Ex-Chevron executive joins Oando board 

Joseph Olaoluwa

Oando Plc, a Nigerian energy company, has appointed Cosmas Iweze, a former executive at US oil giant Chevron, as an independent non-executive director, effective 16 December 2024. 

The appointment comes almost four months after the independent oil company completed the acquisition of Nigerian Agip Oil Company (NAOC). 

Iweze joined Chevron in 1990 and retired in November 2024, according to Oando’s filing with the Nigerian Exchange Limited.

Prior to his retirement, he served as director of the NNPC/Chevron Joint Venture, overseeing the JV asset development, major projects as well as oil and gas production with profit and loss accountability.

“In this role, he led strategic initiatives, managed multiple general managers, and acted as managing director when required,” the company said. 

Iweze also previously held leadership roles as business services director for Chevron’s Nigeria/Mid-Africa unit, general manager of operations, and general manager of asset development and exploration. He also gained international experience working with Chevron in California and Angola. 

Listed in Nigeria and Johannesburg, Oando reported a 31% dip in its profit for the first nine months of 2024 to N76.3 billion from N110.2 billion a year earlier. This was driven by foreign exchange losses and net finance costs.

The company is however optimistic of future growth. The energy company is targeting a production volume of 100,000 barrels per day after acquiring Eni’s subsidiary, NAOC.