In the oil and gas industry, Festus Fadeyi’s name evokes a mixture of admiration, envy and respect.
He runs Pan Ocean Oil Corporation, a thriving oil exploration and production company in Nigeria incorporated in 1973.
Fadeyi is not one of your run-of-the-mill businessmen; and he is head and shoulders above several competitors in the industry.
In fact, you would be doing yourself some good if you consult him for a tutorial before you embark on the business of oil and gas.
When he floated his business, he resolved to pursue his dream on a global stage.
Though it looked an impossible task, he was determined to pursue his ambition of ruling the world with unwavering doggedness.
Today, the company is not only recognised around the world, but he definitely has the world at his feet.
Typical of all successful men in history, he is not insulated against challenges. It will be recalled that he once experienced a low moment in his business. At that time, many naysayers had predicted the collapse of his business empire.
But even in the face of it all, the shrewd businessman had told whoever cared to listen that “ it is a phase that would fade away in no time.
‘’Like other companies within and outside Nigeria, Pan Ocean is indebted to the financial system.
“As the tides of business demanded, Pan Ocean received funding from a number of banks in Nigeria to execute specific business expansion projects which are well documented and domiciled in Nigeria.
“However, the vagaries of the crude oil market made the timelines for settlement of funding partners linger. We are mindful of our obligations.
“Pan Ocean has continued to engage its financial partners, the Asset Management Corporation of Nigeria, AMCON as well as other relevant parties to resolve outstanding issues,” A source revealed.
Pan Ocean Oil has experienced rapid growth since its inception in 1973. It was the first indigenous company in joint venture relationship with the national oil company of Nigeria, Nigeria National Petroleum Corporation. And it i also among the leading exploration and production companies in Nigeria and it continues to witnessed rapid growth.