The management of Aiteo Eastern Exploration and Production has announced the appointment of senior executives to drive the operations of the indigenous oil firm.

According to a statement by Aiteo’s spokesman on Saturday, the exercise follows a review of its operational and investment objectives.

It is also in reaction to prevailing business environment.

The statement revealed that Aiteo had restructured its executive management, naming a number of critical appointments and reassignments.

“Mr. Chike Onyejekwe, the pioneer Managing Director of Aiteo E & P Limited, will be retiring from the company.

“Mr. Onyejekwe will be replaced as Managing Director by Mr. Victor Okoronkwo.

“Okoronkwo, who is currently Senior Vice President, Commercial & Gas for Aiteo E & P Limited, brings over 30 years of Oil and Gas experience to this position.

“Prior to joining Aiteo, he worked in various leadership capacities with the Shell Group in Nigeria and abroad as General Manager.

“Mr. Emmanuel Ukegbu, the Chief Operating Officer of Aiteo E & P Limited, will also be retiring from the company.

In related moves, Mr. Emmanuel Ogagarue, currently General Manager, Assets, will become the Director in charge of Asset Development and Engineering.

“Mr. James Iwoh will become the Director in charge of Production and Operations, from his current position as General Manager, Operations.

“Mr. Mitchell Uchegbulam, the current Chief Financial Officer, becomes Group Head, Planning, Budget and Implementation and will report to the Group Office.

“Mr. Taiye Eyewuoma, presently General Manager, Joint Venture & Project Management, becomes Acting Chief Financial Officer, Aiteo E & P Limited.

Also, Mrs Osareme Archibong, Deputy Chief Financial Officer/ Head Corporate Finance, becomes General Manager, Joint Venture Finance, Aiteo E & P Limited.

” Mr. Uzoh Anijah–Obi, currently Treasury Manager becomes Deputy Chief Financial Officer, Aiteo E & P Limited.

“All appointments take immediate effect,” Aiteo stated.

The statement reported Aiteo’s Chief Executive and Executive Vice Chairman, Benedict Peters, as explaining that the organisation undertook the exercise driven by the necessity to realign its considerable interests across the various sectors within which it currently operates.

“The reorganisation is to make the investment arms of the various businesses more effective, galvanise and enhance collective productivity to demonstrate visibly and profitable outcomes for the ultimate benefit of its stakeholders.

”The uniqueness of the Group demands that an infusion of important impetus is given the necessary momentum by recognising as well as empowering key positions within the Group and realigning its considerable person-capacity to fit operational demands.

Shell Petroleum Development Company, in 2015, divested its equity in OML 29 and transferred its interest in the oil block, including NCTL for 1.7 billion dollars to Aiteo.