The Alake of Egbaland, Oba Adedotun Aremu Gbadebo has stepped down as the Chairman of Oando PLC.

In a statement, the company’s Secretary, Ayotola Jagun, said Oba Gbadebo formally notified the board of his decision to resign as Chairman and retire as a board member of Oando.

Oba Gbadebo’s resignation, according to Jagun, took effect immediately after Oando’s annual general meeting (AGM) held on December 17, 2024.

“Oba Gbadebo served with unparalleled distinction for over 18 years on the Board, including 12 years as Chairman,” Jagun said.

“Throughout his tenure, he provided steadfast leadership, wise counsel, and a fatherly presence, guiding the company through significant milestones, including several landmark transactions.

“His steady hand and unwavering commitment were pivotal in steering the company through challenges while ensuring growth and resilience.

“The Board and Management of Oando Plc express their deep appreciation to Oba Gbadebo for his remarkable contributions and leadership over the years. His legacy will forever be an integral part of Oando’s story.”

Meanwhile Oando Plc has appointed Ademola Akinrele as its board Chairman after Oba Adedotun Gbadebo, the Alake of Egbaland, resigned from the position.

Jagun said Akinrele will drive the company’s strategic vision forward, with his extensive experience, which includes working at Agip Plc, Danos & Curole Marine Contractors.

“Mr. Akinrele brings extensive experience and expertise to this role, having previously served as a Non-Executive Director on the Board and as Chairman of the Governance & Nominations Committee,” she said.

“With decades of distinguished service in the legal profession, he is widely recognised as a leading authority in commercial law, litigation, aviation, and maritime matters.

“He has also served on the boards of Agip Plc, Danos & Curole Marine Contractors, and other notable institutions.