Indigenous Oil Marketing Company, GOIL has dismissed media reports suggesting the appointment of one Mr. Osei Prempeh as its new CEO by President Akufo-Addo.

A statement signed by Board Chairman of the Ghanaian oil and gas company, Prof. William Asumaning, said such appointment is invalid since the company is listed on the Ghana Stock Exchange(GSE), and hence has procedures in appointing its head, which must comply with regulations set by the GSE.

“The Regulations state the process through which a CEO can be appointed or removed. The Board would like to state emphatically that it is not aware of the observance of such processes as stated in the regulations leading to the appointment of any CEO and that we as a Board have not made any such appointment,” the statement said.

It therefore noted that such reports confirming the new CEO was not done pursuant to the established regulations and should be disregarded.

 

Below is the Press Statement

PRESS RELEASE FOR IMMEDIATE RELEASE STATEMENT BY GOIL BOARD ON APPOINTMENT OF A NEW CEO

Information available to the GOIL Board per a publication on Ghanaweb on Friday, the 24th of February, 2017 captioned “Nana Addo Picks New Heads for Forestry Commission, Ghana Health Service and GOIL” indicates that the new CEO appointed for GOIL is one Mr. Osei Prempeh.

The Board would like to draw the attention of the SHAREHOLDERS and the public to the fact that GOIL is a public listed company on the Ghana Stock Exchange with its own Regulations.

The Regulations state the process through which a CEO can be appointed or removed.

The Board would like to state emphatically that it is not aware of the observance of such processes as stated in the regulations leading to the appointment of any CEO and that we as a Board have not made any such appointment.

SIGNED.

Prof. William Asumaning

(Board Chairman)

24th February, 2017.