Oando Plc, has notified the Nigerian Stock Exchange (NSE), and shareholders of changes to its Board of Directors.
The company in the changes said Dr. Ainojie Alex Irune has been appointed Executive Director effective August 9, 2019.
Oando said the changes is in accordance with Section 249 of the Companies and Allied Matters Act, Cap 20, Law of the Federation of Nigeria 2004 and Article 88 of the Company’s Articles of Association.
Irune is the Chief Operating Officer, Oando Energy Resources (OER), the upstream subsidiary of Oando PLC.
A proponent of transformational leadership, Irune joined the Company in 2011 and OER’s management team in 2018. Over the last year as COO, he has successfully redefined OER’s business model, creating a clearer vision and alignment of focus to achieving the company’s objectives.
To date his actions have positively impacted the business; specifically the consolidation of existing assets and operations, improved partner relations, a 21 per cent reduction in Company debt profile, a 99 per cent reduction in Reserve Based Lending, increased daily oil production by 10 per cent to 16,967 and 2P Reserves position by 2 per cent as well as secured over $1.5 billion in international financing.
Prior to assuming this role, he was the Group Chief Strategy & Corporate Services Officer at Oando PLC from 2016 to 2018.
Following the fallout from the crash in oil prices in 2015 he was responsible for spearheading strategic initiatives aimed at restructuring the business and reducing the Group’s debt obligations, with an overall objective of re-positioning the Company towards a path of sustainable growth.
These initiatives included partial business divestments to Vitol and Helios Investment Partners that generated inflows of over US$330 million – part of which was used to significantly reduce the Company’s overall debt obligations.
He also served as the Head of Corporate Communications from 2013 to 2016, where he oversaw all internal and external brand-building efforts across the Company’s business entities. Dr. Irune spearheaded the global communications strategy following Oando’s successful $1.5bn acquisition of ConocoPhillips Nigeria’s upstream assets.
Prior to his time at Oando PLC in 2011, Irune worked in the United Kingdom as an In-Vehicle Systems Researcher and Designer with global leading car manufacturers (Honda, Nissan and Jaguar Land Rover) and the University of Nottingham.
He graduated from the University of Nottingham with a B.Sc. in Computer Science in 2002, and attained his PhD in Computer Science from the same university in 2009.
Oando also disclosed the resignation of Mr. Mobolaji Osunsanya, a Non-Executive Director of the Company from the Board with effect from August 9, 2019. Until his resignation, he was a member of the Audit Committee, Strategy and Finance Committee and the Risk, Environmental, Health, Safety, Security and Quality Committee.
The Board and Management of the Company appreciates Mr. Osunsanya’s positive contributions and meritorious service over the last 12 years as a director of the Company.