NGX chairman joins Africa Oil Corp board

The Chairman of the Nigerian Exchange Limited and founder & CEO of Petralon Energy, Ahonsi Unuigbe, has been appointed to the Board of Directors of Africa Oil Corp, a Toronto Stock Exchange (TSX)-listed entity.

His appointment highlights increasing cross-border collaboration between African and global capital markets.

Unuigbe, a seasoned expert in oil and gas, capital markets, and corporate governance, joins the board alongside Huw Jenkins, Pascal Nicodeme, Edwyn Neves, and Richard Norris.

“Their appointments follow the departure of key directors, including Keith Hill, Erin Johnston, Andrew Bartlett, and Gary Guidry,” it noted.

This leadership transition comes at a pivotal moment for Africa Oil Corp as it consolidates its shareholding in Prime Oil & Gas Coöperatief U.A. (Prime) and introduces a new quarterly dividend of $25m, targeting an annual distribution of at least $100m.

The President and Chief Executive Officer of Africa Oil Corp, Roger Tucker, said, “I welcome our new directors and thank our outgoing directors for their support over the past year as we delivered several strategic transactions to simplify and strengthen the company’s fundamental business proposition.

“I would like to thank Pascal Nicodeme, our outgoing CFO, for his steadfast service to the company, and the board is pleased to retain his unique insights and expertise as a new board member. We look forward to leveraging our strong position to deliver long-term value for all our stakeholders.”

Unuigbe said, “This appointment represents a significant milestone for cross-border collaboration in the African energy sector. I am honoured to join the board of Africa Oil Corp at such a pivotal time in the company’s development.

“This role provides an excellent opportunity to contribute to the growth of a major player in the African energy landscape while strengthening ties between Nigerian capital markets and international exchanges.”

It noted that with these changes, Africa Oil Corp is poised to navigate the evolving global energy landscape and drive sustainable growth.

“The company remains committed to operational excellence, disciplined capital allocation, and maximising long-term stakeholder value,” it added.

Africa Oil Corp, a Canadian oil and gas company, operates assets in deepwater Nigeria and Kenya and is listed on both the TSX and Nasdaq Stockholm under the symbol “AOI”.

SOURCE : PUNCH

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