A Review of the Nigerian Energy Industry

Mobil Oil Nigeria wraps up 35th AGM

Tunji Oyebanji Chairman MD and  Alastair MacNaughton, Executive Director, Mobil Oil Nig plc at the  Company's 35th AGM29 May 2013, Lagos – Mobil Oil Nigeria, MON, Tuesday May 28, 2013 held its 35th AGM at the Shell Hall, Muson Center, Onikan, Lagos with Shareholders.

Total Attendees: 394 shareholders; The Registrars, The SEC, The Nigeria Stock Exchange, The Board Audit Committee, PricewaterhouseCoopers, NGO’s, The Press and other Government Agencies were also present.

Highlights of proceeding included the adoption of the 2012 Reports & Accounts as prepared for the first time in accordance with International Financial Reporting Standards, IFRS. The meeting also reelected Mrs. Mayen Adetiba and ratified the election of Michel Gouzerh to the Board of MON.

The Chairman of the Board and Managing Director, Tunji Oyebanji gave detailed stewardship of MON business for the full year of 2012 to the applause of members and the other publics present. Business efficiency and our Pearl Award for second year running bore full testimonies.

MON adoption of IFRS Reporting in accordance with statutory prescriptions was lauded by shareholders. MON was also praised for its full adherence to good Corporate Governance and respect for law in the conduct of its business operations in Nigeria – an indication that MON is continued to be perceived as an ethical business and partner of choice in the downstream business in Nigeria.

A total of 8 long-drawn questions posed by shareholders on the business and environmental issues were satisfactorily answered by Tunji. These ranged from need to pay higher dividends, Earning-per-share, safety performance, Audit Committee composition, support and education for women, malaria initiatives, Retail Station services and expansion, contingent liabilities, working capital management, size of the Board, and employment.

Satisfied shareholders expressed full satisfaction to the enlightening answers provided to their enquiries and restated their full confidence in the Board, Management and Staff of MON.

*MON press statement

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