Seplat Petroleum Development Company Plc has announced the retirement of its pioneer Managing Director and later CEO, Mr Austin Avuru. His retirement will be effective from July 2020, after overseeing the company’s operations for ten years.
The oil and gas company, which is dual-listed on the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), made the announcement in a notice issued to the NSE. The notice was signed by Edith Onwuchekwa, Seplat Petroleum’s Company Secretary.
Avuru Achievements: While Avuru steered the affairs of the company, he recorded tremendous progress during his tenure. Some of those achievements include:
- Growing the company’s oil production from a gross production of 22,700 barrels of oil equivalent per day (BOE/D) as at December 2010 to peak of 111,368 boepd gross production as at December 2018. This was sustained through major drilling campaigns and major new oil and gas plants development.
- The acquisition of 40% of OML 53, after the Company’s IPO of 2014.
- The creation of an opportunity in partnership with NNPC, capable of boosting a mid-stream subsidiary, ANOH Gas Processing Company Ltd into a projected outlook of 300MMscf/d of Gas, 22,500bdp of condensate and 1,200boepd of LPG processing Company.
Due to the listed achievements listed above, the board of SEPLAT expressed its immense appreciation to Avuru with the hope that more giant strides would be recorded as he looks to retire by the middle of next year.
A new successor: The Board unanimously chose Roger Brown to succeed Avuru and lead restructuring efforts between now and July 2020, the date of Avuru’s exit from the board.
Seplat is eyeing expansion and as such, it is reviewing its current organizational and systems structure.
“Looking forward, Seplat plans to position itself for a next phase growth ambition which would see the expansion of its footprint in terms of energy business activities, a plan to pursue offshore assets as well as opportunity-driven entry into different geographies.
“The Company believes that such a corporate transition would require a different kind of organizational structure, people skills set and mentality to compete well in the expanded space. In view of this, Seplat will be reviewing its current organizational and systems structure,” the statement read.
Who is Roger Brown? Mr. Brown joined SEPLAT in 2013 as the CFO and played a key role in the successful dual listing of the company in 2014. Similarly, he played significant roles in various asset acquisitions by the company.
Mr. Brown brings to the CEO role a deep knowledge of the company in his 6 years as the CFO and a member of the board. He has strong financial, commercial and M&A experience as well as proven leadership skills which will be an asset as the company embarks on the next phase of its growth plan.
Prior to joining SEPLAT, Mr. Brown was an advisor to the company while he was the Managing Director and head of EMEA Oil and Gas at Standard Bank Group. During his time at the bank, he was instrumental in providing advice and deploying capital across the African continent in the Oil & Gas, Power & Infrastructure and the renewable energy sectors.
ValuAlliance Asset Management appoints two new Directors
ValuAlliance Asset Management has announced the appointment of two persons into its Board as Directors.
ValuAlliance Asset Management, the fund manager of the ValuAlliance Value Fund, has announced the appointment of Messrs Obinnia Abajue and Kofi Kwakwa into its Board as Directors.
This is according to a disclosure sent to the Nigerian Stock Exchange and seen by Nairametrics. In line with statutory requirements, the appointments are subject to confirmation from the Securities and Exchange Commission (SEC) and approval by the shareholders at the company’s next Annual General Meeting (AGM).
According to the notice, Mr Obinnia Abajue was appointed as Independent Non-Executive Director while Mr Kofi Kwakwa was appointed as Non-Executive Director. The profile of the aforementioned experts is succinctly captured below;
Mr Obinnia Abajue
Mr. Abajue has over two decades of experience in banking and financial services. He is the current Chief Executive Officer (CEO) of Hygeia HMO Limited, a position he has held since November 2016. He is an alumnus of the University of Lagos and Imperial College London, where he obtained a Bachelor’s degree in Actuarial Science and an MBA respectively. Mr Abajue is a fellow of numerous professional bodies like; The Chartered Institute of Management Accountants, UK; The Institute of Chartered Accountants of Nigeria; The Chartered Institute of Bankers of Nigeria and the Chartered Institute of Stockbrokers of Nigeria.
Mr. Kwakwa is a Ghanaian and a former CEO of Sagevest Holdings, an investment holding company in Ghana. He has over 25 years of experience in investment banking and consulting, having worked in top firms like Standard Bank, McKinsey & Company among others. He is currently a director at African Capital Alliance Limited (ACA), having joined the Board since 2015. Mr. Kwakwa is an alumnus of Swarthmore College and Harvard Business School, both in the USA, where he obtained a B.A. in Mathematics/Economics and an MBA respectively.
What they are saying
Commenting on the recent development, a part of the press release reads: ‘’The Board of Directors congratulates Mr. Abajue and Mr. Kwakwa on their appointment and is looking forward to tapping into their vast wealth of experience to further accelerate the achievement of its vision, to be the premier investment management fiduciary in the segments we serve.’’
What you should know
- ValuAlliance had earlier posted a Profit After Tax of N237.96 million in its last reported financial statements-Q3, 2020. The PAT figures indicated a surge by over 1,000% YoY.
- ValuAlliance Value Fund formerly known as “SIM Capital Alliance Value Fund”, is a closed-end collective investment scheme, registered and regulated by the Securities and Exchange Commission, whose units are listed on the main board of the Nigerian Stock Exchange (“NSE”).
Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO
Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.
Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.
This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.
As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.
About Bayo Rotimi
Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.
What they are saying
Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”
What you should know
- Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
- Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.
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