His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, the 51st Ooni of Ife, has been appointed Chairman of the Board of Directors of Amaranta Oil & Gas Development Company Limited.
The appointment was announced on Friday, September 11, 2026, as Amaranta moves into a new phase of development involving Oil Mining Lease 42 (OML 42), one of Nigeria’s notable oil and gas assets.
The development places the traditional ruler, who has remained prominent in Nigeria’s cultural, business and diplomatic circles, in a leadership position within the country’s energy sector.
Ooni Ogunwusi Takes on New Corporate Leadership Role
Oba Adeyeye Enitan Ogunwusi, Ojaja II, is the current Ooni of Ife and the 51st occupant of the ancient throne of Ile-Ife.
Beyond his traditional responsibilities, the monarch has maintained an active presence in business, investment, culture, youth development and international engagement.
His appointment as Chairman of Amaranta’s Board of Directors adds another significant dimension to his public role, particularly at a time when Nigeria continues to seek increased investment, production and indigenous participation in its oil and gas industry.
As board chairman, the Ooni is expected to provide leadership and strategic oversight as Amaranta continues its work around the development and optimisation of OML 42.
The Importance of OML 42
OML 42 is located in Nigeria’s onshore West Delta area and covers approximately 814 square kilometres.
The oil field has a long history, with production dating back to 1969. Production reportedly reached a peak of approximately 250,000 barrels per day in 1974.
Current production is significantly lower, standing at about 40,000 barrels per day, according to a report published by The Guardian on September 11, 2026.
The field, however, still contains considerable oil and gas resources, making its further development strategically important to Nigeria’s energy sector.
Amaranta is involved in the management and development of the asset under the joint venture’s Funding and Technical Services Agreement.
Its responsibilities include efforts to improve production, maximise recovery, develop gas resources and increase operational efficiency.
Amaranta’s Development Plans
The company has recently recorded activity on OML 42, including the deployment of the Pathfinder 500 drilling rig for workover operations.
The rig was used to carry out work on two producing wells, with the operations reportedly completed without a reported health, safety or environmental incident.
The renewed development of OML 42 is significant because increased production from mature oil assets could provide additional revenue for the government while creating opportunities for employment, local contractors and businesses operating within the oil and gas value chain.
The development of associated gas resources could also contribute to Nigeria’s electricity generation and industrial activities.
Why the Appointment Matters
The appointment of the Ooni comes at a time when Nigeria’s oil industry is undergoing significant changes, with greater attention being placed on production optimisation, indigenous participation and the development of existing assets.
For Amaranta, the Ooni’s position as board chairman adds considerable institutional and traditional leadership stature to the company’s corporate structure.
His extensive engagement with business leaders, traditional institutions, government officials and international stakeholders could also prove useful as the company seeks to strengthen relationships surrounding the development of OML 42.
For Nigeria, the larger issue remains the ability to unlock the potential of existing oil and gas assets while ensuring that their development produces sustainable economic benefits.
A New Chapter in the History of OML 42
OML 42 has been part of Nigeria’s petroleum history for more than five decades. From its early years of production to its peak output in the 1970s and its present phase of redevelopment, the asset has remained an important part of the country’s upstream petroleum landscape.
The appointment of Oba Adeyeye Enitan Ogunwusi as Chairman of Amaranta’s Board therefore represents another chapter in the history of the asset.
As Amaranta seeks to increase production and maximise the remaining potential of OML 42, the attention will now turn to how the company performs under its strengthened leadership structure.
For the Ooni of Ife, the appointment marks a notable expansion of his responsibilities beyond the traditional institution he represents and into one of the sectors that has shaped Nigeria’s modern economic history.
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