The collapse of corporate organizations is linked to several factors. While we cannot disregard the force majeure phenomenon, failure to comply with best global practices top the list of business risks. As businesses struggle for survival due to growing challenges, a number of them would rather stick to high standards of quality that their brand names are known for.
It goes without saying that these businesses have integrity ingrained in their operations; in fact, they have included it into their mission statements such that individuals of high repute and honor occupy their board and management positions.
Despite the fact that there are some companies that do not implement global practices in their daily operations, many more in the nation have demonstrated beyond doubt that they value their integrity by upholding ethical standards in their respective industries while continuing to be truthful in their local and international business dealings.
In this special report titled Integrity In Business- Special Report on Firms with Integrity and High Ethical Values, we will be unveiling some reputable firms in the corporate environment that have operated over the years with no blemish at local and international levels and can be relied upon business-wise.
PANA HOLDINGS: ROOTED IN INTEGRITY, GROWING WITH PURPOSE
In the heart of Nigeria’s vibrant business landscape, PANA Holdings stands as a beacon of integrity, unwavering in its commitment to ethical excellence. With a steadfast dedication to transparency, accountability, and fairness, it has cultivated a culture that not only prioritizes trust but embodies it.
PANA Holdings’ journey began with a simple yet profound promise: to conduct business with the utmost honesty, fostering relationships built on mutual respect and unwavering reliability. As it navigates the complexities of Nigeria’s dynamic market, it integrity remains the cornerstone of its operations, guiding every decision, every action, and every interaction.
Recognized by The Guardian as one of the Integrity-driven Firms in Nigeria, the Chairman/GCEO of PANA Holdings, Mr. DaereAkobo, talks about the growth of the holdings, some major economic challenges affecting businesses in Nigeria and the successes recorded in the group. Excerpts.
Mission and vision of PANA Holdings
PANA Holdings is a group of companies, underpinned by the commitment to drive sustainable growth globally, loyal to our ethical principles and regulatory compliance. We deploy innovative solutions across a variety of sectors including oil & gas, power, mining, critical infrastructure, finance and more, with sustainability and digital transformation as key parameters.
Our portfolio companies start with PE Energy Ltd, which was established in 2009 and has strong focus in Oil and Gas services, providing end-to-end solutions in flow drives, flow control, flow measurement and process pipeline services as well as supply chain management. Following the commissioning of our state-of-the-art Centre of Excellence in Port Harcourt, we were positioned to address complete assembling, testing, overhaul, maintenance and recertification operations for the first time in Nigeria, across all our offerings.
As the company grew, we decided it was optimal to separate the upstream exploration and production activities from the energy services of PE Energy Ltd, which led to the incorporation of Synergy E&P Limited, followed by the establishment of AKD Digital Solutions Ltd, with focus on Automation, Digitalization and Telecommunications.
PANA Infrastructure is our latest entity which has entered a strategic partnership with SIEMENS to modernize and expand our country’s Power Infrastructure. Our vision is to become the reference platform across Sub-Saharan Africa across our extended list of offerings. Our mission is to deliver innovative and sustainable solutions through global linkages and partnerships which are consistent with our core values.
Integrity-Driven Operations
First, I would like to say that from day 1, our auditor has been PWC. As a company we have clearly defined values, a code of conduct, and ethical guidelines, because we believe they are fundamental to the success of business and decision-making. These are well established in our ethical framework. Secondly, we operate an open and honest communication policy to foster trust and accountability. We ensure all our employees are TRACE certified and go through regular training in business ethics and compliance. Let me also mention we have repeatedly received appreciation awards from FIRS for our transparency and compliance.
Also, as an ISO 9001: QMS certified company, we do what we document and document what we do. We are proud to be driven by an excellent management system and governance structure: all our business transactions and ventures are driven by what we call the 5P maxim: First is the Purpose for Sustainability – Focusing on long-term value creation and environmental responsibility.
The second P is “Philosophy, Process and Technology”- Utilizing efficient systems and innovation for sustainable growth. The third P is “People and Talent” – because building strong teams and collaborative relationships is key for us. The fourth P is the “Product and Solution” that we present to the market and the last P is the end goal, i.e. Profit & Prosperity for all Stakeholders, Shareholders and Employees.
Core Values of PANA Holdings
Next to the 5P’s operating maxim which I mentioned earlier, our ethical code underscores PANA Holdings’ commitment to integrity, sustainability, and excellence. Our core values drive our culture and are embodied in the 3C’s and 3T’s principles.
The 3C’s stand for “Character, Capacity, and Commitment” and the 3 T’s correspond to “Time, Transparency, and Trust”. These form the foundation of our operations, and the guiding principles in all our ventures, collaborations and recruitment processes.
Uniqueness of PANA Holdings in the Oil and Gas Industry
Our organization stands out in the Nigerian oil and gas industry through our comprehensive presence across various segments of the value chain, offering a broader scope of operations than many specialized companies. Central to our success is our 5P’s operating maxim, with a particular emphasis on “People and Talent.” This reflects our strong commitment to local development and collaboration, ensuring that we harness and nurture local expertise to drive our operations forward.
As a strategic global linkage, we play very important role in bridging the gap between international oil and gas players and the Nigerian market. This unique positioning allows us to facilitate the transfer of advanced technologies and global best practices while fostering significant capacity building within the local industry.
