Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Lekoil sacks CEO amid loan fall out

Map of Nigeria's offshore demarcated into blocks
OPL 310, home of Lekoil's Ogo discovery

Lekoil has sacked its CEO Olalekan Akinyanmi with immediate effect, the company has said.

The Nigerian minnow said it had taken the action owing to a “corporate governance breach”. It will begin looking for a new CEO.

In the meantime, Anthony Hawkins will act as interim executive chairman.

The company did not provide further detail on what the corporate governance breach constituted.

Lekoil’s statement noted that it had provided Akinyanmi with a loan. As of May 31, the outstanding balance of the loan was around $1.5 million. Lekoil said it would start proceedings to recover the loan.

The company agreed to provide the loan in December 2014. In March, Lekoil said Akinyanmi had failed to pay $413,523 that had been due that month.

Lekoil said it would take a portion of the CEO’s salary and apply it towards the loan. The company also declared the loan to be in default, adding another 4% per year to the arrears.

Akinyanmi was previously the international energy sector head at AllianceBernstein. He founded Lekoil and took the company to IPO in London in 2013.


At the start of 2021, Metallon, a mining company, acting as an activist shareholder won a vote and brought in three new board members.

Metallon issued a letter in November 2020 saying Lekoil’s board lacked “proper governance structures and oversight of management”.

At the vote in January, shareholders appointed Michael Ajukwu, Metallon CEO Thomas Richardson and George Maxwell.

Ajukwu and Maxwell resigned in April. The latter said he had to focus on the role of CEO of Gabon-focused Vaalco Energy.

In the statement on Ajukwu’s departure, the executive expressed concerns on “a fundamental misalignment of objectives amongst the shareholders of Lekoil Nigeria”.

Lekoil has a minority 40% stake in Lekoil Nigeria. It is entitled to 90% of the unit’s economic benefits and net assets.

Akinyanmi, in comments before Metallon appointed three new board members, discussed the corporate structure.

The now former CEO noted there was a risk about a lack of alignment between the foreign company and Lekoil Nigeria.

As a result, “we had an agreement that we have the same board on Lekoil Nigeria and Lekoil Cayman. In other words, at the time we started, Lekoil Cayman had agreed implicitly that they would follow the structure of the Board and structure put up in Nigeria, because the assets are actually in Nigeria”, he was reported as saying by Vanguard newspaper.

Recommended for you

More from Energy Voice

Latest Posts