Presco Plc announces resignation of three Directors from its board 

Presco Plc has announced the resignation of Messrs. Chief (Dr.) Bassey Edem, M.F.R., Osa Osunde and HRH., Prince Aiguobasimwin Akenzua as Non-Executive Directors of the company.

This was disclosed in a statement signed by the company’s Secretary, Alayo Ogunbiyi which noted that the Directors who joined the company at different times contributed to the growth and development of the company.

It stated, “Presco Plc (the Company) wishes to notify the Nigerian Exchange Limited (NGX), its shareholders and the investing public of the following changes on its Board of Directors (“the Board”):”

“Chief (Dr.) Bassey Edem, M.F.R., Mr. Osa Osunde and HRH., Prince Aiguobasimwin Akenzua have resigned from the board of the Company. Chief (Dr.) Bassey Edem, M.F.R., Mr. Osa Osunde and HRH., Prince Aiguobasimwin Akenzua joined the Board of the Company on 6 December 2013, 7 May 2003 and 16 April 2015 respectively.” 

“They served meritoriously and made incisive contributions towards the growth and progress of the Company”

The announcement of the resignation of the Directors from the company had no impact on its share price on the NGX. The company’s share price at the time of writing this report remained flat at N485.5 per share.

The resignation of the Directors is likely a leadership change in the firm following the acquisition of the company’s former majority shareholders- SIAT Group by Oak and Saffrom- a Nigerian firm. In March, Oak and Saffron Limited, a Nigerian-owned company completed the acquisition of a majority stake in the Belgian conglomerate SIAT N.V., which is the majority shareholder of Presco Plc.

Similar Board shakeup Following the ascension of Oaks and Saffron as majority shareholders in the company, Presco Plc announced the appointment of Mr. Olakanmi Rasheed Sarumi as its Chairman. The Board also named Mrs. Grace Titilayo Osuntoki and Mr. Abdul Akhor Bello as non-executive directors.

The company’s Board also accepted the resignations of Mr. Jean Van Gysel, Mr. Sam Sabbe, and Mr. Mano Demuere as directors of Presco Plc, expressing gratitude for their invaluable contributions to the company.

Presco’s financial performance in 2024 Presco posted a pre-tax profit of N20.781 billion for Q2 ending June 30, 2024, reflecting a 159.77% year-on-year increase. This result brings the H1 2024 pre-tax profit to N50.439 billion, surpassing the 2023 full-year pre-tax profit by 0.86%.

The company’s Q2 2024 financial statement attributes this profit growth to a substantial increase in revenue from the sales of crude and refined products, which outpaced the rise in the cost of sales.In Q2 2024, revenue surged by 74% year-on-year to N45.474 billion, bringing H1 2024 revenue to N88.02 billion, nearly 86% of the total revenue for the full year 2023.

Aghogho Udi My name is Aghogho Udi, a writer, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader African context. My focus lies in shedding light on the intricate connections between macroeconomics and politics, offering valuable insights that foster comprehension of Africa’s prevailing economic landscape and the world in general.