As London Stock Exchange Recognises Obijackson Group

Business Analysis

As one of the fastest growing conglomerates in sub-Saharan Africa, with exceptional technical capabilities and proven expertise in every sphere of marine, as well as global oil and gas industry, Obijackson Group’s recent endorsement by the London Stock Exchange was not surprising to industry stakeholders. Ejiofor Alike reports

Obijackson Group of companies recently recorded another landmark when three of its subsidiaries were listed in the London Stock Exchange’s ‘Companies to Inspire Africa’ report, thus strengthening the group’s leadership positions among its peers in their various areas of operations in Sub-Saharan Africa.
In the inaugural edition of ‘Companies to Inspire Africa’ report, LSE listed three companies from the Obijackson Group – Nestoil Limited, Energy Works Technology (EWT) and B&Q Dredging in the report.
Given the track records of these companies, their endorsement by LSE did not come as a surprise to stakeholders in the global energy sector, where these companies have carved their niche.
Nestoil, for instance, is a Nigerian indigenous leader in oil and gas pipeline construction; EWT is a foremost ISO 9001: 2008 UKAS certified manufacturer of pressure vessels, process plant equipment (PPE), and oil and gas Steel structures fabricator in West Africa, while B&Q Dredging has the largest fleet of dredgers in Nigeria.

Apart from recognising Nigeria’s growing local capacity and capability in the oil and gas sector, the LSE report showcases Africa’s success stories to international investors, policy makers and other stakeholders in the global space.
Obijackson Group of Companies have demonstrated increasing capacity in the execution of challenging projects
EWT, for instance, has established a track-record of excellence and performance since it was incorporated in 1999.
Very recently, EWT successfully completed the fabrication of nine Oil Loading Terminal (OLT) Buoy Anchor Moring Piles for the 200,000 barrels per day Egina deepwater field being developed by the French oil major, Total.
Each of the nine OLT Piles was measuring 5 metres OD x 24 metres High x 40mm Wall Thickness and weighing 141 tonnes.

OLT Piles work scope package weighing 1269 tonnes was delivered in 21 months, with a record of 532,987 man-hours with no Lost Time Injury, which is a remarkable indigenous accomplishment in the Nigeria oil and gas industry.
Saipem Contracting Nigeria Limited had in September 2013 outsourced the contract for Engineering, Procurement, Construction and Installation (EPCI) of the Egina UFR Project, which was the fabrication of structures to EWT.
EWT had also constructed and delivered LP Flare Knock-Out Drum (Flare KOD) to Samsung for the Egina Floating Production Storage Offloading (FPSO) project.
The company had also delivered the Soku Non-Associated Gas (NAG) 90mm Thick Clad Separator Vessel for Shell Petroleum Development Company (SPDC).

Nestoil also recorded new milestones recently when it deployed horizontal directional drilling (HDD) technology to surmount the challenges of terrain and lay gas pipelines across rivers, including the River Niger, for the Nigerian National Petroleum Corporation (NNPC)’s Obiafu/Obrikom–Oben (OB3) gas pipeline project.
One of the challenges that confronted the company in the execution of Obiafu/Obrikom–Oben (OB3) project, an engineering procurement and construction (EPC) contract for the 64.5km by 48 inches gas pipeline project, was the issue of difficult terrain.
But the company successfully crossed the rivers with the innovative horizontal directional drilling (HDD) technology.
Nestoil’s subsidiary, NestHak HDD Limited is an expert in that technology and the only company in Nigeria that has 100 per cent success in the job.
The company is currently planning to cross of the River Niger.
The company drills under river and pull a pipe through so that it doesn’t lie on the water and constitute hazard to shipping and other users of the river.
London Stock Exchange recognition
The ‘Companies to Inspire Africa’ Report identified 343 companies across 42 African countries.
These 343 companies included three subsidiaries of the Obijackson Group- Nestoil Limited, Energy Works Technology (EWT) and B&Q Dredging.
Commenting on this achievement, Group Managing Director of the Obijackson Group, Mr. Ernest Azudialu-Obiejesi, said this recognition had joined the list of factors propelling the Group forward to the achievement of greater level of best practices, good governance, quality and efficiency, in his companies’ effort to help lift a huge number of people out of poverty on the African continent.

“We happily accept the recognition and interpret it as a call for us in the Obijackson Group to remain focused in our mission of contributing substantially to economic growth, further creation of quality jobs, training and sustaining some of the best talents in Africa, generation of tax revenues and helping to drive forward our continent of Africa that is home to more than one billion people,” Obijackson said.
According to the World Bank Treasurer, Ms. Arumah Oteh, the companies profiled in the LSE report, “not only generate vital employment opportunities and contribute to sustainable economic growth, but are also the bastions of Best Practices and Good Corporate Governance.
“They have also had to weather the challenges that African private entities often have to contend with, notably a difficult operating environment, weak infrastructure and inadequate access to finance,” she added.
The Chief Executive Officer of the London Stock Exchange Group, Xavier Rolet, KBE, noted that “the motivation behind researching and publishing this report, was to demonstrate what we instinctively believe – that these companies are fundamental to the successful future of the African economy, with enormous potentials for growth and high quality job creation.

“High growth private companies are fast becoming the driving force behind African economies: and are developing skills, creating high quality jobs and driving economic growth,” the CEO said.
In building the list of ‘Companies to Inspire Africa’, the London Stock Exchange Group collaborated with several reputable international organisations with a history of unwavering credibility.
These organisations included Price Waterhouse Coopers (PwC), CDC Group, African Development Bank and other notable institutions.
The rigorous evaluation process, which resulted in the identification of the nominated companies, included an analysis of the company status, evaluation of demonstrated growth capacity over the past three years in terms of revenues, staff strength and operational output.
Revenues analysis was based on audited financial accounts, undertaken and accredited by a “Big Four” audit Firm.
Highlighting the efficiency of the companies listed in the report, the CEO of the London Stock Exchange Group indicated that “the companies listed and profiled in the report boast an impressive average compound annual growth rate of 16 per cent.”

Similarly, an economist and Maltese Minister of Finance and President of the Council of the European Union (EU), Professor Edward Scicluna said “that the companies like those showcased in the ‘Companies to Inspire Africa’ Report will generate productive jobs and sustainable livelihoods, and that the report is an admirable milestone in the rise of Africa’s entrepreneurs – sharing their success with the global community.”
A member of the British Parliament and the British Secretary of State, Department for International Development, the Right Hon. Priti Patel, averred that “Companies to Inspire Africa’ showcases some of the outstanding stories of innovation, bravery and growth across the continent.

“It brings Africa’s entrepreneurial spirit to an international audience, and I would like to congratulate all the companies featured, for their vision, ambition and tenacity. It is their success that will drive Africa forward to a future of prosperity and away from reliance on international aid,” Patel added.
The Obijackson Group of Companies has over 2,000 employees. Companies in the Group include Nestoil Limited, Energy Works Technology, Shipside Dry-dock, B&Q Dredging, Hammakopp Construction, Impac Oil and Gas Engineering, Nesthak Limited, Century Power Generation, Nesto Aviation Services and Neconde Energy Limited.