Meet New NNPC’s Head of Trading, Hired to Turn Firm Into Profitable Venture
- The Nigerian National Petroleum Corporations Limited (NNPC) has hired a top manager to head one of its subsidiaries
- Jean-Marc Cordier was a former vice president at Abu Dhabi National Oil Company
- Cordier’s appointment is with immediate effect but has attracted criticisms from industry experts
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The Nigerian National Petroleum Company Limited (NNPC) has appointed the ex-vice president of the Abu Dhabi National Oil Company, Jan-Marc Cordier, as its head of the oil trading firm, NNPC Trading Limited.
Reports say the appointment is the first time the Nigerian company has hired a foreigner to head a critical part of its operations.
The appointment is in line with Industry Act
The Petroleum Industry Act (PIA) enables NNPC to operate as a globally competitive and equal-opportunity employer.
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According to a statement by the Chief Corporate Communications Officer of NNPC, Garba Deen Muhammad, Cordier’s appointment is in line with the ongoing repositioning drive in the company to improve growth, better performance, and service delivery.
Cordier has since assumed duty and is touted as an international oil trader.
A French/Swiss national, Cordier holds a master’s degree in Corporate Finance with Distinction from Paris 9 University.
NNPC said Cordier comes into the role with a rich background of over 30 years in physical oil, oil derivatives, and risk management.
He served as vice president of Middle Distillates at Abu Dhabi National Oil Company and a senior team member in charge of designing trading activities for the company. He was instrumental in launching the company’s Trading Act in December 2020.
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Experts protest Cordier's appointment
Punch reports that Cordier’s appointment has raised different concerns among industry operators.
Per the report, his appointment set off a flurry of resentment among experts and analysts who saw the appointment as a wrong development.
They say that at this time, the country is still hiring a foreigner to handle such a strategic business.
Nigeria sold N21tn worth of crude oil in 2022, with US and India among biggest customers
Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that Nigeria sold N21.09 trillion worth of crude oil in 2022.
The sales recorded a 46.41% increase compared to N14.41 trillion in 2021.
NBS captured the sales in its fourth quarter foreign trade report obtained by Legit.ng from its website.