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PRESS RELEASE: Heirs Oil & Gas Announces CEO and Board Appointments

05/07/2021 | 11:16am EDT
DGAP-News: Heirs Oil & Gas / Key word(s): Miscellaneous 
Heirs Oil & Gas Announces CEO and Board Appointments 
2021-05-07 / 17:15 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Heirs Oil & Gas Announces CEO and Board Appointments 
- Welcomes former senior Shell executive, Osayande Igiehon, as CEO 
Lagos, 04/05/2021 - Heirs Oil & Gas (HHOG) (www.HeirsOilandGas.com), the leading African integrated energy company, has 
announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a 
distinguished non-executive board, bringing together leading industry figures, with considerable global and regional 
experience. 
Heirs Holdings Limited's (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of 
the largest oil and gas financings in Africa in more than a decade, with a financing component of USUSD1.1 billion. The 
transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy 
business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, 
affiliate company, Transcorp made a USUSD300 million acquisition of Afam Power, increasing the Group's installed 
electricity generating capacity to 2,000MW. 
Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in 
the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with 
Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief 
Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial 
performance. 
HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry 
leaders to the Board: 
- Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation 
of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation. 
- Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and 
Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London 
Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager 
for Chevron Nigeria Limited. 
- Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth 
markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with 
Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West 
Africa and Regional Head of Origination and Client Coverage, Africa. 
- Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria 
Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in 
Nigerian oil and gas. 
- Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at 
Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive 
Director-Finance & Accounts at Nigerian National Petroleum Corp. 
- Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at 
Heirs Holdings responsible for investment and capital management. 
Commenting, Mr. Igiehon stated: 
"HHOG represents an extraordinary opportunity, to create Africa's first true integrated energy company, with a mission 
to ensure that Africa's natural resources are directed toward value creation in Africa, powered by sustainable, robust 
and abundant African energy. I am excited to join the Heirs Oil and Gas leadership team and look forward to the 
opportunity to transform the energy sector, purposefully address Africa's energy needs and improve the lives of people 
across Africa." 
The Chairman of the Board, Tony O. Elumelu, CON, stated: "I am delighted to welcome our new board members. We are 
building a role model institution for African businesses and our investment in human capital is a further strong 
demonstration of our intent. The regional and global expertise of our board members will serve to further drive value 
creation to our continent, as we execute our goal of becoming Africa's largest, indigenous, integrated, energy 
company." 
Distributed by APO Group on behalf of Heirs Oil & Gas. 
About Heirs Oil & Gas: 
Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company, headquartered in Nigeria, whose 
assets include Nigerian oil block OML17, with a current production capacity of 30,000 barrels of oil equivalent per day 
and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent 
resources of further exploration potential. 
Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African strategic investor and affiliate company 
Transnational Corporation of Nigeria Plc (Transcorp), Nigeria's largest publicly listed conglomerate. 
=---------------------------------------------------------------------------------------------------------------------- 
2021-05-07 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
=---------------------------------------------------------------------------------------------------------------------- 

1194154 2021-05-07

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1194154&application_name=news 
 

(END) Dow Jones Newswires

May 07, 2021 11:15 ET (15:15 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -3.77% 103.03 Delayed Quote.22.00%
DJ INDUSTRIAL -1.58% 33290.08 Delayed Quote.11.20%
DOW JONES AFRICA TITANS 50 INDEX -0.93% 525.56 Delayed Quote.0.16%
LONDON BRENT OIL 0.44% 73.22 Delayed Quote.42.82%
ROYAL DUTCH SHELL PLC -3.23% 16.67 Real-time Quote.14.07%
S&P AFRICA 40 INDEX -1.27% 168.56 Delayed Quote.-1.32%
SASOL LIMITED -6.09% 210.89 End-of-day quote.57.46%
STANDARD CHARTERED PLC -3.44% 468.7 Delayed Quote.0.60%
UNITED BANK FOR AFRICA PLC -0.68% 7.3 End-of-day quote.-15.61%
UNITED BANK LIMITED -0.78% 127.96 End-of-day quote.1.67%
WTI 0.78% 71.41 Delayed Quote.48.31%
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