Oando’s non-executive director resigns for national role 

Oando PLC has notified its shareholders of the resignation of Mr. Tanimu Yakubu, a non-executive director of the company.

The announcement was made through a press release posted on the Nigerian Exchange (NGX) disclosure page on August 29, 2024. 

Mr. Tanimu Yakubu was appointed to the company’s board on June 30, 2015.

During his tenure, he served as the chairman of the board’s audit committee, participated in the strategic planning and finance committee, and was also a member of the statutory audit committee. 

Reason for Resignation 

According to the press release, Mr. Yakubu’s resignation is to enable him to undertake a national assignment with the Federal Republic of Nigeria.  

The company highlighted his contributions, stating, “Mr. Yakubu brought invaluable insights, financial acumen, and a strategic mindset that significantly contributed to the growth and stability of the Company.“ 

The release further noted that Mr. Yakubu played a critical role in guiding Oando PLC through various financial strategies and audits. It also stated that he ensured robust governance and compliance in his role as a non-executive director and in other capacities within the company. 

Appreciation for Service 

The board and management of Oando PLC expressed their gratitude for Mr. Yakubu’s service. 

 “The Board and Management of Oando PLC extend their deep appreciation to Mr. Yakubu for his significant contributions and exemplary service.”  

“We wish him continued success in his new role and are confident that he will bring the same dedication and excellence to his work with the Federal Government as he did at Oando PLC,” the statement read. 

Oando’s Performance and Recent Developments 

• Oando PLC is currently the best-performing company in the oil and gas sector in the financial market, with its stock surging by 566% year-to-date from January 1, 2024, to August 29, 2024, amid a strong buy trend. 
• In early August, the company announced its intention to complete a $783 million acquisition deal with Nigeria Agip Oil Company, a subsidiary of Eni.
• This announcement positively impacted the company’s stock, as it continued a bullish trajectory in August, at a market volume of 453.8 million shares. 
• On August 22, 2024, Oando PLC confirmed the successful completion of the acquisition of a 100% shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni. 
• Oando continues to perform strongly, with its stock rising by an additional 32% in the week commencing on August 26, 2024.