Shareholders’ protection, growth remains our priority –Lekoil Nigeria CEO
The Chief Executive Officer of Lekoil Nigeria Limited, Mr. Lekan Akinyanmi has announced that the protection and growth of shareholder value remain priority in spite of the changes the company is undergoing in a bid to deliver greater efficiency.
Mr. Akinyanmi who spoke on CNBC Africa on July 5 2021, stated that notwithstanding the management issues that have characterized the company in the past few months, he remains committed to delivering higher returns to Lekoil Nigeria Limited and Lekoil Limited (Lekoil Cayman) investors and other stakeholders.
“Over the years, we have run the company properly, with essentially the best interests of shareholders in mind and advocated high corporate governance principles,” Akinyanmi said.
“At present, we have four outstanding assets. Our asset at Otakikpo is producing just below 6,000barrels per day and could go as far as 20,000 barrels per day. We have the Ogo field which is a discovery we made off shore Lagos.It is the largest discovery in Nigeria in the last ten years and was the third largest in the world in 2013,” CEO Lekoil Nigeria added.
Speaking on his removal as Lekoil Cayman CEO, Mr. Akinyanmi who is also the single major non-corporate shareholder in the company, explained that the narrative that has been put out by Lekoil Cayman’s board is “an incorrect and incomplete narrative.”
He however decided not to comment further as the matter is subjudice.
“By the time there is full reckoning, the full picture will emerge for all to see,” he noted in the interview, which was monitored in Lagos. While pointing to the need for amicable resolution of outstanding issues, he stated that at the point of Lekoil Cayman’s Initial Public Offer (IPO),the stock traded at between £2.50 and £3.00 per share, while Brent Crude Oil was selling at $45perbarrel.However,as at June 29, 2021, the stock closed at £1.10 even though oil sold at $72.98 per barrel.
