NNPC Tips French-Swiss National to Head Its Oil Trading Arm

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian National Petroleum Company (NNPC) Limited yesterday announced the appointment of Mr. Jeane-Mare Cordier, a former Vice President of the Abu Dhabi National Oil Company (ADNOC) as head of its oil trading arm, the NNPC Trading Ltd.

THISDAY gathered that the move was to strengthen that unit of the national oil company, which has for years underperformed on several strategic indices.

A statement signed by NNPC Limited’s Chief Corporate Communications Officer, Garba Muhammad, stated that Cordier’s appointment was in furtherance of the ongoing repositioning drive in the company towards improved growth, better performance, and service delivery.

The NNPC explained that the new appointee, Cordier, a French/Swiss national, is a renowned international oil trader, holds a Masters degree in corporate finance with a distinction from Paris 9 University.

“He comes into the role with a rich background spanning over 30 years in physical oil, oil derivatives, and risk management, with significant experience in reorganising and creating a trading business.

“He spent 24 years with Elf Trading/Total Trading in various positions as trader, trading desk manager in Geneva, and four years as the global trading manager at Addax Energy in Geneva,” the statement added.

At Abu Dhabi National Oil Company, ADNOC, in Abu Dhabi, UAE, the NNPC said that Cordier served as vice president middle distillates and senior vice president, risk management.

Besides, the statement stressed that the new appointee was senior team member in charge of building the trading activity for ADNOC and the launch of ADNOC Global Trading (AGT) in December 2020. According to Muhammad, Cordier has since assumed duty.

 In July last year, the NNPC Limited transited fully into a commercial entity, thereby continuing its operations in line with the provisions of the Companies and Allied Matters Act (CAMA).

Speaking at the event, President Muhammadu Buhari had said that the move had given the company a new impetus, with improved fiscal framework, transparent governance and enhanced regulation as well as the chance to become a world-class firm.

“It will, of course, conduct itself under the best international business practices in transparency, governance and commercial viability,” the president had said.