Oando Plc appoints Adeola Ogunsemi as Executive Director

Following the retirement of Mr. Olufemi Adeyemo, Oando Plc has announced the appointment of Mr. Adeola Ogunsemi as Executive Director.

This was revealed in a notice filed with The Exchange and signed by Ayotola Jagun, the company's secretary.

Mr. Adeyemo's resignation will take effect on February 18, 2022.

Adeola Ogunsemi: What You Should Know

Mr. Adeola Ogunsemi had been the Chief Financial Officer of Oando's upstream branch, Oando Energy Resources, since January 1, 2012, prior to his appointment.

He had been the Financial Controller of Oando Exploration & Production Limited since March 1, 2009, when he joined the Oando Group. He has over 25 years of accounting and finance experience, with 20 of those years spent in the oil and gas industry.

Before joining Oando, he spent five years at BP America and four years at Northern Illinois Gas in Chicago, where he ascended through the ranks to become the Head of Disbursement. He also worked in accounting and treasury for the Chicagoland Chamber of Commerce and Midas International in Illinois, USA.

In 2003, he received an MBA in Finance and Strategic Management from the University of Chicago Booth School of Business, and in 2000, he received a Bachelor of Science in Accounting and Finance from DePaul University in Chicago.

He is a member of the Nigerian Institute of Chartered Accountants and the American Institute of Certified Public Accountants. Oando also expressed confidence in Ogunsemi's ability to contribute positively to the firm.

"Adeyemo was instrumental in the Oando Group's expansion and success. He was instrumental in the implementation of several major achievements, including the landmark acquisition of ConocoPhillips Nigerian assets in 2014, the 2015 Rights Issue, and various restructuring programs within the Group," the business said of the former employee, who started in October 2005.

His resignation, however, comes after allegations that the business was involved in the trafficking of off-spec methanol mixed fuel into the Nigerian market.

Previous reports state that NNPC Ltd's Group Managing Director, Mele Kyari, said the company got a report from its quality inspector on the presence of emulsion particles in PMS shipments sent to Nigeria from Antwerp, Belgium, on January 20, 2022.

According to him, the providers imported the methanol blended gasoline into the country via four Premium Motor Spirit shipments under the Direct Sales Direct Purchase (DSDP) arrangement.

MRS, Emadeb/Hyde/AY Maikifi/Brittania-U Consortium, Oando, and Duke Oil were recognized as importers of the contaminated product by Kyari.

But, in a statement signed by the Company Secretary, Ayotola Jagun, Oando refuted the claim, claiming that it never imported contaminated gasoline into Nigeria and was never involved in such activities.

Oando insisted that the PMS it provided complied with Nigeria's import requirements and that it is committed to working with the NNPC to determine the root cause(s) of the PMS's subsequent contamination.