LEKOIL, the oil and gas exploration and production company with a focus on 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 of 31 May 2021, the outstanding balance of the Loan was approximately US$1.5 million. The Company will commence proceedings to recover the Loan.
Corporate governance breach do arise from the Management, who deliberately undermines the role of the various governance structures by circumventing the internal controls and making misrepresentations to auditors and the Board
Founder of Lekoil Ltd. and Encabler, Inc., Olalekan Akinsoga Akinyanmi occupies the position of Chief Executive Officer & Director at Lekoil Ltd. He is also on the board of Aiico Insurance Plc, 1770 Holdings Ltd., 1770 Capital Management Ltd. and Tomlex Ventures and a Member of the Society of Petroleum Engineers (Nigeria).
In the past, Mr. Akinyanmi held the position of Vice President & Research Analyst at AllianceBernstein LP and Associate Director at UBS Securities LLC.
He received an MBA from the Massachusetts Institute of Technology and an undergraduate degree from Obafemi Awolowo University.