Seplat Energy Plc has announced the appointment of Mr Basil Omiyi as the new Independent Non-Executive Chairman of the oil and gas firm with immediate effect.
His appointment follows a thorough assessment of internal and external candidates and then approval after a unanimous vote by all directors of Seplat in compliance of with the Companies and Allied Matters Act in Nigeria.
Also appointed to the board is Mr Charles Okeahalam as the new Senior Independent Non-Executive Director to replace Basil Omiyi.
This disclosure is contained in a notification sent to the Nigeria Exchange Limited (NGX) on May 19, 2022, and signed by the company’s Director, Legal and Company Secretary, Mrs Edith Onwuchekwa.
Their appointments also followed the stepping down of the founders of Seplat Energy, Mr ABC Orjiako and Mr Austin Avuru, from the board.
What you should know about the new Chairman
- Mr Omiyi has been a member of Seplat Energy’s Board of Directors since March 2013 and as Senior Independent Non-Executive Director from February 1, 2021. During this period, he sat on 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 time he held senior roles in Nigeria and Europe, including becoming Managing Director of Shell Petroleum Development Company of Nigeria in 2004 and in addition, Country Chairman of Shell Companies, Nigeria, until his retirement in 2009.
- Mr Omiyi has held several leadership positions in the Nigerian oil and gas industry, including Chairman, Upstream Industry Group (Oil Producers Trade Section, Lagos Chambers of Commerce & Industry) from 2007-2010; Chairman of the Energy Sector of NEPAD Business Group, Nigeria, and Board Member NEPAD Business Group, Nigeria from 2005-2010; Chairman, of the Oil & Gas Commission of the Nigerian Economic Summit Group from 2005-2010; and Board Member, Nigerian Extractive Industry Transparency Initiative (NEITI) 2007-2010. Mr 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.
- In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas sector.
What you should know about the new Senior Non-Executive Director
- On his part, Mr 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. His other roles have included advising a number of African central banks and government ministries, the World Bank and the United Nations.
- He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria. Since March 2016 he has served as the non-executive chairman of the Nigeria Mortgage Refinance Company.
What the Chief Executive Officer of Seplat Energy is saying
The CEO of Seplat Energy Plc, Mr 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.’’
In case you missed it
- Recall that a few days ago, Seplat Energy Plc confirmed the retirement of Dr. A.B.C Orjiako from the board of the company after the Annual General Meeting (AGM) was scheduled to hold on May 18, 2022.
