Aradel Holdings Plc has announced the appointment of Mr. Augustine (Osten) Olorunsola as Interim Chairman of its Board, effective July 9, 2025.
The announcement was made in a corporate disclosure filed with the Nigerian Exchange (NGX) on July 18, 2025, and signed by Titilola Omisore, the Company Secretary and Group General Counsel.
Mr. Olorunsola’s appointment follows the retirement of Mr. Ladi Jadesimi, whose exit as Chairman was communicated to shareholders during the company’s 30th Annual General Meeting (AGM) held on May 28, 2025.
In line with corporate governance procedures, the Company Secretary has been authorized to notify relevant regulators of the appointment and to take all necessary steps to formalize the Board’s resolution.
About Mr. Olorunsola
Mr. Olorunsola is a seasoned petroleum industry expert with over four decades of experience spanning policy, legislation, regulation, field development, and commercial operations.
- A Geology graduate from the University of Ilorin, Kwara State, Nigeria, his career has taken him across Nigeria, Italy, the Netherlands, the United States, and beyond.
- He began his professional journey with Agip-ENI, where he spent a decade in petroleum geoscience roles before joining Shell International, where he held senior positions for 22 years in corporate planning, economics, and engineering.
- Notably, he served as Petroleum Engineering Manager for Nigeria’s first major deep offshore development and contributed to technology deployment in Russia and hydrocarbon resource management across Sub-Saharan Africa (SSA).
Mr. Olorunsola retired from Shell as Vice President, Commercial Gas Business for SSA, after which he played a pivotal public sector role.
He served as Adviser to two Ministers of Petroleum Resources, later becoming Director of Petroleum Resources, and from 2010 to 2019, led the technical drafting of the landmark Petroleum Industry Bill (PIB).
A Fellow and Country Chairman of the Energy Institute, he also serves as Chairman and CEO of Energetikos Limited, while holding several non-executive board positions across the energy sector.
He joined the Board of Aradel Holdings in 2014 and has remained an active member since.
More at 30th AGM
At the 30th Annual General Meeting (AGM) held on May 28, 2025, shareholders were informed not only of the retirement of Mr. Ladi Jadesimi as Chairman but also of the retirement of Mr. Ede Osayande, a Non-Executive Director.
- The Board and management extended their sincere appreciation to both Mr. Jadesimi and Mr. Osayande for their invaluable contributions, leadership, and unwavering commitment to the company’s growth and success.
- At the same meeting, a final dividend of N22 per ordinary share was approved for payment to shareholders whose names appeared in the register of members as of the close of business on Tuesday, May 6, 2025.
Other resolutions passed during the AGM included the appointment of new non-executive directors, re-elections, appointments to the statutory audit committee, and the approval of directors’ remuneration.
