MRS gets new helmsman amid rising costs, declining fortunes

Board of MRS Oil Nigeria plc, which experienced rising costs and declining revenue in the first nine months of last year, has approved the appointment of Priscilla ThorpeApezteguia as managing director (acting), the company says.

The appointment followed the resignation of Andrew Gbodume, the former managing director/ceo of the oil marketing company. Thorpe-apezteguia’s appointment took immediate effect, MRS Board said in its resolution dated January 7 and released by the Nigerian Stock Exchange (NSE) on Thursday.

Thorpe-apezteguia holds a Bachelors of Arts degree in International Studies and Business from University of Coventry, United Kingdom.

She has over 17 years’ experience in the Oil and Gas sector and has held high-level positions in reputable organizations; such as Executive Director, Operations at Energy Solutions Integrated Services; Senior Manager, Business Development at OANDO Plc; Head of Marketing/ Customer Service Unit, Retail Manager, South West and Sales and Marketing Manager, all at MRS Oil Nigeria . Until her appointment as managing director (acting), she was the group sales and marketing manager of MRS Oil and Gas Limited.

Revenue for the nine months to September 30, 2018 fell by 7.17 percent to N76.07 billion from N81.95 billion recorded in the corresponding period of 2017. Decline in revenue coupled with ballooned finance costs, which grew by 984 percent from N38 million to a whooping N417 million over the same period, triggered a loss of N425.76 million from a profit of N809.16 million recorded a year earlier.