Osten Olorunsola, who was head of the Department Of Petroleum Resources (DPR) until April 2013, has been appointed to the board of Niger Delta Exploration & Production Plc (NDEP), the Nigerian E&P independent.
He is one of the two new directors of the company, whose appointments were made on the 17th of April 2014. The other director is Ede Osayande, Former Managing Director of Cooperative Development Bank, Equitorial Trust Bank and Devcom Merchant Bank. Their invitations were approved by the Board Governance Committee and presented to the full Board at its last sitting.
Olorunsola, a graduate of Geology from the University of Ilorin, will be the second former Director of DPR, Nigeria’s regulatory agency, to ever sit on the board of the 20 year old company. Ben Osuno, a former chairman of NDEP Board, was director of DPR in the 80s.
“He is a skilled Petroleum Engineer who commenced his career at Agip-ENI, where he trained and worked as a Reservoir & Petrophysical Engineer, later specialsing as a Production Geologist”, the NDEP said in a statement. “He then joined The Shell Petroleum Development Company of Nigeria Limited as Production Geologist, and subsequently served in several positions, including Lead Geologist, Petroleum & Development Engineering Manager for SNEPCO, Business Interface Manager (BIM), before retiring as Vice President (Gas)”. The company said that “Olorunsola thereafter was appointed as Director, Department of Petroleum Resources (DPR), drawing from his experience as adviser to two Ministers of Petroleum Resources. Mr. Osten is currently Chairman and Chief Executive of both Capital One Energy Ltd and Energetikos Ltd
“Mr. Osayande is a Capital Market Specialist with over 30 years of experience in Banking and Finance. In the course of his career, he has served in key areas of finance, including governance, financial analysis, risk management, banking operations and regulatory Compliance. He also served in the position of Bank Treasurer and Chief Accountant at PricewaterhouseCoopers Nigeria, earlier on in his career. An Economics graduate of University of Benin and a holder of MBA from the University of Lagos, he is also an alumnus of several international training institutions including International Institute for Management Development, Laussanne, Switzerland and American Express Bank, New York. He is currently a Director of LAPO Microfinance Bank Limited and GSCL Consulting, formerly known as Global Strategic Research Outcome Limited”.