Yves Fernand Manfoumbi has taken over as the new chairman of Gab'Oil, the state-owned oil company of Gabon, with a clear agenda to revamp the company. His priorities include establishing accurate financial reporting, restoring profitability, and regaining financial autonomy. To achieve this, Manfoumbi has initiated a 60-day review of the company's financials, including equity, debt, receivables, inventory, contracts, station profitability, payroll, and off-balance-sheet commitments.
The review will be followed by the establishment of a recovery council, which will create a measurable, dated, and quantifiable roadmap for the company's future. Manfoumbi's approach is built around four key principles: diagnosis, decision-making, execution, and accountability to the state, shareholders, and employees. This move is seen as a significant step towards transforming Gab'Oil into a more dynamic and efficient enterprise.
Beyond the audit, Manfoumbi aims to shift Gab'Oil's business model from simple fuel distribution to an integrated oil platform that controls supply, storage, logistics, network, and B2B activities. He envisions an enterprise that contributes to the country's economy rather than relying on it. The challenge is substantial, given the company's history of financial and social difficulties.
Manfoumbi's predecessor had made significant progress, including certifying accounts from 2021 to 2023, securing an investment from GOC, and expanding the service station network. However, the new chairman acknowledges that more work is needed, particularly in the areas of gas and lubricants. The government has high expectations for Gab'Oil's performance, transparency, and internal controls.
Juliette Corinne Skitt, secretary general of the Ministry of Petroleum and Gas, emphasized the need for close collaboration between the board and management while respecting each other's roles. The Gabonese government is keenly watching Gab'Oil's transformation, with significant implications for the country's economy. Manfoumbi's success will be measured by the results he achieves.
Gab'Oil's overhaul comes at a time when Gabon is seeking to boost its economy and improve the performance of its state-owned enterprises. The company's transformation is expected to have a positive impact on the country's energy sector and contribute to its economic growth. The new leadership's efforts to increase transparency and accountability are seen as a step in the right direction.
The Gabonese government has been taking steps to improve the business environment and attract investment. The transformation of Gab'Oil is part of a broader effort to enhance the performance of state-owned enterprises and drive economic growth. The success of Gab'Oil's transformation will be closely watched by stakeholders, including the government, employees, and the general public.
Key points
- Gab'Oil's new chairman, Yves Fernand Manfoumbi, aims to restore financial autonomy and profitability.
