Bolaji Ogundare stands out as a pivotal figure in Nigeria’s energy sector, where his diverse expertise and strategic vision are driving significant advancements.
Currently serving as the group executive director (Corporate Strategy) for the Pan Ocean Oil Corporation/Newcross Group of companies, Ogundare is instrumental in steering these upstream exploration and production entities towards greater efficiency and sustainability.
For Ogundare, strict adherence to international management practices and corporate governance, which includes a detailed environmental and social policy is not negotiable.
“It is not as though it happened by chance; with our Chairman, Dr Festus Fadeyi, our Board of Directors, our group Managing Director, Mr. Steven Fadeyi, and our executive leadership team we set out to prioritise human capital development, foster a positive work culture, and leverage data for informed decision-making,” Ogundare said at his high-rise office in Nigeria’s commercial capital, overlooking the Atlantic Ocean.
The Nigerian oil industry is in a period of evolution, driven in part by the exodus of international oil companies from a significant all or part of their operations in the country.
In almost all cases, the international oil majors are stepping back from onshore and shallow water assets that have been subject to rampant theft and vandalism that have stalked the Nigerian industry for much of the past ten years.
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Environmental concerns ranging from climatic concerns and oil spillage from infrastructure tampering, with its resulting economic impact have blighted these assets for decades. As oil majors conclude that the hassles are no longer worth it, they are turning to more profitable and less-fraught offshore assets.
Ogundare admitted there are challenges, but he strongly believes the occasion provides opportunities for local Nigerian players to increase their market share in acquiring these unloved assets.
“Nigeria boasts a growing contingent of indigenous operators; these companies, nurtured within the IOC ecosystem, possess the requisite skills but grapple with securing adequate financing,” He added, “The recent establishment of the African Energy Bank and Afrexim is a positive step, but more is needed”.
Analysts said the slow passage of the Petroleum Industry Act which has been over twenty years in the makingin the works since 2008, has slowed investment in the sector. Ogundare believes “It is never too late”.
He added, “There is already a capital flight to Guyana and Mozambique, but there are still companies investing and taking incentives and advantage of the Petroleum Industry Act. Yes, people wished it happened years ago, but it’s happening now and this is the time for us to take advantage of these opportunities”.
With a career that bridges the realms of healthcare and energy, Ogundare’s journey began over three decades ago in the field of Health Sciences.
His professional path took him from Nigeria to the United States, where he earned advanced degrees and board certification as an attending Physician and Professor in Oral and Maxillofacial Surgery at New York University and four major hospitals across Manhattan, New York City, USA. He also was one of the first physicians of African Origin to become a Fellow and board- certified by the American Board of Oral and Maxillofacial Surgeons.
His deep-rooted knowledge in healthcare laid a foundation of precision and analytical thinking that would later prove invaluable in his energy sector roles.
Transitioning from healthcare to the energy sector, Ogundare joined Newcross, an indigenous exploration and production company.
Here, he has played a crucial role in expanding Newcross’s operations, focusing on reserve addition and the development of strategic investments in gas processing and crude oil transportation. His leadership has been pivotal in the company’s evolution from early exploration to a significant player in Nigeria’s energy landscape.
Under his guidance, Newcross has also ventured into non-fossil fuel energy through its subsidiary, NewX, reflecting Ogundare’s commitment to diversifying energy sources and enhancing sustainability.
In addition to his role at Newcross, Ogundare is a founding partner and director of Carbon Limits Nigeria, a leading climate-based advisory firm. Carbon Limits is dedicated to providing climate change mitigation strategies and carbon assessments for various institutions, including governmental bodies, public organizations, and private enterprises.
The firm specialises in advising on flare elimination, leak detection, and repair of fugitive gases, as well as the implementation of vapor recovery units. These efforts are critical in aiding energy companies to transition towards more energy-efficient operations, aligning with global sustainability goals.
Ogundare’s influence extends beyond his executive roles. He serves on the boards of several companies committed to environmental sustainability and governance. His involvement spans various sectors, including energy delivery through liquefied petroleum gas, data mining and analytics, health technology, financial technology, and hospitality.
His strategic insights and governance expertise contribute significantly to shaping the policies and operations of these organizations, ensuring they adhere to high standards of environmental and social responsibility.
Until September 2022, Ogundare was the Board Chairman of PNG Gas Limited, an indigenous LPG production company dedicated to processing gas for domestic use. His tenure at PNG Gas Limited underscored his dedication to enhancing energy accessibility and promoting the use of cleaner energy sources within Nigeria.
Ogundare’s professional journey is marked by a relentless pursuit of integrating innovative solutions with strategic business practices. His extensive experience in corporate growth, strategy development, and leadership is complemented by his active participation in numerous programs and workshops focused on these areas.
His current focus is on aligning energy companies with future energy trends, ensuring they are well-positioned to meet evolving demands and contribute positively to environmental sustainability.
“Our goal is to evolve from an oil-centric company to a fully-fledged energy provider, including gas and renewable energy,” Ogundare concluded.
