TheCable

The World Economic Forum (WEF) has announced the selection of Waltersmith Petroman Oil Limited, a wholly indigenous Nigerian Oil exploration and production company, as a member of the Forum’s Global Growth Companies (GGC).

Olivier Schwab, head of business engagement at WEF, described Waltersmith as a dynamic company with a clear potential to shape the future in its relevant business sectors.

Schwab said that before an organisation joins the category of global growth companies, a thorough assessment would be done on their business model, annual revenue and growth rates.

He said having undergone the assessment, Waltersmith is “a perfect fit to our GGC community”.

Responding to the honour, Abdulrazaq Isa, the company’s chairman, said: “Waltersmith is delighted and proud to be selected as a member of the Global Growth Companies of the World Economic Forum.

“This is clearly a recognition of the giant strides the company has made in the past 10 years in the realisation of its long term goals and objectives. Waltersmith is focused on creating a resilient and robust enterprise with a clear vision of being an integrated energy company, with interest in gas, power and petroleum refinery.

“The emergent Waltersmith will have a significant impact on employment while making important contributions to the national GDP.”

Waltersmith was incorporated in 1996 as a joint venture between Walter Smith and Associates Limited, a Nigerian investment company, and Petroman Oil Limited of Canada, to operate as an oil exploration and production company.

In 2001, it became a wholly indigenous company after the divestment of Petroman.

With almost 400 members from about 65 countries, the World Economic Forum believes each GGC has the potential to become a leader in global economy arising from their business models, growth records, leadership and unique markets.