Irune Appointed Executive Director to Strengthen Oando Plc’s Board

Oando Plc last Friday announced the appointment of Dr. Ainojie Alex Irune as an executive director, a development market operators said indicates the company’s moves to strengthen its performance going forward.

Prior to his new appointment, which is with immediate effect, Irune was the Chief Operating Officer(COO), Oando Energy Resources (OER), the upstream subsidiary of Oando Plc.

In a notification to the Nigerian Stock Exchange (NSE), Oando Plc explained that Irune, who is a proponent of transformational leadership, joined the company 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 per cent reduction in company debt profile, a 99 per cent reduction in Reserve Based Lending, increased daily oil production by 10 per cent to 16,967 and 2P Reserves position by two as well as secured over $1.5 billion in international financing,” the company said.

It added that prior to assuming the COO 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.