ZIRA MAIGADI’s TRANSFORMATION OF AFRICAN PETROLEUM: A WORTHY EXAMPLE
UNTIL sometime in 2001 when the African Petroleum Plc, (AP) was privatized as part of government’s deliberate policy of selling- off uneconomical ventures and taken over by Sadiq Petroleum owned by business mogul Peter Okocha, it was solely owned by the federal government of Nigeria. Almost all Nigerians were of the view that AP then deserves government‘s divestment of its stake in the company because it was problematic, unprofitable, run at a loss and was past eating deep into the coffers of the country’s declining resources.
Since its take over by the private sector, AP has barely moved up above average in the oil industry in terms of performance, profit margin and technical improvement in the discharge of its operations. But as fate has it, AP began to show signs of serious improvements from 2006 when the incumbent Managing Director, Mr Zira Maigadi came on board at its helm of affairs. He used his experience and expertise in financial and managerial abilities over the years in the industry to transform AP from the last position in the oil marketing sector to a force to reckon with today.
A Chartered accountant by profession, Zira Maigadi first started his working career as senior auditor with Dala Akpata & Co, accounting firm in 1986. In 1988, he joined the defunct Highland Bank as Assistant Manager and rose through the ranks to become the Bank’s assistant General Manager in 1996. He joined AP in 2001 as its Treasurer
The situation of AP in 2005 was so pathetic that it was almost strangulated out of business largely because of the huge debt portfolio of the NNPC put at N10billion hanging on its neck. This resulted in the company’s suspension from lifting the NNPC oil products forcing it to only depend on marketing its lubricants to survive. One can confidently say that today the story is different. AP is not only in the industry but also creating millions of jobs-directly and indirectly, making profits and thus becoming a leading production and marketing company in the country’s oil industry. This was attested to by its shareholders at its AGM held in Abuja last month.
Maigadi, who also holds the traditional title of Walin Michika in Adamawa state, has been an achiever all his life. He in the early days of his position as AP’s acting MD in March 2006, improved the company’s sales by an average 11.8% monthly, significantly improved the company’s branding in aviation fuel business as well as expansion and promotion to an enviable level of service delivery and market leadership of the company in the oil industry.
As an enterprising manager of human and material resources with a track record of accomplishments as a banker, auditor, accountant and administrator, Maigadi has de-emphasised AP’s dependence on NNPC for product allocation and opted for full self reliance by way of pursuing an agenda of strategic importation of petroleum products in order to adequately service its retail outlets nationwide at competitive prices. AP shares greatly appreciated from a mere N32 per unit in 2006 to more than N80 now.
Maigadi’s vision of making AP the leading company in the down stream sector of the oil and gas industry in Nigeria and Africa is already being achieved largely due to his doggedness, commitment, transparency and exemplary leadership skills displayed in his stewardship of AP since his appointment as acting Managing Director of the company. AP has no doubt witnessed an upgrade in its human capital, equipment, facility and product out sourcing during Maigadi’s tenure. He needs more time to take the company to the Promised Land.
In 2005, before the coming of Maigadi as its chief executive officer, AP’s turn over collapsed 44.6% as its trade in fuels dropped 34% to N36.1 billion from 2004’s N55.2billion and lubricants and grease business dropped by 27.8% to N1.59billion from N2.3 billion. But when he came on board, AP recorded an after tax profit of N2, 161,500 in 2006 as against a negative after tax profit of N3, 369,500 in 2005.
In recognition of Maigadi’s innovative leadership, AP scored a historic landmark feat this year when it attained the NIS ISO 9001:2000 standard certificate for its lubricants blending and sales as well as its aviation sales businesses.
To drive home the success story of AP in the hands of Maigadi, the company for the first time ever embarked on a ‘win- win’ consumer sales promotion in December 2006 to reward its customers for their patronage of the company’s products. This idea was not possible before Maigadi came on board.
Today, one can confidently say that Mr Zira Maigadi, WalinMichika has distinguished himself through discipline and dedication to life and his professional calling blossomed into the big oak being celebrated across the length and breadth of the country as a man with the Midas touch that has kept the dream, spirit and life of AP living in line with the desire of its founding fathers.
All said and done, Zira Maigadi has contributed his widow’s might to the success story of a new found AP. What AP owner Femi Otedola, his Board and management need to do is to continue to engage the services of Maigadi as its head for better and result oriented operations.
BARRISTER RAFINDADI MOHAMMED
(rafindadimohd@yahoo.com)
20, DAURA STREET
KATSINA