Japaul Gold GMD resigns after seven years as profit falls

Japaul Gold & Ventures Plc has announced the resignation of its Group Managing Director, Akinloye Oladapo, ending a seven-year tenure at the helm of the mining and energy company.

The Lagos-based company, which offers mining, offshore oilfield, dredging and reclamation services, disclosed the development on Wednesday, stating that Oladapo’s resignation took effect on October 13, 2025 – nearly four months ago. No reason was provided for his exit.

The company appointed chief operating officer Henry Alakhume as acting group managing director.

His departure comes as the company grapples with profitability pressures despite modest revenue growth.

For the 2025 financial year, revenue rose to ₦4.5 billion from ₦4.1 billion a year earlier, according to the company’s unaudited financial statements. However, profit declined sharply to ₦1.1 billion from ₦1.8 billion in 2024, weighed down by significantly higher cost of sales and administrative expenses.

Total assets stood at ₦33.4 billion, while liabilities were ₦15 billion.

Oladapo joined the board of the then Japaul Oil & Maritime Services Plc in 2008, rising through the ranks from Deputy Group Managing Director to Acting GMD before his confirmation as Group Managing Director/Chief Executive Officer in 2018. Under his leadership, the company pivoted toward mining operations, including gold exploration.

The board also announced the appointment of Abubakar Lawal as a non-executive director. Lawal is co-founder and Group Managing Director of GTI Group, an investment banking firm.

Shares of Japaul Gold have returned 14.75% over the past year. The stock gained 3.79% on Wednesday, marking its highest daily close since January 19.

The leadership transition comes at a delicate time for the company as investors assess its ability to sustain earnings growth amid rising operating costs.

Editor’s Note: This post has been updated with the name of the new acting group managing director who was named a day after our initial report.