NIGERIA – Oil marketing giant, MRS Oil Nigeria Plc, has announced the appointment of Mr Samson Adejonwo as its new Chief Finance Officer (CFO).

According to a statement from MRS Oil, Mr. Adejonwo will replace Mr Charles Agutu who resigned from his position in August this year.

Adejanwo’s appointment follows the appointment of Marco Storari as the Managing Director.

Storari’s appointment happened earlier this month following the resignation of the company’s immediate former MD Mrs Priscilla Thorpe-Monclus.

MRS Oil board of management commended Mr Charles Agutu,for  his financial proficiency, which influenced the growth of the Company during his tenure.

Prior to his appointment as the Chief Finance Officer for MRS Oil, Mr Samson Adejonwo, served as Finance Manager at the company.

 Adejanwo, according to the MRS Oil statement, has over 12 years’ experience in Accounting and Management.

He has previously held several positions in some organizations such as Summit Finance Company, ALM Consulting Limited before joining MRS Holdings Limited.

Adejanwo has an MBA degree in International Business Management from Lagos State University and is an Associate Member of the Institute of Chartered Accountant of Nigeria.

MRS Oil Nigeria Plc is a fully integrated and efficient downstream player, with leading positions in the Nigerian Oil Industry.

 The oil firm, with its head office in Nigeria’s commercial capital, Lagos, previously traded under the name Texaco Nigeria Plc.

It has 3 business units namely sale of petroleum products at retail outlets, sale of aviation fuel, and blending of lubricants.

Adejanwo’s appointment comes at a time when the oil industry is grappling a prolonged Covid-19 pandemic that has suppressed demand for oil products.

This has not only caused oil prices to fall to historical low levels but has also resulted in reduced revenues for oil companies.

Major oil companies operating in Nigeria recorded a revenue decline of IS$ 532.27 million, according to a report by Economic Confidential.

MRS Oil Nigeria Plc in particular made a loss of US$0.86 million in the first half of the year, a great reduction in losses compared to US$2.58 million loss in the same period of 2019.

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