“We Wish Him Well”: After Helping Ardova Plc Transition, Adeosun Resigns as CEO After 4 Years, CFO Promoted

• Ardova Plc has announced that its CEO, Olu Adeosun, will be leaving the company after four years at the helm of affairs
• The leadership change is coming a few days after the company's owner decided to take the company private
• He paid minority shareholders over N16 billion to delist the company from the Nigerian Exchange after lengthy negotiations led by Adeosun

Ardova Plc’s (AP) board of directors has announced that its Chief Executive Officer (CEO) Olu Adeosun will leave the company after four years.

According to a statement from the energy company, Adeosun's resignation became effective on Thursday, August 31, 2023.

The company noted that Adeosun decided to leave to pursue new interests and opportunities, BusinessDay reports.

Despite his departure, the company stated that Olu Adeosun will remain engaged with Ardova’s activities until December 31, 2023, ensuring a smooth transition to the new executive management.

Ardova has appointed Moshood Olajide, the Chief Financial Officer of Ardova Plc, as the new Managing Director.

The company states that Moshood's promotion aligns with its established succession planning process.

New beginning for Ardova Plc

Speaking on Adeosun's departure, AbdulWasiu Sowami, Group Executive Chairman of Prudent Group, the parent company of Ardova Plc, said:

“Ardova is the crown jewel in our portfolio and is in an exciting position to create value in the energy industry, with many opportunities ahead, I look forward to working closely with our partners and the Ardova leadership to continue executing on the company’s long-term vision & strategy.

"On behalf of the Board of Directors and staff, I thank Olu for his contributions to the company's growth. We wish him well in the future.”

Olu Adeosun, in his departing statement, expressed gratitude to the Ardova Board and management during his tenure.

He said:

After dedicating more than four years to developing a market offering that capitalises on the AP brand's robust reputation and customer loyalty through various channels and partnerships, I am convinced that now is the appropriate moment to transition leadership.

"I want to thank the incredible Ardova Board, management, team, our customers, and partners – especially our formidable dealers for their relentless support.

"I will work with the Chairman and the Board to ensure a smooth transition and I will continue to be a customer, stakeholder, and lifelong fan of Ardova, its products & services.”

Billionaire pays over N16bn to buy out Ardova shareholders

Meanwhile, in another report, Legit.ng revealed that Ardova PLC has decided to become a private company.

The owner, Abdulwasiu Sowami, has decided to buy out minority shareholders to take complete control.

The deal failed to materialise for months because minority shareholders were unhappy with the amount their shares were bought for

Source: Legit.ng