Contributions to the Local Content Initiatives
Our contributions to local content initiatives are multifaceted and deeply impactful. We have been at the forefront of job creation, offering numerous opportunities for Nigerian professionals across all levels of our operations. This is complemented by our extensive capacity building programs, driven by our PANA Academy, which equip local talent with the skills and knowledge required to excel in the oil and gas sector.
We are also committed to supply chain localization, actively supporting and developing local suppliers and contractors to meet industry standards and thrive within the global marketplace. Furthermore, our focus on technology transfer ensures that Nigerian firms and professionals are not just participants but leaders in the industry’s technological advancements.
A key testament to our dedication to elevating local content is our multi-million-dollar investment in the Centre of Excellence—our industrial hub designed to bring local content to the next level. This facility hosts the assembly of valves, metering and pump skids, control panels, and the execution of Factory Acceptance Tests (FAT), HIPPS overhaul and recertification and various other high-level services. This investment not only boosts local capabilities but also positions Nigeria as a critical player in the global oil and gas industry.
Major Challenges Affecting Business Growth and Expansion
One thing is inescapably true and that is, businesses in dynamic environments like Nigeria is expected to face a multitude of challenges, ranging from political, economic, social, technological, environmental and legal. Nigeria’s political landscape is dynamic, with policy changes, regulatory shifts, and government interventions has often affected business operations…. especially around election periods, with disruptions.
Beyond currency volatility and inflation issues that make financial planning quite difficult, businesses must navigate a complex economic environment characterized by slow GDP growth, high unemployment rates, and limited access to finance.
These have stifled business expansion and constricted market opportunities. Again, social issues, like high poverty levels, inadequate education systems that do not address our national problems, lack of skilled labor, pose major barriers to business growth in this country. Businesses often struggle to find the talent needed to drive innovation and expansion.
On the technology side, there are opportunities, many Nigerian businesses face challenges in adopting and integrating new technologies due to infrastructure deficit, high costs, and poor technical know-how. It hinders competitiveness and growth in our rapidly digitizing global market, and this is one of the major gaps that we are positioned to bridge.
Today, climate change impact is threatening the world and the business ecosystem, we now have to navigate stringent environmental regulations and invest in sustainable practices, which is good, but costly and require significant changes to existing operations. Again, as a business, “Sustainability” is one thing we have deliberately put at the forefront of our entire portfolios to support in other businesses and the countries where we operate to decarbonize.
We have promoted this through products and solutions, ranging from multiphase pump technology, for flare gas reductions to continuous and fugitive emissions monitoring, from pipeline leak detection to flare gas commercialization projects, waste heat recovery, electricity grid decarbonization, energy efficiency buildings, solar energy systems and storage and many more.
On the legal side, as business, we don’t joke with legal and compliance. We do our business withing the ambience of law, because we know that legal uncertainties can lead to delays, increased costs, and risks that deter business expansion and reputations. And addressing these issues effectively do not only involve internal company strategies, but also collaboration with stakeholders across the public and private sectors to create a more stable and supportive business environment through compliance to legal, policy and regulatory frameworks.
The Journey So Far
From day one, we have been running with the mantra “Grace at Work”, and with integrity at the center of what we do, we have demonstrated resilience and adaptability. From inception, we had a global mindset, proudly bringing international best practices to the Nigerian business environment and carefully recruiting employees and associates on an international level, leveraging on the different perspectives that people from different cultures and backgrounds bring to our operations. Right now, we have over 150 employees from Nigeria, Uganda, UAE, India Mauritius, Greece, USA, UK etc.
The Future Goals for PANA Holdings
At PANA Holdings, our future goals for portfolio expansion are strategically aligned with the evolving needs of Nigeria’s economy and the global push toward sustainability and digital transformation. We are committed to advancing projects that not only drive business growth but also contribute to the long-term development of critical infrastructure and innovation across key sectors.
As mentioned earlier, we are placing a significant focus on expanding our portfolio in critical infrastructure, particularly in power generation and transmission. These projects are vital for supporting Nigeria’s industrial growth and by investing in advanced technologies and sustainable energy solutions, we aim to play a pivotal role in stabilizing and modernizing Nigeria’s power sector.
Another key area of expansion is sustainable urban design and the development of certified green buildings. We are committed to creating environmentally friendly and energy-efficient structures that align with global sustainability goals. These initiatives will not only reduce environmental impact but also set new standards for urban development in Nigeria.
In the financial services sector, we are focusing on the digitalization aspect, driving the adoption of cutting-edge technologies to enhance financial inclusion, efficiency, and customer experience. Our commitment to digital transformation extends to other critical sectors as well.
We are actively engaged in Safety Lifecycle Management, which ensures for any company a systematic and automatic identification, assessment, and mitigation of risks throughout the entire lifecycle of a process or system, from design and implementation to operation and decommissioning, enhancing overall safety and reliability.
This focus on digitalization and process optimization is particularly crucial in high-risk industries like oil and gas. In addition, through a seminal partnership with Infosys, we are spearheading digital transformation initiatives within the oil and gas sector in Nigeria. Our goal is to optimize processes, enhance operational efficiency, and reduce costs, positioning PANA Holdings as a leader in the digitalization of this critical industry.
In line with our commitment to energy security and sustainability, we are also expanding our exploration projects and gas field development activities both in Nigeria and other sub-Saharan countries.
Overall, I am happy that together with our strategy planning team, we are working on building a diversified, forward-looking portfolio that addresses critical infrastructure needs, embracing digital transformation, and supports sustainable development across Africa. Through these efforts, PANA Holdings aims to remain at the forefront of industry leadership, driving growth and contributing to the nation’s economic and social progress.
