Investors reacted negatively with the change in management of Total Energies Marketing, as the oil and gas company’s market capitalisation crashed by 9.96 percent on Tuesday.
The Nigerian subsidiary had disclosed on Wednesday that its chairman, Stanislas Mittelman, had resigned from his position, and also quit his role in the board of TotalEnergies SE.
Mittelman resigned with immediate effect, giving way to Rufa’i Sirajo, who will hold the position as Acting Chairman until a new chair is appointed by the Board of Directors in the next meeting.
“We write to formally notify the investing public and the Nigerian Exchange Limited that Mr. Stanislas Mittelman has resigned from the Board of TotalEnergies SE with immediate effect, and so he ceases to be the Chairman of the Board of TotalEnergies Marketing Nigeria Plc.
“Engr. Rufa’i Sirajo will assume the position of Acting Chairman pending the next meeting of the Board of Directors when a new Chairman will be appointed.”
Ripples Nigeria analysis showed that a day before the revelation was made, Total Energies Marketing share value depreciated by 9.96 percent, and traded flat on Wednesday.
It declined to N216.8kobo per share, from N240.8kobo, which it has been selling for since October 29 – This caused investors to lose N8.14 billion out of their total investment which crashed from N81.75 billion to N73.60 billion.