Lekoil appoints three Nigerian nationals and industry veterans to its board

Africa-focused oil and gas company Lekoil has made changes to its board by adding three Nigerian nationals as directors, which are expected to bring further depth and expertise to the company due to extensive experience in the energy industry.

The company reported on Thursday that the appointment of Pade Durotoye and Adeoye Adefulu as non-executive directors would be effective immediately. Lekoil also announced that Felicia Kemi Segun would be appointed to sit on the board of directors of Lekoil Nigeria. This appointment is made simultaneously with the other two.

Anthony Hawkins, Lekoil’s Interim Chairman, commented on the board changes and the proposed appointments: “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.”

Pade Durotoye is the CEO and founder of West Titan Energy. Durotoye holds a BSc. Electronics and Engineering from the University of Ife (now Obafemi Awolowo University) and has over 32 years of management experience across the value chain of the oil and gas industry internationally.

Previously, he worked with Schlumberger, Ocean and Oil Holdings Group, Oando Energy Resources (OER) and Nigerdock FZE. Durotoye 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 of experience in private practice, who holds a PhD in Natural Resources Law from the University of Dundee and specialises in advising on oil, gas and power matters. This managing partner and head of the energy practice at Odujinrin & Adefulu law firm is regarded as an expert on the Petroleum Industry Act (PIA), according to Lekoil.  

Dr Adefulu serves as a member of the Association of International Petroleum Negotiators and the vice-chairman of the Nigerian Bar Association’s section on business law.

Furthermore, Felicia Kemi Segun is Nigerian energy and project finance law expert with 30 years in corporate practice and over twenty-eight years of focused experience advising international and local companies in the Nigerian oil and gas sector. Segun 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 a member of the Association of International Petroleum Negotiators, the International Bar Association, the Nigerian Bar Association, and the Institute of Directors. Segun also sits on the board of other companies including Sasol Chevron Nigeria and Rand Merchant Bank Nigeria.

“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,” added Hawkins.

In company-related news, Lekoil approved the immediate and accelerated implementation of the company’s general and administrative (G&A) cost-reduction measures last year in April due to the significant drop in oil prices at that time.

As production from Otakikpo field was not to be affected by these measures, Lekoil confirmed that the payment of $2 million to Optimum Petroleum – the operator of the OPL 310 license off Nigeria – for the portion of sunk costs and consent fees was completed. Previously, the sum was set to be paid on or before March 20.