The management of MRS Oil Nigeria Plc, today, announced the resignation of Dr Samaila Musa Kewa from its board of directors.
A statement signed by the Company Secretary (Mrs O.M Jafojo) and issued to the Nigerian Stock Exchange, stated that “Dr Samaila Kewa’s resignation was effective immediately”. However, the statement did not give the reason for his decision to resign.
Note that Dr Kewa was a Non-Executive Director at the oil company until December 14th, 2018.
Dr Kewa’s professional background
Dr Samaila Musa Kewa became an MRS Oil Non-Executive Director in March 2017. He also served in other capacities at the company, including as a member of the Audit Committee, member of the Board Nominations and Corporate Governance Committee, and Chairman of the Human Resources Committee. More so, he was a member of the Risk, Strategic and Finance Planning Committee of MRS Oil until August 2017.
Prior to his stint at MRS Oil, Dr Kewa worked functioned in various executive capacities across different organisations. Some of these roles include Executive Director at National Oil and Chemicals Marketing Plc (1990), and Deputy Managing Director of Nigeria LNG Limited (2003).
More on his background
Dr Kewa holds a Doctorate degree in Economics from Binghamton University. He was a member of the Plateau State Executive Council, and at some points served as Commissioner for Finance as well as Commissioner for Education in the state.
About the Company
Headquartered in Lagos, MRS Oil Nigeria Plc is a Nigerian oil marketing firm which was incorporated in 1969. Its shares were listed on the Nigerian Stock Exchange in 1990.
The company is specialised in the merchandising of refined petroleum products such as Petroleum motor spirit (PMS), lubricants, and aviation kerosene, etc.
The company’s recently released third quarter 2018 financial statement shows that revenue dropped from ₦81.9 billion in Q3 2017 to ₦76 billion in Q3 2018.
Similarly, the company recorded a loss after tax of ₦425.7 million during the nine-month period, compared to a profit after tax of ₦809.1 million during the same period last year.
MRS Oil Nigeria Plc’s stock is currently trading at ₦25.70.
With additional reporting by Adaobi Nnadiukwu