Farewell to a Founding Father: Mr Olagbaju Steps Down from
the NDEP Plc Board

After 18 years on the Board of Directors at Niger Delta Exploration & Production Plc (NDEP), Mr Sammy Olagbaju withdrew from the Board. His stepping down was effective from the 30th of June 2011.

As a Founding Director, of what was previously the Midas Exploration & Drilling Fund, then renamed NDEP Plc, Mr Olagbaju has seen the Company evolve and expand into its current position. During his tenure, he demonstrated an unwavering commitment to the progress and success of NDEP and drew from his extensive experience as an Economist, Banker, Stockbroker and Board Director, to play an active role in Company affairs.

Mr Olagbaju made many important contributions; for almost as long as the Company Audit Committee has been in existence, he has been a valued member, and a member of the Board Audit Committee, while he also chaired the Board Finance and Investment Committee. Mr Olagbaju also served as a member of the Board of Trustees (BOT) for the Host Community Development and Environment Trust and in 2010, chaired the newly constituted Board Finance Committee.

‘It is with real regret that my fellow Directors and I have accepted the decision of Mr. Olagbaju to stand down’, said Mr Ben Osuno, Chairman, NDEP Plc. ‘We are grateful to Mr Olagbaju for all of his good works and his numerous contributions to the Company’s strategy and growth. We wish him the very best for the future.’

Dr Layi Fatona, MD NDEP Plc, said, ‘Mr Olagbaju is a dear friend and an esteemed senior colleague. Through the years, NDEP Plc has benefited enormously from his expertise and input. Never one to mince his words and an ardent voice for rewarding shareholders, Mr Olagbuju will be missed by his fellow Directors and staff.’

‘As the Founding Director, I have watched the company grow from a conception, to a start up, to the profitable integrated oil and gas Company evident today’, said Mr Olagbaju. ‘It has been a real privilege to have been involved for so long. I would like to thank everyone that I have worked with during this time – it has been a pleasure knowing and working with you all.’

Mr Olagbaju continued, ‘I know that NDEP has a bright future ahead and I am pleased to continue my support to NDPR’s commendable Community Affairs programme, in my capacity as a Trustee for the Host Community Development Trust.’

In anticipation of changes to the composition of the NDEP Plc Board, two new Board members were appointed last year, Mr Jadesimi, a chartered accountant and Mrs Zuwairatu Mantu, an experienced lawyer. They both assumed their duties in the 2010 Financial year.

After 18 years on the Board of Directors at Niger Delta Exploration & Production Plc (NDEP), Mr Sammy Olagbaju withdrew from the Board. His stepping down was effective from the 30th of June 2011.

As a Founding Director, of what was previously the Midas Exploration & Drilling Fund, then renamed NDEP Plc, Mr Olagbaju has seen the Company evolve and expand into its current position. During his tenure, he demonstrated an unwavering commitment to the progress and success of NDEP and drew from his extensive experience as an Economist, Banker, Stockbroker and Board Director, to play an active role in Company affairs.

Mr Olagbaju made many important contributions; for almost as long as the Company Audit Committee has been in existence, he has been a valued member, and a member of the Board Audit Committee, while he also chaired the Board Finance and Investment Committee. Mr Olagbaju also served as a member of the Board of Trustees (BOT) for the Host Community Development and Environment Trust and in 2010, chaired the newly constituted Board Finance Committee.

‘It is with real regret that my fellow Directors and I have accepted the decision of Mr. Olagbaju to stand down’, said Mr Ben Osuno, Chairman, NDEP Plc. ‘We are grateful to Mr Olagbaju for all of his good works and his numerous contributions to the Company’s strategy and growth. We wish him the very best for the future.’

Dr Layi Fatona, MD NDEP Plc, said, ‘Mr Olagbaju is a dear friend and an esteemed senior colleague. Through the years, NDEP Plc has benefited enormously from his expertise and input. Never one to mince his words and an ardent voice for rewarding shareholders, Mr Olagbuju will be missed by his fellow Directors and staff.’

‘As the Founding Director, I have watched the company grow from a conception, to a start up, to the profitable integrated oil and gas Company evident today’, said Mr Olagbaju. ‘It has been a real privilege to have been involved for so long. I would like to thank everyone that I have worked with during this time – it has been a pleasure knowing and working with you all.’

Mr Olagbaju continued, ‘I know that NDEP has a bright future ahead and I am pleased to continue my support to NDPR’s commendable Community Affairs programme, in my capacity as a Trustee for the Host Community Development Trust.’

In anticipation of changes to the composition of the NDEP Plc Board, two new Board members were appointed last year, Mr Jadesimi, a chartered accountant and Mrs Zuwairatu Mantu, an experienced lawyer. They both assumed their duties in the 2010 Financial year.

Ends

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