Akinyanmi, without the prior knowledge or consent of the Company, entered into an employment contract with Lekoil Nigeria Limited, to act as its Chief.
Directorate Change
Nigeria and
West Africa, announces that it has terminated the employment contract of its CEO, Mr. Olalekan Akinyanmi, with immediate effect, due to a corporate governance breach.
The Company will commence a search for a new CEO and, in the interim period,
Anthony Hawkins will act as interim Executive Chairman of the Company.
As previously announced, the Company is the lender under a loan agreement with Mr. Akinyanmi (the Loan ). As at
31 May 2021, the outstanding balance of the Loan was approximately
US$1.5 million. The Company will commence proceedings to recover the Loan.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of