Osunsanya Quits Oando Board as Irune Joins

By Modupe Gbadeyanka

Oando Plc, an indigenous oil and gas company in Nigeria, has announced the resignation of Mr Mobolaji Osunsanya from its board. Mr Osunsanya, before his exit from the energy firm, was non-executive director. His resignation, according to a statement issued by the company, is with effect from Friday, August 9, 2019.

It was disclosed that Mr Osunsanya was a member of the Audit Committee, Strategy and Finance Committee and the Risk, Environmental, Health, Safety, Security and Quality Committee of the company.

In the statement, the board and management of Oando appreciated Mr Osunsanyan for his “positive contributions and meritorious service over the last 12 years as director of the company.”

Meanwhile, Oando has announced the appointment of Dr Ainojie Alex Irune as an executive director of the company effective Friday, August 9, 2019.

Mr Irune is the Chief Operating Officer, Oando Energy Resources (OER), the upstream subsidiary of Oando Plc. The proponent of transformational leadership joined the firm 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 percent reduction in company debt profile, a 99 percent reduction in Reserve Based Lending, increased daily oil production by 10 percent to 16.967 and 2P Reserves position by 2 percent as well as secured over $1.5 billion in international financing.

Before 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 $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. Mr Irune spearheaded the global communications strategy following Oando’s successful $1.5 billion acquisition of ConocoPhillips Nigeria’s upstream assets.

Prior to his time at Oando Plc in 2011, he 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.

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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