Follow Us on Google Discover
Premier Paints Plc has announced a major board restructuring, appointing Mr. Emeka Ene as Chairman of the Board following the acquisition of a controlling stake in the company by Xenergi Limited.
The appointments were disclosed in a notice filed with the Nigerian Exchange (NGX) and signed by Alozie Nwokoro on behalf of AMN Practice, the Company Secretary.
Ene, who serves as Chief Executive Officer of Oida Group and is a key executive of Xenergi Limited, will lead the newly constituted board as the paint manufacturer enters a new phase under its majority shareholder.
What they are saying
According to the disclosure, Premier Paints approved the appointment of four new directors effective August 31, 2026, subject to ratification at the company’s Annual General Meeting.
Also Read
The appointments include:
- Mr. Emeka Ene – Chairman of the Board
- Mr. Adebowale Fagbemi – Non-Executive Director
- Dr. John Erinne – Non-Executive Director
- Mrs. Doseke Akporiaye – Non-Executive Director
The appointments followed the retirement of three directors from the board.
- “Premier Paints Plc wishes to notify its esteemed shareholders, stakeholders, the Nigerian Exchange Limited and the general public of the retirement of the following Directors from the Board of Premier Paints Plc, effective 31st August 2026 – Mr. Adedoyin Adeyinka, Dr. M.K.O. Balogun and Mr. Ajayi Oluyemi,” the company stated.
It added that the appointments were approved by the board on August 31, 2026, pending shareholder ratification.
Profiles of the new directors
Emeka Ene is the CEO of Oida Group, which comprises Oida Energy Limited, Xenergi Limited, Xenoil and Enugu Industrial Park Free Zone (Enpower FTZ). He is the immediate past Chairman of the Exploration and Production Committee of the International Gas Union (IGU) and previously served on the board of the World Free Zones Organization.
He has also held leadership roles within Nigeria’s energy sector, including serving as Chairman of the Petroleum Technology Association of Nigeria (PETAN), Chairman of the Society of Petroleum Engineers (SPE) Port Harcourt Section, and member of the Presidential Task Force on Refineries Reform.
Adebowale Fagbemi brings nearly three decades of experience in the oil and gas industry, spanning reservoir monitoring, production testing, marginal field development, gas commercialization and project management.
He holds a degree in Mechanical Engineering from the University of Ibadan and an MBA from Henley Business School, University of Reading.
Dr. John Erinne, a chemical engineer with over 30 years of professional experience, has worked extensively in operations, engineering and technical audits across international oil companies and multinational service firms.
He holds degrees from the University of Lagos, the University of Strathclyde and Loughborough University and is a fellow of several engineering professional bodies.
Doseke Akporiaye has more than two decades of leadership experience across renewable energy, infrastructure, logistics, technology and advisory services in Africa and the United States. She currently serves as Executive Director of Women of Renewable Industries and Sustainable Energy (WRISE) in the United States and also sits on the board of HR Indexx Nigeria.
Get up to speed
The board changes come shortly after Xenergi Limited completed a mandatory takeover offer aimed at increasing its stake in Premier Paints.
- In July 2026, Xenergi launched a takeover bid to acquire up to two million ordinary shares of Premier Paints at N38 per share, valuing the transaction at N76 million.
- The acquisition increased Xenergi’s shareholding from 49.60% to 51.22%, consolidating its control of the company.
Earlier in June, Xenergi had acquired 61 million ordinary shares representing a 49.60% stake in Premier Paints following approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC), and the Nigerian Exchange.
What you should know
The takeover process stems from a transaction first disclosed in December 2025, when Premier Paints announced that its major shareholders were negotiating the sale of their stakes to Xenergi.
The shareholders involved included Clover Global Resources Limited, which held 39.02% of the company, and TGHL Capital Limited, which owned 15.20%.
The transaction ultimately resulted in Xenergi acquiring a controlling 51% equity stake in Premier Paints, equivalent to approximately 63 million shares, positioning the energy-focused investment company as the paint manufacturer’s majority shareholder.
