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Oao - Oando Plc - Appointment And Resignation Of Non-executive Directors

Release Date: 12/11/2010 14:38:02      Code(s): OAO
OAO - Oando PLC - Appointment and resignation of non-executive directors        
Oando PLC                                                                       
(Incorporated in Nigeria and registered as an external company in South         
Africa)                                                                         
(External Registration number: RC 6474)                                         
Company registration number: 2005/038824/10                                     
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando")                                                                       
APPOINTMENT AND RESIGNATION OF NON-EXECUTIVE DIRECTORS                          
Pursuant to article 88 of the company`s articles of association the board of    
directors ("the Board") appoints Mr. Oghogho Akpata and Ms. Nana Afoah Appiah-  
Korang as non-executive directors to the Board of the company effective 11      
November 2010. Summary Curriculum Vitae for each of the new directors are       
stated below.                                                                   
Mr. Oghogho Akpata                                                              
Mr. Oghogho Akpata is the Managing Partner and Head of the Energy and Projects  
Group at Templars Barristers & Solicitors. Mr. Akpata possesses 20 years of     
experience in the transactional and dispute resolution aspects of the Nigerian  
Oil & Gas sector and advises a broad range of clients including international   
oil companies, oil service contractors and a number of multinationals           
operating in Nigeria.                                                           
Mr. Akpata has been listed among the leading energy and natural resources       
lawyers in Nigeria by the Chambers Global guide to the legal profession from    
2005 to date. He is also listed as a leading energy practitioner in the "Legal  
500" and Who`s Who Legal as a leading Project Finance and Oil & Gas lawyer.     
Mr. Akpata is a member of the Association of International Petroleum            
Negotiators (`AIPN`), the Chartered Institute of Taxation of Nigeria as well    
as the Energy and Natural Resources Section of the International Bar            
Association.                                                                    
Ms. Nana Afoah Appiah-Korang                                                    
Ms. Nana Afoah Appiah-Korang is a Director of Emerging Capital Partners         
(`ECP`). With seven funds and over $1.8 billion under management, ECP is a      
leading private equity manager focused exclusively on Africa. Headquartered in  
Washington DC, ECP has six offices across Africa and a ten-year track record    
of successful investment in companies operating in over 40 countries on the     
continent. Ms. Appiah-Korang is involved in deal sourcing, investment           
appraisal, execution and value creation. She has also played a key role in      
implementing exit strategies for ECP`s investments in both the Africa Fund I    
and Africa Fund II. Ms. Appiah-Korang currently serves on the board of          
Continental Reinsurance Plc, the leading local reinsurer in Nigeria where she   
sits on the establishment and statutory audit subcommittees.                    
Prior to joining, ECP, Ms. Appiah-Korang served as an Investment Officer for    
EMP Global having joined in 2002. Before her employment with EMP Global, Ms.    
Appiah-Korang worked for the Real Estate Principal Investment Group of          
Goldman, Sachs & Co. in New York where she executed real estate private equity  
transactions in the US and played an active role in the marketing of the        
Whitehall XII funds to potential investors in the US, Europe and Asia. Ms.      
Appiah-Korang graduated from Mount Holyoke College with a bachelor`s degree in  
mathematics and a minor in economics.                                           
Resignation of Directors                                                        
Oando Plc announces the resignation of two of its non-executive Directors, Mr.  
Onajite Okoloko and Ms. Genevieve Sangudi from the Board of Directors with      
immediate effect.                                                               
Mr. Onajite Okoloko resigned from the Board to focus on the affairs of a        
competing business which he is actively involved in.                            
The resignation of Ms. Sangudi was made necessary by growing demands on her     
time from other engagements.                                                    
The Group CEO Wale Tinubu stated "We appreciate the commitment and valuable     
contributions of Mr. Onajite Okoloko and Ms. Sangudi to the success of Oando    
and wish them the very best in all their future endeavours."                    
12 November 2010                                                                
Sandton, Johannesburg                                                           
JSE Sponsor                                                                     
Macquarie First South Advisers (Proprietary) Limited                            
Date: 12/11/2010 14:38:01 Supplied by www.sharenet.co.za                     
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