Appointments
Seplat reacts to negative newspaper publication on new CEO appointment
Seplat has reacted to a newspaper publication alleging that the appointment of Mr Roger Brown negates the provisions of the Nigerian Oil and Gas Act.
Seplat Petroleum Development Company Plc has reacted to a newspaper publication alleging that the appointment of Mr Roger Brown negates the provisions of the Nigerian Oil and Gas Industry Content Development Act, 2010 (the Nigerian Content Development Act).
The Details: In a statement published on the website of the Nigerian Stock Exchange (NSE), Seplat defended its organizational policies, noting that the company is a law-abiding corporate citizen that maintains the highest level of corporate governance standards.
It also explained that it had all rights to appoint Mr Roger Brown as the next CEO of SEPLAT, noting that the oil firm did not breach any law regarding local content or otherwise in Nigeria.
Austin Avuru
The statement read, “SEPLAT is a law-abiding corporate citizen that maintains the highest level of corporate governance standards. Mr Roger Brown has been with the Company for six (6) years and has since his joining, served in the capacity of Chief Financial Officer (CFO) of the Company.
“All the activities of SEPLAT as a corporate citizen are in fulfilment of all applicable laws and we hereby state categorically that the decision to appoint Mr Roger Brown as the next CEO of SEPLAT is in full compliance with the Nigerian Content Development Act and is not in breach of any applicable law in Nigeria.
“We therefore expressly refute all allegations in the Publication and hereby call on The Nigerian Stock Exchange and the Public to disregard the publication in its entirety.
“This announcement is being made by the Company in accordance with Rule 17.10, Rulebook of The Nigerian Stock Exchange, 2015 (Issuers’ Rule).”
[READ MORE: Seplat settles dispute with Eland Oil stakeholders over acquisition]
A case of bias: The statement is a response to a report published in the Guardian by a public affairs analyst, Aimhie Odin who questioned the board’s decision to allow a foreigner, Mr Roger Brown take over from an indigene, Austin Avuru, the outgoing Managing Director/Chief Executive Officer of the oil firm.
Roger Brown
Odin argued that the act negates Section 30-36 of the Nigerian Oil and Gas Industry Content Development Act and defeats the country’s Local Content (LC) policy. He explained that Roger’s appointment would result in a setback of the growth of the real income per capita, hamper job creation and restrict Seplat from developing local content.
What you should know: The Board of Seplat 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.
Brown 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.
Appointments
Ecobank Transnational appoints Alain Nkontchou as new Chairman
“I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated.”
Ecobank Transnational Incorporated (ETI) has announced the appointment of Alain Nkontchou as its new Chairman of the board of directors.
Nkontchou, who is Camerounian by nationality, has been serving as an Independent Non-Executive Director of the pan-African banking group since 2015. A statement made available to the Nigerian Stock Exchange (NSE) confirmed that his latest appointment took effect on June 30, 2020.
The Camerounian is taking over from Nigeria’s Emmanuel Ikazoboh, whose six-year tenure as Chairman of Ecobank’s holding company ended last month, even as he just reached the retirement age of 70. The company also noted that the new appointment is in tandem with its Articles of Association.
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While reacting to his own appointment as Chairman, Alain Nkontchou said he is quite honoured and that he was looking forward to working with the rest of the board members.
“I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its proud history, built on strong foundation to secure the Bank’s future success. I look forward to working with the Board and Executive team as we continue our journey ahead and I know that we are well-placed to navigate through the current environment and set the standards in financial services for our customers across Africa. I would also like to express my thanks to my predecessor, Mr Emmanuel Ikazoboh, for his leadership of the Board and to wish him all the best for the future,” he said.
Alain Nkontchou co-founded Enko Capital Management LLP, a London-based asset management company with Johannesburg office. He currently serves as the Managing Partner and of the firm which specialises in prospecting investment opportunities in Africa.
