Oando Plc Announces Sudden Exit Of GCFO, Names Replacement

Nigeria’s integrated energy group, Oando Plc, on Friday announced the sudden resignation of Olufemi Adeyemo, its Group Chief Financial Officer and executive director from the company and board with effect from February 18, 2022, without offering any reason for the action, after over 16 years.

The company also announced the appointment of Adeola Ogunsemi to replace Adeyemo as an Executive Director and the Group Chief Financial Officer effective February 18, 2022.

A notice to the Nigerian Exchange Limited by Ayotola Jagun, the company secretary, also announced the immediate appointment of Adeola Ogunsemi as replacement effective February 18, 2022.

Adeyemo, the statement noted, joined Oando as Chief Financial Officer in October 2005 and was appointed Executive Director on the board on July 30, 2009, bringing on board his “extensive experience in strategic consulting and finance,” which helped in the major roles he played in the growth and success of the group.

“He was pivotal in the execution of several notable accomplishments, including but not limited to; the 2014 landmark acquisition of ConocoPhillips Nigerian assets, the 2015 Rights Issue, and various restructuring programmes within the group,” it added.

While commending Adeyemo “for his valuable contributions and meritorious stewardship,” the statement also expressed the appreciation of Oando’s board and management to him for the dedication and accomplishments over the last 16 years with the company.

Investdata notes that Adeyemo’s departure is however coming at a time investors are earnestly awaiting the release of Oando Plc’s pile of outstanding results dating from the first quarter of 2019 to the 2021 audited ended December 31. In a notice to the bourse, the board of Oando announced its commitment to making all of the financials available before December 31, this year. Analysts however have questioned the announcement, considering the fact the company could have published management accounts of the results, while the market awaits the audited versions, rather than keeping everybody guessing.

Meanwhile, with experience spanning over 25 years in Accounting and Finance, out of

which over 20 years have been spent in the Oil and Gas industry, Ogunsemi was until his latest appointment, the Chief Financial Officer of Oando’s upstream division, Oando Energy Resources, a position he has held since January 1, 2012.

Prior to that, he was the Financial Controller of Oando Exploration & Production Limited having joined the Oando Group on March 01, 2009.

Before joining Oando, he was with BP America for five years, rising to the position of Assistant Controller, where he garnered extensive experience in fundraising, mergers, acquisitions and divestment, joint venture management, financial reporting, process improvement, and internal control evaluation and design, as well as financial management.

Investdata recalls that findings from an investigation by the Securities & Exchange Commission (SEC) into Oando revealed serious infractions against its three topmost executives- the Group Chief Executive, Adewale Tinubu, his deputy, Omamofe Boyo; and GCFO, Adeyemo, in what the SEC said amounted to a violation of its Code of Corporate Governance, the provisions of the Investments and Securities Act (ISA) 2007 and the SEC Rules and Regulations.

Announcing the conclusion of investigations into Oando Plc, the SEC had said “findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others”.

The commission, therefore, ordered, the resignation of some board members, while barring Tinubu and Boyo, from being directors of public companies for a period of five years. The commission also ordered the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, where they will appoint new directors, as part of measures to address identified violations in the company.

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