OANDO PLC - Appointment and resignation of directors

Appointment and resignation of directors

Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002

("Oando" or the "Company")


Notification of Appointment and Resignation of Directors

Oando Plc (the “Company”) hereby notifies the Nigerian Stock Exchange (NSE), its valued
shareholders, key stakeholders and the public of the following changes to its Board of Directors:

Appointment

The Company 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 has
appointed Dr. Ainojie Alex Irune as an Executive Director of the Company effective August 9,
2019.

Profile of Dr. Ainojie Alex Irune
Dr. Ainojie Alex Irune is the Chief Operating Officer, Oando Energy Resources (OER), the
upstream subsidiary of Oando PLC.

A proponent of transformational leadership, Dr. 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% reduction in
Company debt profile, a 99% reduction in Reserve Based Lending, increased daily oil production
by 10% to 16,967 and 2P Reserves position by 2% 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, Dr. 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.

Resignation

Mr. Mobolaji Osunsanya, a Non-Executive Director of the Company resigns 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.

For further information, please contact:

Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com

Alero Balogun
Head, Corporate Communications
The Wings Office Complex, 17a Ozumba Mbadiwe Avenue Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761
albalogun@oandoplc.com

For Oando PLC

Ayotola Jagun
Chief Compliance Officer & Company Secretary

12 August, 2019

Lagos, Nigeria

Sponsor
Sasfin Capital (a member of the Sasfin Group)

Date: 12/08/2019 07:20:00
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