Conoil Plc has notified The Nigerian Stock Exchange that its Board of Directors at a meeting held on 28 August 2015 accepted the resignation of the Company’s Managing Director, Mr. Sanjeev Sisaudia.
Mr. Sanjeev Sisaudia was appointed Managing Director in May 2014 and was expected to turn the fortunes of the company around. However, Conoil’s recently released results saw profit after tax drop 73% to N834million as the company continues to face massive drop in revenues.
We looked up Mr. Sanjeev Sisaudia LinkedIn Page and noticed he already took up a position with Petrafos Energy in United Arab Emirates.
Conoil also stated that Mr. Charles Uwaechie, a Director of the Company, will be acting as the Managing Director pending the appointment of a substantive Managing Director by the Board.