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Prior to this time, ETI’s newly-appointed Chairman was a Non-Executive Director at Laurent Perrier champagne between 1999 and 2009. He was also the Managing Director of Credit Suisse’s Global Macro Trading from 1995 to 2008. He held a similar role at JP Morgan Chase & Co.
Meanwhile, from 1989 to 1994, Nkontchou worked with Chemical Bank first in Paris and then New York. At the bank, he rose through the ranks to become the Vice- President, Head of Trading, and Sales. Apparently, he is an accomplished business executive.
Alain Nkontchou obtained an MSc in Electrical Engineering from Supélec and P.M. Curie University, Paris, and another MSc in Finance and Accounting from ESCP (Ecole Supérieure de Commerce de Paris).
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It should be noted that ETI’s stock closed yesterday’s trading session on the Nigerian Stock Exchange with a share price of N4.80. The share price gained by +1.05% to appreciate from its previous close of N4.75. Year to date, ETI’s share price has declined by about 22%.
Appointments
Seplat appoints Emeka Onwuka as CFO
Onwuka has over 30 years’ experience in financial services across Sub-Saharan Africa.
Seplat Petroleum Development Company Plc. has appointed Mr. Emeka Onwuka as Chief Financial Officer and Executive Director, Lagos, and London.
The appointment takes effect from August 1, 2020.
The appointment was announced in a notice sent to the Nigeria Stock Exchange on Friday and has been ratified by the company’s board of directors.
According to the notice which was signed by the company secretary and chief governance compliance officer, Mrs. Edith Onwuchekwa, the Board of Seplat is confident that “the wealth of knowledge and experience Onwuka brings will be a great addition to the Company”.
Mr. Onwuka has over 30 years’ experience in financial services across Sub-Saharan Africa. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria.
He was also the former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited.
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He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, and a Fellow of Chartered Institute of Taxation of Nigeria.
Mr. Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka, and holds an MBA from the University of Benin.
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He is an alumnus of the Lagos Business School, Wharton Business School and Harvard Business School.
Onwuka also holds the Nigerian National Honor, Officer of the Order of the Niger (OON).
Appointments
Segun Agbaje elected into PepsiCo Board of directors
Mr. Agbaje will join the Board and the Audit Committee effective July 15, 2020.
Segun Agbaje, the Managing Director of Guaranty Trust Bank of Nigeria has been elected as an independent member of the Board of Directors of PepsiCo, the American owners of popular beverage, Pepsi and Moutain Dew.
According to the press release seen by Nairametrics, the Board of Directors elected Segun Agbaje as an independent member of the Board. Mr. Agbaje, 56, will join the Board and the Audit Committee effective July 15, 2020.
In his remark, PepsiCo Chairman and CEO Ramon Laguarta expressed delight in welcoming Mr. Agbaje to the PepsiCo Board.
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“Segun is a well-respected and proven business leader with a deep understanding of complex businesses and fast-growing markets, particularly Sub-Saharan Africa where we recently acquired Pioneer Foods as part of our strategy to expand in the region. His experience in business transformation and passion for delivering consumer value will serve PepsiCo well as we continue our journey to be the global leader in convenient foods and beverages by winning with purpose,” Laguarta said.
PepsiCo recently acquired Pioneer Foods, makers of Butterfield Bread. Pioneer Foods also acquired a major stake in Food ConceptPioneer, a leading baked goods company. Food Concepts are also the owners of the popular Chicken Republic quick-service restaurant chain in Nigeria.
The Chair of PepsiCo’s Board’s Nominating and Corporate Governance Committee, Daniel Vasells remarked,
“We look forward to Segun joining the PepsiCo Board and to the valued global perspective he will add to our team..His knowledge and experience of embracing and scaling new technologies and critical capabilities will be valuable as we continue to invest in opportunities that create shareholder value and deliver long-term sustainable growth.”
Segun Agbaje also currently serves as a director of MasterCard Advisory Board Middle East and Africa. He holds a Bachelor of Science in Accounting and a Masters in Business Administration from the University of San Francisco.
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