ZEN Petroleum appoints Frank Adu as Board Chairman

The ZEN Petroleum Limited has appointed seasoned banker and corporate leader, Mr Frank Adu, as its new Board Chairman, effective January 1, 2026.

A move seen as a strategic step to consolidate the company’s growth and strengthen its governance framework.

According to a statement issued and Copied the Ghanaian Times on Monday, said the appointment brought to the boardroom decades of high-level executive and board experience, particularly from the financial services sector, where Mr Adu was regarded as one of the country’s most respected business leaders.

It noted that Mr Adu served as Managing Director of CAL Bank PLC for 20 years, steering the bank through major institutional reforms, sustained profitability and resilience in a highly regulated and competitive environment.

“Mr Adu currently chairs the National Investment Bank and has served on several boards in both the corporate and not-for-profit sectors, these include Legacy Bonds Limited, Quality Insurance Company Limited, University of Ghana Enterprises Limited, the FOCOS Foundation and the Ghana Stock Exchange.”
“Through these roles, he has built a reputation for strong corporate governance, strategic oversight, risk management and leadership development,” the statement added.

Beyond the corporate space, it underscored that Mr Adu was actively involved in education and civic leadership, serving as the Chairman and Co-Founder of The Roman Ridge School and was recently appointed the first Chancellor of the African University of Communications and Business.

His community engagement also extends to sports administration, where he serves as President of the Achimota Golf Club and is a former Captain and President of the Accra Polo Club.

Academically, the statement said Mr Adu holds a Bachelor of Arts (Honours) degree in Geography and an MBA in Finance.

It added that he was awarded an Honorary Doctorate by the University of Ghana in 2013 in recognition of his contributions to business and national development.

“He is an Honorary Fellow of the Chartered Institute of Bankers and an alumnus of the Oxford Strategic Leadership Programme at the Saïd Business School, University of Oxford,” it noted.

“He succeeds Mr Tutu Agyare, who steps down after nine years of service as Board Chairman, under Mr Agyare’s tenure, ZEN Petroleum recorded significant growth, strengthened its governance systems and deepened its focus on safety, people development and community impact. The Board and Management paid tribute to his steady leadership and the role he played in shaping the company’s current market position,” the statement highlighted.

Commenting on the appointment, the Managing Director of ZEN Petroleum, Mr William Tewiah, said Mr Adu’s leadership experience and governance expertise were well aligned with the company’s long-term vision.

He noted that the appointment would ensure continuity while positioning the company for its next phase of growth.

As Board Chairman, the statement said Mr Adu was expected to work closely with Management to drive strategic priorities, reinforce robust governance practices and support operational excellence across ZEN Petroleum’s retail, mining and fuel infrastructure businesses.

ZEN Petroleum Ltd is a leading indigenous oil marketing company, supplying fuels and lubricants to the mining, retail, transport and bunkering sectors.

It is currently ranked fourth by sales volume and operates more than 60 filling stations nationwide, alongside a strong presence in mining supply and fuel storage infrastructure.

BY CECILIA YADA LAGBA

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