ADM Energy has appointed former Africa Finance Corp. (AFC) chief investment officer Oliver Andrews to the role of non-executive chairman.
Andrews will replace Peter Francis as of August 2. ADM reported Francis was stepping down for personal reasons.
ADM CEO Osamede Okhomina said the new chairman was a “prominent figure in the African natural resources scene … His extensive experience in originating and evaluating transactions, as well as financing and developing projects, will provide invaluable insight.”
Andrews will provide support for ADM to “unlock the upside from our asset base while seeking attractive new opportunities”, Okhomina said. He went on to thank outgoing chairman Francis for his work “throughout his tenure and wish him the very best for the future”.
While at AFC, as executive director and CIO, Andrews oversaw the fund’s growth from $1 billion to $8.4bn. This included a number of investments in the oil and gas sector, ADM noted. He left AFC in July of this year.
Connections
The new chair noted that this was a time of “significant change in the natural resources sector, but also one of unprecedented opportunity. 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.”
Andrews went on to say he would work closely with CEO Okhomina on existing assets and expanding ADM’s portfolio. “I am excited to assist with my experience and network across Africa as we focus on building ADM for the benefit of all our shareholders.”
Andrews has also worked as CEO of TCI Infrastructure and the Gambia Ports Authority. The executive was born in The Gambia.
He founded, and chairs, TOCAM Capital. This is a transaction advisory firm that specialises in project development and transaction advisory services across Africa. He was also a director at mining company Thor Explorations.