Conoil’s MD, Director, Financial Controller Resign

By Modupe Gbadeyanka

The resignation of three key officers of Conoil Plc has raised questions in some quarters as the company battle poor financial performance.

In a letter dated October 23, 2017, and sent to the Nigerian Stock Exchange (NSE), the oil firm said its Managing Director, Mr Sanjay Mathur, an Indian, was resigning from his position.

The company also said its Executive Director in charge of Finance, Mr Bamidele Ogunnaike; and the Financial Controller, Mr Abdulateef Ijaiya, has also left the company.

Though no reason was given by the firm for these actions, it only said vacancies created by these top officials have been temporarily filled.

“The management of Conoil Plc would like to notify its esteemed shareholders, stakeholders and the general public of the recent changes in the board and management of the company.

“That Mr Sanjay Mathur (Indian) has resigned his appointment as the Managing Director of the company.

“That Mr Bamidele Ogunnaike has resigned his appointment as the Executive Director, Finance of the company.

“That Mr Abdulateef Ijaiya has resigned his appointment as the Financial Controller of the company.

“Consequently, the following appointments have been made by the board of directors of Conoil Plc to fill the casual vacancies thereby created; subject to the further ratification of the appointments at the Annual General Meeting (AGM).

“Mr Pandey Ajay (Indian) has been appointed as the Acting Managing Director of the company;

“Mr Akinyemi Ibrahim Akinlawon has been appointed as the Acting Director of Finance of the company.

“Mr Edim Aikpo has been appointed as the Acting Financial Controller of the company,” the statement signed by the Company Secretary, Conrad Eberemu, stated.

Conoil recently posted a disappointing half year performance, which some observers say may have been responsible for the resignation of the Managing Director.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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