ADM Energy PLC (AIM:ADME), a West-Africa focused natural resources investor, said non-executive chairman Peter Francis will step down for personal reasons on August 2 and that Oliver Andrews will take over the role on the same date.
Andrews was formerly chief investment officer at the Africa Finance Corp, one of the biggest investors in natural resources and infrastructure solutions in Africa. There he oversaw the growth of assets under management from US$1bn to more than US$8.4bn, including significant investments in the oil and gas sector.
"I am delighted to welcome Oliver as the new chairman of ADM Energy,” said chief executive Osamede Okhomina. “Oliver is a prominent figure in the African natural resources scene having run one of the continent's largest investment funds as chief investment officer 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.”
Andrews has over 35 years' experience in infrastructure development, investing, public-private partnerships and strategic advisory work such as advising and partnering with governments, regional and international corporations and development finance institutions.
"This is a period of significant change in the natural resources sector, but also one of unprecedented opportunity," said Andrews. "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 am delighted to take up the role of chairman and intend to work closely with Osa and the team to deliver on the company's ambitious growth strategy - both by progressing ADM's existing projects and further expanding its portfolio,” he added.