil Corporation (Nigeria) Limited as Financial Controller, a position he held for four years. He later became Finance and Administrative Director in 1978.
Dr. Fadeyi's rose to the position of Managing Director in 1984. From 1984 to 1998, he grew Pan Ocean Oil to become one of the leading oil companies in Nigeria.
In 1998, he was named Chairman of Pan Ocean Oil Corporation (Nigeria) Limited. A position he holds till date.
Professional accomplishments[edit]
As the Technical and Financial Partner in the joint venture between Pan Ocean Oil Corporation (Nigeria) Limited and NNPC,[2] he has the responsibility of raising required financial resources and technical expertise for successful project implementation.
As part of his contribution to improving Nigeria’s image as a green oriented country in line with the United Nation’s Kyoto Protocol, Dr. Fadeyi initiated the building of Ovade-Ogharefe gas processing plant in 2007;[3] the largest carbon emission reduction project in West Africa. The plant is expected to produce 130mmscf of natural gas per day.[4]
He also led Pan Ocean to become the first oil and gas exploration and Production Company to sign the Gas Sales Aggregation Agreement (GSAA)[5] with the Power Holding Company of Nigeria (PHCN) and Egbin Power Station.
In 2011, Dr. Fadeyi led Pan Ocean Oil to award a contract for the construction of 67km Amukpe-Escravos Pipelines Project (AEPP).[6] It was driven by the urgent need to encourage alternate field production potential of exploration and production companies as well as infrastructure development for Nigeria. The project makes Pan Ocean the only indigenous company to ever embark on such a huge project.
Through strategic planning, aggressive exploration and production activities and tenacity, Pan Ocean acquired the Oil Prospecting License 275 during the 2007 bid round. In 2009, Pan Ocean signed a Production Sharing Contract (PSC) with the NNPC on Oil Prospecting License (OPL) 275.[7]
Personal life[edit]
Dr. Festus Fadeyi is married with three children. He has also been blessed with many grandchildren.
References[edit]
- ↑ "Pan Ocean Oil Nigeria Limited". Pan Ocean Oil. Retrieved 2 July 2018.
- ↑ "NNPC/Pan Ocean JV Signs Gas Supply and Purchase Agreement with PHCN". NNPC.
- ↑ Frank, Ezuegbunam (4 June 2017). "Pan Ocean set to hit 200scf/d with phase 2 of Ovade-Ogharefe Gas Processing Plant". BusinessDay. BusinessDay. Retrieved 2 July 2018.
- ↑ Ediri, Ejoh (4 September 2014) (2017-09-04). "Senate backs Pan Ocean on gas development". Vanguard. Vanguard. Retrieved 2 July 2018.
- ↑ Francis, Sadhere (10 June 2017). "Pan Ocean Gas Plant Committed To Ending Gas Flare in Nigeria – Senator Akpan". Reformer Online. Reformer Online. Retrieved 2 July 2018.
- ↑ Roseline, Okere (23 Auguest 2017). "Amukpe-Escravos pipeline project ready for completion by Q3". Guardian. Guardian. Retrieved 2 July 2018.
- ↑ "Pan Ocean Oil Corporation". Careers in Africa. Careers in Africa. Retrieved 2 July 2018.
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