Nigeria-focused and London-listed junior ADM Energy has appointed a high-profile chairman with significant political and financial pedigree to its board to replace outgoing Peter Francis who is leaving for “personal” reasons.
Oliver Andrews, who was formerly executive director and chief investment officer at the Africa Finance Corporation (AFC), will join ADM as non-executive chairman on 2 August.
AFC is one of the biggest investors in natural resources and infrastructure solutions in Africa.
Andrews has over 35 years’ experience in infrastructure development, investing, public-private partnerships and strategic advisory work with governments, regional and international corporations and development finance institutions, according to ADM.
“During his career, in differing senior roles, he has overseen the investment of approximately $10 billion and originated $100 billion of investments in natural resources and infrastructure deals across the African continent on behalf of investee institutions,” added the company.
At the AFC, he oversaw the growth of assets under management from $1 billion to over $8.4 billion including significant investments in the oil and gas sector.
ADM chief executive Osamede Okhomina said Andrews “is a prominent figure in the African natural resources scene, having run one of the continent’s largest investment funds …and overseen the development of several landmark projects.”
“His extensive experience in originating and evaluating transactions, as well as financing and developing projects, will provide invaluable insight. I look forward to Oliver’s guidance as he supports our strategy to unlock the upside from our asset base while seeking attractive new opportunities.”
Commenting on his appointment, Andrews said: “This is a period of significant change in the natural resources sector, but also one of unprecedented opportunity. For agile, well-connected companies like ADM, it is possible to acquire reserves and develop sustainable projects at low cost with attractive risk-reward profiles.”
“I intend to work closely with Osamede and the team to deliver on the company’s ambitious growth strategy – both by progressing ADM’s existing projects and further expanding its portfolio. I am excited to assist with my experience and network across Africa as we focus on building ADM for the benefit of all our shareholders.”
ADM is a partner in the producing Aje gas, condensate and oil field offshore Lagos, and has a major stake in the 73-million barrel Barracuda oil project on the Brass river area.
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