Aret Adams Memorial Lecture: Oil and Gas Industry Veterans Seek Value, Merit, and Legacy

Speaking at the annual forum organized in memory of the late petroleum technocrat, Chief Aret Adams, former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu, and former Chairman of the Federal Inland Revenue Service (FIRS), Mrs. Ifueko Omoigui-Okaru, delivered powerful addresses grounded in personal reflections and national urgency.

In a keynote that struck both emotional and professional chords, Engr. Yakubu decried what he described as a “steady erosion of values” in the petroleum industry.

Drawing from over three decades of service in NNPC, he painted a vivid contrast between the structured, excellence-driven systems of the past and the politicized inefficiencies of today.

“When I joined, we had a structured development and training program,” Yakubu recalled. “It was designed to bring out the best in us. We were taught to displace effort and earn growth through competence, not connection.”

He emphasized that in the early years of the corporation, young engineers had to prove themselves before taking on roles previously held by expatriates—a transition that saved the country significant financial resources.

“Once you proved yourself, you saved the country money. When a Nigerian replaced an expatriate, the system saved about two thousand pounds per day. That was a huge deal compared to our salary of 415 naira then,” he noted.

Yakubu paid tribute to Aret Adams, in whose honor the lecture series is held, as a model of visionary and inclusive leadership.

“Aret Adams brought to the table an integrated and well-structured way of running the industry. He wasn’t just an upstream expert—he understood the entire value chain, from exploration to downstream operations. He believed strongly in adding value to the barrel,” he said.

But Yakubu did not shy away from expressing disappointment with recent developments in the industry.

Recounting an incident during his tenure in 2014, he spoke of how merit was compromised in a politically motivated decision to replace an engineer at the Department of Petroleum Resources with a lawyer.

“I was asked to sign off on it,” he said. “I refused. That’s not the value I was taught. Shortly after, I was removed from office. And everything we had worked on collapsed.”

According to Yakubu, the consequence of such disregard for expertise and consistency has been a decline in crude oil production.

“We had moved the Petroleum Profit Tax from 70,000 barrels to nearly 200,000 barrels, aiming for 300,000. Today, I hear production has dropped drastically,” he lamented.

In a stark analogy, he compared the petroleum sector’s stagnation to Nigeria’s unfulfilled energy promises. “It’s like the 5,000 megawatts of electricity we’ve been talking about for 30 years. Without structure and accountability, it’s just wishful thinking.”

Yet, despite these setbacks, Yakubu voiced hope for a revival. “What I left behind, I still carry with me. I tell my children: it’s not who you know but what you know that counts. Once you build capacity, you can face the future with confidence.”

He ended with a call to return to foundational values, saying, “We must return to building capacity, rewarding competence, and protecting our institutions. That is how we will secure the future of this industry.”

Taking the stage with a more personal but equally powerful message, Mrs. Ifueko Omoigui-Okaru offered a heartfelt reflection on her early career experiences under the mentorship of Aret Adams.

Her speech, titled “I’m Going to Have a Buzzer”, highlighted the human side of leadership and the enduring impact of inclusive work environments.

“Back then, I was in my early 20s, fresh from my master’s program. They used to call me ‘small sister’. But I never felt small. The environment he helped build made me feel included and valued,” she said.

Omoigui-Okaru underscored Adams’ steadfast commitment to merit, recounting how he had once been suspended for refusing to compromise on appointments. “He insisted on calling it a fight for merit. He was a man of principles, and that came through clearly,” she said.

Describing Adams as “authentic, both personally and professionally,” she reflected on his leadership style that encouraged open dialogue. “You could speak your mind in his presence and still feel respected, even if you disagreed.”

She also paid tribute to Adams’ family life, particularly his wife, for standing by him through the demanding years of public service.

“I admire his wife deeply, not just because she supported him, but because she must have had her own story—managing the home front while he served the nation so relentlessly.”

Turning her gaze to the future, Omoigui-Okaru urged current and aspiring leaders to internalize the core values the late Aret Adams embodied: Authenticity, Inclusion, and Merit.

“These values are not outdated,” she declared. “They are exactly what we need today as we shape the future of our industry. But driving reform, as I’ve learned, also requires thinking about sustainability—how to stay alive while pushing for change. Because when reformers are lost prematurely, it truncates progress.”

In one of the most poignant moments of her address, she recalled the shock she felt upon Adams’ passing. “I can’t describe how I felt. But even now, in reflecting on my own public service journey, I ask: What can we learn from those who came before us? What lessons can help us avoid pitfalls that halt reforms?”

She called for more deliberate documentation of the nation’s institutional history and the personal stories behind them.

“History isn’t just taught in schools anymore; it’s in podcasts, films, books, and in the stories we tell. I really wish we had more stories—especially from Madam Adams—on how she coped and the sacrifices she made.”

Concluding her speech, the former firs ceo issued a challenge to public and private sector players alike:

“As we look ahead, let us be guided by the values that built institutions and touched lives. Let merit, authenticity, and inclusive leadership be our compass.”

The Aret Adams Foundation, which hosts the annual memorial lecture, was praised for sustaining the legacy of a man many described as the moral compass of Nigeria’s oil industry.

As global energy transitions and internal inefficiencies loom large, the voices heard at this year’s lecture offered a timely reminder that leadership rooted in vision, values, and veracity remains Nigeria’s most vital resource.