OANDO PLC - Oando PLC Announces Changes to Its Board of Directors

Oando PLC Announces Changes to Its Board 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")

                                        Lagos, 03 January 2025

               OANDO PLC ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS

Oando PLC (referred to as "Oando" or the "Company"), hereby notifies its shareholders and other
stakeholders of the following changes on its Board of Directors:

Resignation – Chairman of the Board

His Royal Majesty, Oba Adedotun Gbadebo, CFR, the Alake of Egbaland, has formally notified the Board
of his decision to step down as Chairman and retire as a Board member of Oando Plc. His resignation
took effect immediately following the conclusion of the Annual General Meeting (AGM) held on
December 17, 2024.

Oba Gbadebo served with unparalleled distinction for over 18 years on the Board, including 12 years as
Chairman. Throughout his tenure, he provided steadfast leadership, wise counsel, and a fatherly
presence, guiding the company through significant milestones, including several landmark transactions.
His steady hand and unwavering commitment were pivotal in steering the company through challenges
while ensuring growth and resilience.

The Board and Management of Oando Plc express their deep appreciation to Oba Gbadebo for his
remarkable contributions and leadership over the years. His legacy will forever be an integral part of
Oando's story.

In light of Oba Gbadebo's resignation, the Board has appointed a new Chairman to lead Oando Plc into
its next chapter. The new Chairman brings a wealth of experience and a commitment to upholding the
company's values and driving its strategic vision forward.

The Board and Management are confident that under new leadership, Oando Plc will continue to build on
the solid foundation laid by Oba Gbadebo, striving for excellence and sustained growth in the energy
sector.

The company remains dedicated to its mission and looks forward to achieving new milestones in the years
to come.

Appointment – New Chairman of the Board

The Company is pleased to announce the appointment of Mr. Ademola Akinrele, SAN, as Chairman of
the Board, effective immediately following the conclusion of the AGM on December 17, 2024.

Mr. Akinrele brings extensive experience and expertise to this role, having previously served as a Non-
Executive Director on the Board and as Chairman of the Governance & Nominations Committee. With
decades of distinguished service in the legal profession, he is widely recognized as a leading authority in
commercial law, litigation, aviation, and maritime matters.

Mr. Akinrele holds an LL.B (Hons.) from University College London and an LL.M from the University of
Cambridge. He has also served on the boards of Agip Plc, Danos & Curole Marine Contractors, and other
notable institutions.
His exceptional leadership abilities and capacity to foster consensus among stakeholders position him
well to lead the Board effectively. The Board is confident that, under his chairmanship, Oando Plc will
build on its legacy of excellence and explore new avenues for growth.

Appointment – Independent Non-Executive Director

The Company is also pleased to announce the appointment of Mr. Cosmas Iwueze as an Independent
Non-Executive Director, effective December 16, 2024.

Cosmas Iwueze is a seasoned petroleum engineer and business leader with over three decades of
experience in the oil and gas industry.

Joining Chevron Nigeria Limited (CNL) in 1990, Cosmas rose through positions of increasing responsibility
across Reservoir and Asset Management, Commercial Development, Operations, Project Management,
and Business Strategy. He also gained international experience working with Chevron in California and
Angola.

Cosmas previously held leadership roles as Business Services Director for Chevron's Nigeria/Mid-Africa
unit, General Manager of Operations, and General Manager of Asset Development and Exploration.
Notable achievements include securing third-party financing for JV projects and contributing to national
petroleum policy development during a secondment to the Nigerian government.

Prior to retiring in November 2024, Cosmas served as Director of the NNPC/Chevron Joint Venture (JV),
overseeing the JV asset development, major projects as well as oil and gas production with profit and loss
accountability. In this role, he led strategic initiatives, managed multiple general managers, and acted as
Managing Director when required

The Board and Management of Oando Plc extend their heartfelt appreciation to the outgoing Chairman
for his years of dedicated service and welcome Mr. Ademola Akinrele, SAN, and Mr. Cosmas Iwueze into
their new roles. These changes mark the beginning of an exciting new chapter for Oando, and the Board
remains committed to driving sustainable growth and creating long-term value for all stakeholders.


Ends

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

For: Oando PLC

Ayotola Jagun (Ms.)
Chief Compliance Officer and Company Secretary

JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited

Date: 06-01-2025 07:05:00
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