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).
According to Olivier Schwab, Head of Business Engagement at WEF “when choosing entrants to our community of Global Growth Companies, we assess companies on their business model, annual revenues and growth rates, executive leadership and market position. Waltersmith is a dynamic company with a clear potential to shape the future in its relevant business sectors and so is a per fect fit to our GGC community.”
With the selection, Waltersmith becomes a member of a group regarded as the most dynamic, high-growth companies, which are trailblazers, shapers and innovators, committed to improving the state of the world.
Waltersmith Petroman Oil Limited was incorporated in 1996 as a joint venture between Waltersmith and Associates Limited, a Nigerian investment company, and Petroman Oil Limited of Canada, to operate as an oil exploration and production company. In 2001, Waltersmith became a wholly indigenous company after the divestment of Petroman Oil.
Responding to the honour, the company’s Chairman/CEO, Mr Abdulrazaq Isa 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 recognitioin of the giant strides the company has made in the past 10 years in the realization of its long term goals and objectives. Waltersmith is focused on creating a resilient and robust enterpreise with a clear vision of being an integrated energy company, with interests in gas, power and petroleum refinery. The emergent Waltersmith will have a significant impact on employment while making important contributions to the national GDP.”
With alomost 400 members from about 65 countries, the world Economic Forum believes each GGC has the potential to become a leader in the global economy arising from their business models, growth records, leadership and unique markets.
Membership nominations come from WEF’s network of media leaders, existing GGCs, Forum members and partners, faculty members and the general public. The WEF selection committee of regional business experts evaluate the nominees on the following stringent criteria: the company’s sustainable growth over a five-year period, major influence inb the industry of operation or national competitive skills, visionary leadership and global corporate citizenship.
The GGC membership is a platform for executives from high-growth companies to network with other businesses, as well as leaders from government, civil society and academia, to discuss global, regional and industry issues while advancing a sustainable and responsible path of growth.