Presco Plc Announces Resignation Of Three Directors

Presco Plc has announced the resignation of three Non-Executive Directors, which include Dr. Bassey Edem, Mr. Osa Osunde, and Prince Aiguobasimwin Akenzua.

This development was disclosed in a recent statement signed by the company’s Secretary, Alayo Ogunbiyi, which highlighted the directors’ contributions to the company’s growth during their respective tenures.

The directors, who joined Presco’s board on various dates – December 6, 2013 (Dr. Edem), May 7, 2003 (Mr. Osunde), and April 16, 2015 (Prince Akenzua) – were recognised for their meritorious service. Despite the leadership change, the company’s share price remained stable at N485.5 per share on the Nigerian Exchange Limited (NGX).

The resignation follows Presco’s acquisition by Oak and Saffron, a Nigerian-owned firm that completed the purchase of a majority stake from Belgian conglomerate SIAT Group in March 2024. This ownership shift has triggered a reorganisation within Presco’s leadership structure.

As part of the leadership transition, Presco appointed Mr. Olakanmi Rasheed Sarumi as Chairman and named Mrs. Grace Titilayo Osuntoki and Mr. Abdul Akhor Bello as Non-Executive Directors. Meanwhile, the board also accepted the resignations of Mr. Jean Van Gysel, Mr. Sam Sabbe, and Mr. Mano Demuere, who were also acknowledged for their valuable contributions.

In its financial report for Q2 2024, Presco posted a pre-tax profit of N20.78 billion, reflecting an impressive 159.77 percent year-on-year growth. This brought the company’s half-year pre-tax profit to N50.44 billion, surpassing its full-year pre-tax profit for 2023 by 0.86 percent.

The increase in revenue from the sales of crude and refined products was cited as a significant driver of this profit surge, with revenue for Q2 2024 rising by 74 percent year-on-year to N45.47 billion. This brings Presco’s H1 2024 revenue to N88.02 billion, nearing 86 percent of the total revenue recorded for the full year 2023.