. As NGX welcomes appointment, lauds former chairman
Seplat Energy PLC, yesterday announced the appointment of Basil Omiyi, as its new Independent Non-Executive Chairman, effective immediately.
His appointment follows a thorough assessment of internal and external candidates and was approved after a unanimous vote by all Directors of Seplat Energy, in compliance with the Companies and Allied Matters Act in Nigeria (CAMA).
The dual listed Nigerian energy company also named Dr. Charles Okeahalam, in replacement of Omiyi, as the Senior Independent Non-Executive Director.
This comes as the Nigerian Exchange Limited (NGX), yesterday, hosted members of the Seplat Board of Directors and Executive Management to a Closing Gong Ceremony to honour the immediate former Chairman, Dr. Ambrosie Bryant Chukwueloka (A.B.C.) Orjiako, and introduce the newly-appointed Omiyi to the market.
Omiyi has been a member of the Board of Directors since March 2013, and as Senior Independent Non-Executive Director from 1 February 2021. During this period, he presided over the Company’s Remuneration, Nominations & Governance, Energy Transition, and Risk Management & HSSE committees.
His experience in the energy industry is extensive, with more than 40 years at Royal Dutch Shell, during which he held senior roles in Nigeria and Europe, including becoming Managing Director, Shell Petroleum Development Company of Nigeria in 2004, and later on the Country Chairman of Shell Companies in Nigeria, until his retirement in 2009.
Omiyi is also the Independent Non-Executive Chairman of Stanbic IBTC Holdings, a subsidiary of Standard Bank Group, a post he has held since 2015.
On his part, Okeahalam joined the Board in March 2013, as an Independent Non-Executive Director, and is Chairman of Seplat Energy’s Finance Committee, and a member of the Energy Transition, Remuneration, and Nominations & Governance committees.
He has extensive corporate finance and capital markets expertise and in particular, detailed knowledge of African financial markets, economies and the investment industry. He was a co-founder of AGH Capital Group, a private equity and diversified investment holding company based in Johannesburg, with assets in several African countries.
Prior to co-founding AGH Capital Group in 2002, he was a Professor of Financial Economics and Banking at the University of the Witwatersrand in Johannesburg.
Under their guidance we will continue to expand and consolidate our position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.
Strong corporate governance
Commenting, Chief Executive Officer, Seplat Energy, Roger Brown, said: “As the founders of Seplat Energy Dr. ABC Orjiako, and Mr. Austin Avuru step off the board and the Company moves into the next chapter of its development, Seplat has once again demonstrated its commitment to strong corporate governance in delivering on its promise of appointing an Independent Non-Executive Chairman.
“Mr. Basil Omiyi has been a leading figure in the Nigerian oil and gas sector and also with Seplat Energy, having joined its Board in 2013 and helped it to achieve a dual listing in April 2014.
“The vast depth of experience and his detailed knowledge of Seplat Energy will be invaluable as we continue to evolve and mature the company. He has provided invaluable guidance as an Independent Director and I look forward to his continued leadership as our new Independent Non-Executive Chairman.
“We will also benefit from the considerable expertise of Dr. Charles Okeahalam as Senior Independent Non-Executive Director, especially his experience and knowledge of Africa’s economies and its financial markets.
“Under their guidance we will continue to expand and consolidate our position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.”
We welcome Seplat Energy Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas that could support Nigeria’s energy transition into a net-zero economy.
Market familiarisation
Speaking at the Closing Gong Ceremony event, Chairman, NGX, A.B. Mahmoud, represented by Director, NGX, Kamarudeen Oladosu, congratulated the immediate former Chairman, Dr. A.B.C Orjiako, for his exemplary leadership and outstanding performance at Seplat Energy for well over a decade, during which the company was listed on both NGX and the London Stock Exchange.
“The notable acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants under his leadership positioned the company as the largest indigenous domestic supplier of gas,” he noted.
In response, Orjiako commended NGX for its high levels of corporate governance, which have been critical to the company’s growth.
He said: “The high levels of corporate governance promoted by NGX for its listed companies was a key attribute that motivated Seplat Energy Plc to become part of the market.
“Since our acceptance into the market, Seplat Energy Plc has continued to deliver a corporate governance structure that is accountable and transparent to our investors, employees, government and all other relevant stakeholders.
“We are committed to sustaining these high levels of corporate governance through our collaboration with NGX as we implement market-leading measures towards ensuring Nigeria achieves a sustainable energy sector.”
In his remarks, Omiyi said: “NGX has played an instrumental role in Seplat Energy Plc’s growth within the domestic and international markets. Our history with the Exchange dates back to 2014 when the shares of Seplat Energy Plc were listed in the market and over the years, Seplat has benefitted immensely from its collaboration with NGX.
“As we celebrate another milestone on the Trading Floor of the Exchange, we look forward to strengthening our partnership with NGX for the fulfilment of our joint goal of leveraging capital to empower sustainable initiatives that positively impact our investors, employees, and the environment.”
On his part, NGX CEO, Temi Popoola, said: “The Exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market, and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion.
“We welcome Seplat Energy Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas that could support Nigeria’s energy transition into a net-zero economy.”
