Lekoil Limited

Directorate Changes

RNS Number : 6189T
Lekoil Limited
25 November 2021

25 November 2021

Lekoil Limited

("LEKOIL" or the "Company")

Directorate Changes

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to announce the appointment of Pade Durotoye and Adeoye Adefulu   as Non-Executive Directors of the Company, with immediate effect.

Each of Mr. Durotoye and Dr. Adefulu will be nominated by the Company to sit on the board of directors of Lekoil Nigeria Limited, in accordance with the terms of the Shareholders Agreement between the Company and Lekoil Nigeria Limited (and others).

The Company is also pleased to announce that it has agreed an appointment agreement with Ms. Felicia Kemi Segun that will allow it to appoint Ms. Segun to sit on the board of directors of Lekoil Nigeria Limited, such appointment to be made simultaneously with those set out above.

Commenting on the Board changes and the proposed appointments, the Company's Interim Chairman, Mr. Anthony Hawkins, said:

"The Board is very pleased to welcome Mr. Durotoye, Dr. Adefulu and Ms. Segun to the Company, each of whom brings with them a wealth of commercial and legal expertise and knowledge. With each of the appointees being Nigerian nationals, experienced in the oil & gas industry in both Nigeria and internationally, I believe they will add significant depth and practical experience to the Board and the Company."

Details of each of the appointees is set out below:

Pade Durotoye is the Chief Executive Officer and Founder of West Titan Energy. He has over 32 years of management experience across the value chain of the oil and gas Industry internationally.

He began his career with Schlumberger Oilfield Services where he worked in various Management capacities in Field Operations, Operations Management, Line (Country) Management, Human Resources Management and Business Development for close to 20 years in 8 countries in Africa, Europe and Asia.

He served as the MD/CEO of Ocean and Oil Holdings Group, a principal investment and advisory services group, where advised on and in some cases led the company's Management and Technical Services advisory contract with Oando. He was a core member of Oando's Group Leadership Council and a key part of the company's Upstream Diversification Strategy & Execution Team that acquired oilfield assets and drilling rigs.

Pade served as Managing Director/CEO of Oando Energy Resources (OER), a position he held for over 8 years. In his capacity as MD/CEO, he led the team that delivered on the acquisition of the Nigerian upstream oil and gas business of ConocoPhillips in 2014, making OER Nigeria's leading Indigenous Independent Oil Company by production with over 40,000boepd of oil and gas and 16 participating Licenses in Nigeria and the Gulf of Guinea. He proceeded to join Nigerdock FZE as Managing Director/CEO, where he served for a year to strategically direct the organization.

Pade has a deep knowledge of the oil and gas sector and is passionate about resolving value traps in in the industry. He holds a BSc. Electronics and Engineering from the University of Ife (now Obafemi Awolowo University) and is a member of several professional bodies and associations which include the Society of Petroleum Engineers, the Nigeria Society of Engineers, and the Institute of Directors 


Dr. Adeoye Adefulu is a Nigerian qualified lawyer with 23 years' experience in private practice. He holds a PhD in Natural Resources Law from the University of Dundee and specialises in advising on oil, gas and power matters. Dr. Adefulu is widely regarded as an expert on the Petroleum Industry Act (PIA), having advised the public and private sector on the petroleum reforms, including being a member of the Nigerian National Assembly's Technical Committee on Petroleum Industry Reforms up until the passage of the PIA. He is the Managing Partner and Head of the Energy Practice at Odujinrin & Adefulu, a leading law firm in Nigeria.

Dr. Adefulu is a member of the Association of International Petroleum Negotiators and is the Vice-Chairman of the Nigerian Bar Association's Section on Business Law.


Felicia Kemi Segun is a Nigerian energy and project finance law expert with 30 years in corporate practice and over twenty-eight (28) years' focused experience advising international and local companies in the Nigerian oil and gas sector.  

Kemi is a Senior Partner and the Managing Partner of Dentons ACAS-Law where she also co- heads the firm's Energy and Project Finance Practice Group.  She is the immediate past chairperson of the Energy, Environment and Natural Resources Committee of the Section on Business Law of the Nigerian Bar Association, a member of the Association of International Petroleum Negotiators, the International Bar Association, the Nigerian Bar Association, and the Institute of Directors.

Kemi is a seasoned oil industry leader involved in several transactions of strategic importance to the Nigerian economy and whose participation in the development of the Nigerian oil and gas sector has been recognized locally and internationally. Kemi also sits on the board of other companies including Sasol Chevron Nigeria Limited and Rand Merchant Bank Nigeria Limited.

The Company notes that the Company's nominated adviser is undertaking its normal due diligence exercise on three appointees which will be completed as soon as practicable.

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Olapade (Pade) Olayiwola Durotoye, aged 55:

  Current directorships and/or partnerships:

Former directorships and/or partnerships (within the last five years):


West Titan Energy Resources Limited

West Titan Energy Resources (Nig) Ltd

Engenious (Nig) Ltd

Brightearth (Nig) Ltd

Aeroflow (Nig) Ltd

Inland Basins (Nig) Ltd

Ajeoba Agro Exchange  Ltd

Endot Corporate Resources and Professional Services Ltd

ADW Energy Investments Limited

Baycreek Global Investments Limited

Nigerdock Nig Ltd

Nigerdock Plc FZE

Oando Energy Resources Inc

Oando Exploration and Production Ltd

Oando Petroleum Development Company Ltd

Oando Qua-Iboe Ltd

Oando Reservoir and Production Services Ltd

Equator Exploration Limited


The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Adeoye Adefulu, aged 47:

  Current directorships and/or partnerships:

Former directorships and/or partnerships (within the last five years):


Odujinrin & Adefulu

Alpha Gas Company Limited

Centre for Petroleum Information Ltd/GTE

Mountain Peak Capital Investment Limited

Creative Energy Consulting & Training Limited

Ten-Mile & Telegraph Limited

Hudson Pacific Energy Ltd


The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.


For further information, please visit www.lekoilplc.com or contact:

SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)

Jeff Keating / Stuart Gledhill


+44 20 3470 0470

Tennyson Securities (Joint Broker)

Peter Krens / Edward Haig-Thomas

+44 20 7186 9030


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