Nigeria: Global Spectrum Energy Services Appoints New MD to Boost Operations

17 January 2020

Global Spectrum Energy Services Plc, a marine security and logistics, oil and gas engineering services, has appointed Rear Admiral Austin Oyagha (rtd) has appointed the acting managing director.

In a notification to the Nigerian Stock Exchange (NSE), GSES said the appointment was made at a board meeting held on January 14, 2020. According to the company, Oyagha is a seasoned and retired senior naval officer with about 35 years in maritime services and security.

"He was the Flag Officer Commanding Logistics Command, Chief of Training and Operations at the Naval Headquarters and Chief of Administration at the Defence Headquarters. He is also a Lawyer called to the Nigerian Bar," the company said.

Shareholders of the company recently hailed the performance for the year ended December 31, 2018 and nine months ended September 30, 2019. The company posted a growth of 396 per cent in profit after tax (PAT) to N548 million in 2018, up from N110.5 million in 2017. It ended the nine months to September 30, 2019 with a gross profit of N253.7 million and the directors recommended an interim dividend of five kobo per share.

The shareholders at its annual general meeting (AGM) recently expressed satisfaction at the performance of the company, describing it as quite remarkable given the very harsh and uncertain economic condition under which businesses operate in Nigeria.

The firm had said the improved performance was as a result of the competencies it demonstrated in its area of business.

GSES explained that it operates in a niche but very competitive sector of the oil and gas industry, noting that the good performance resulted from its policy of bringing on board the best skilled manpower.

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