Olu Adeosun: 5 Things about the Just Resigned Ardova Plc CEO
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Business - September 1, 2023

Olu Adeosun: 5 Things about the Just Resigned Ardova Plc CEO

Olu Adeosun, Chief Executive Officer (CEO) of Ardova Plc, has resigned from his position in the company. The Board of Directors announced in a statement that Adeosun will be leaving to pursue new interests and opportunities. 

His resignation as CEO became effective on the 31st of August, 2023. Despite his resignation, Adeosun promised to stay committed to the activities of the company till the 31st of December 31, 2023. 

The company noted that his commitment will ensure a seamless transition to the new executive management of the company. This article delves into the fascinating journey of Olu Adeosun and explores some facts about his life.

He was Ardova CEO for four years 

Olu Adeosun served as Ardova CEO for four years. In a statement, Adeosun wrote, “After over four years of building a market offering leveraging the strength and customer loyalty of the AP brand across multiple channels and partnerships, I believe this is the right point to hand over leadership. I want to thank the incredible Ardova Board, management, team, customers, and partners – especially our formidable dealers for their relentless support.”

Adeosun also promised to be a customer, stakeholder, and lifelong fan of Ardova, its products and services.

He pioneered negotiations that delisted Ardova shares from the Nigerian exchange

As CEO, Olu led negotiations that made AbdulWasiu Sowami, Group Executive Chairman of Prudent Group, the parent company of Ardova Plc, pay minority shareholders over N16 billion to delist the company from the Nigerian Exchange.

Recall that on the 26th of July 2023, Ardova Plc delisted its shares from the Nigerian Exchange Limited (NGX) ending a 53-year-old listing after its precursor, African Petroleum was admitted to the stock market.

The delisting is pursuant to the scheme of arrangements between Ardova and holders of its fully paid ordinary shares as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.

Adeosun serves as Chairman of MOMAN

Adeosun also serves as the chairman of the Major Oil Marketers Association of Nigeria (MOMAN). As chairman, Adeosun promised to ensure the association play an active role in the Petroleum Industry Act (PIA). 

He said, “As an association, this means that we must be at the forefront of unravelling the opportunities that come with operating in the free-market structures that have been created by the PIA, whilst continually advocating for changes that positively impact our industry and the economy at large.”

His tenure will elapse in September 2023.

An energy professional with an architectural background

Adeosun is an energy professional with deep experience in the origination of energy deals with a focus on Africa. He has a Bachelor of Architecture from Woodbury University, California, United States. Adeosun also bagged a Masters degree in Mathematics from Royal Holloway, University of London.

Adeosun leads the Adunni Osun Foundation 

Olu also serves as the Chairman of Adunni Oorisha Trust/Adunni Osun Foundation. The foundation is dedicated to the preservation of the Sacred Ọ̀ṣun Òṣogbo Groves, a UNESCO World Heritage Site in Nigeria, its monumental works of art and the Yorùbá cultural heritage it represents.

Adeosun is also a member of the Board of Trustees at Five Cowries Art Education Initiative.

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