…MOMAN gets new chairman
After almost two months of delisting from the Nigerian Exchange Limited (NGX), the managing director and chief executive officer of Ardova plc, Olumide Adeosun has turned in his resignation from the company.
His resignation coincides with the expiration of his tenure as the chairman of the Major Marketers Association of Nigeria MOMAN.
The delisting of the company has automatically made it a private company and this would require some level of restructuring in the company that would necessitate the resignation of some of the officials of the company.
The Board of Directors of Ardova Plc on Thursday announced the resignation of Olumide Adeosun as the Chief Executive Officer (CEO) of the company.
Ardova plc in a statement said that the bowing out of Adeosun as the CEO became effective on August 31, 2023, he, however, remains committed and involved with the activities of the company till December 31, 2023 to ensure a seamless transition to the new executive management
Trading in shares of Ardova and few others were suspended from the facilities of Nigerian Exchange Limited (NGX) effective Tuesday, July 11 having failed to file their Audited Financial Statements for the year ended December 31, 2022.
One of the leading energy companies in the country, Ardova Plc, has exited the Nigerian Exchange (NGX) Limited, it was reported
The firm is leaving the country’s main stock exchange after it requested to quit the platform and stop the public trading of its shares at the NGX.
Recall that in February 2023, Ardova announced that its core shareholder, Ignite Investments & Commodities Limited, was planning to buy out the shares held by minority investors.
Ignite offered to buy the stocks at N17.38 per unit, representing a premium of 22.44 per cent and 24.38 per cent to the 30-day and 60-day volume weighted average share price of N14.19 and N13.97 respectively, on November 30, 2022, being the last trading day prior to the offer.
A court-ordered meeting was held to approve this deal. The firm then filed an application to voluntarily leave the stock exchange, and it was granted.
In a notice on Wednesday, the bourse said it had delisted the equities of Ardova from its trading platform, confirming the exit of the organisation from the NGX.
“The market is hereby notified that following the submission of the required post-approval documents from Ardova Petroleum Plc, the entire 1,310,629,267 issued share capital of Ardova was delisted from the daily official list of Nigerian Exchange Limited today, Wednesday, July 26, 2023.
“The delisting of Ardova on NGX is pursuant to the Scheme of Arrangement between Ardova and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court,” the notice read.
Exit as MOMAN Chairman
Adeosun moving out of Ardova also came at the same time his tenure as the chairman of the Major Oil Marketers Association of Nigeria (MOMAN) ended.
The major marketers therefore today officially announced the conclusion of Olumide Adeosun’s tenure as the Chairman. Olumide Adeosun, the esteemed CEO of Ardova Plc and the outgoing Chairman of MOMAN, completed his term on August 31, 2023. Assuming the leadership role for the next 2 years effective September 1, 2023, will be Huub Stokman, the Managing Director of NNPC Retail Limited (NRL).
Under the guidance of Olumide Adeosun, MOMAN has thrived as a cornerstone of the Nigerian energy landscape, fostering growth, innovation, and collaboration within the petroleum marketing sector.
MOMAN achieved remarkable milestones during his tenure, advocating for industry excellence, sustainability, and regulatory advancements.
Olumide Adeosun’s visionary leadership has been instrumental in steering MOMAN through a dynamic period marked by transformative changes in the energy sector. His commitment to driving operational excellence, regulatory adherence, and community engagement has set a solid foundation for the association’s future endeavors.
The incoming Chairman, Huub Stokman, brings a wealth of experience to the role. As the Managing Director of NNPC Retail Limited, he has demonstrated exceptional leadership in managing complex operations, optimizing business strategies, and fostering strategic partnerships. His deep understanding of the petroleum retail landscape uniquely positions him to lead MOMAN into the next phase of its journey.
MOMAN expresses its profound gratitude to Olumide Adeosun for his dedicated service and outstanding contributions during his tenure as Chairman. His legacy will continue to inspire and guide us as we navigate the evolving energy landscape and pursue new horizons. Financial Energy Review learnt that Adeosun next move could be lauder than his previous services.
Huub Stokman’s appointment as Chairman ushers in an exciting chapter for MOMAN. His expertise, vision, and commitment to industry excellence align seamlessly with the association’s mission to drive sustainable growth, advocate for regulatory advancements, and champion the interests of its members.
The Executive Secretary/Chief Executive Officer of MOMAN, Mr. Clement Isong, was reappointed ES/CEO for a second term of five years.
MOMAN looks forward to a seamless transition and a new era of innovation and growth under Huub Stokman’s leadership. The association remains dedicated to promoting the highest standards of business practices, fostering collaboration, and contributing positively to Nigeria’s energy sector and economy.
