The Board of Seplat Energy Plc, a Nigerian energy company dual listed on both the Nigerian Exchange Limited and the London Stock Exchange has announced the appointment of Mr. Udoma Udo Udoma as the Company’s new Independent Non-Executive Chairman.
According to the company’s notice to the Nigerian Exchange Limited and the investing public, Udo Udoma is to succeed Mr. Basil Omiyi who will retire on March 31, 2024.
Mr. Udoma’s appointment was approved after a unanimous vote by the Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (“CAMA”) 2020 and is effective April 1, 2024.
Seplat Energy has also announced the appointment of Mr. Bello Rabiu as the new Senior Independent Non-Executive Director effective April 1, 2024, to succeed Dr. Charles Okeahalam who will be retiring on March 31, 2024.
Board Succession Forward Plan:
The statement signed by Mrs. Edith Onwucheka, Company Secretary / Director Legal, these appointments are in line with the Board Succession Forward Plan announced via Corporate Announcement on April 25, 2023 (RNS: 3575X) and via a subsequent Corporate Announcement on November 1, 2023 (RNS: 0096S) wherein it was announced that Mr. Basil Omiyi and Dr Charles Okeahalam will retire from the Board on March 31, 2024.
The company noted that these appointments further demonstrate the commitment of the Board to upholding its strong corporate governance culture and establishing a truly independent Board.
Profile of Mr. Udoma Udo Udoma:
According to the statement, Mr. Udoma is an accomplished lawyer and seasoned board administrator.
Mr. Udoma attended St. Catherine’s College, Oxford, England where he obtained a B.A. (Law) degree and a B.C.L. degree in jurisprudence.
He was admitted to the Nigerian Bar in 1978. He founded the Law Firm Udo-Udoma & Belo Osagie in 1983 and retired from active legal practice in early 2020.
Whilst in practice, Mr. Udoma specialized in advising on Nigerian investment laws and the investment environment, particularly in the petroleum, energy, and natural resources sectors.
He advised Nigerian and international companies on company law, corporate restructuring, mergers and acquisitions, and the raising of financing in the capital and money markets, as well as on major construction and engineering contracts.
Mr. Udoma has served on a number of large-sized company boards. He was Chairman of UAC Nigeria Plc and Union Bank Plc and served on the boards of companies such as Unilever Nigeria Plc., Linkage Assurance Plc, and First Hydrocarbon Nigeria Limited.
He has also held a number of public sector appointments. He was the first Chairman of the Corporate Affairs Commission (CAC) and has also served as the Chairman of the Nigerian Securities & Exchange Commission (SEC).
He was the Special Adviser to the Minister of Petroleum and Natural Resources from September 1993 to March 1994 and served as Minister of Budget & National Planning from 2015 to 2019.
He was elected to the Nigerian Senate in 1999 and served for two terms from 1999 to 2007. Mr. Udoma is currently the Pro-Chancellor of Akwa Ibom State University, Ikot Akpaden, Akwa Ibom State, Nigeria.
Profile of Mr. Bello Rabiu:
Mr. Bello Rabiu holds a Bachelor’s and Master’s Degree in Mathematical Statistics from Ahmadu Bello University Zaria, Nigeria, and another Master’s Degree in Petroleum Engineering from The Imperial College, London, United Kingdom.
He attended many career advancement courses in Nigeria and abroad including the prestigious Wharton Executive Development Program from the University of Pennsylvania in Philadelphia, USA, and the Leading Global Business Program from Harvard Business School, Boston, USA.
Before his new role as the Founder and Chief Executive Officer of Dankiri Farms and Commodities Limited, Mr. Rabiu retired from the services of the Nigerian National Petroleum Corporation (NNPC) in July 2019 after 28 years of service.
He retired from NNPC as the Chief Operating Officer/Group Executive Director (COO/GED) of, the Upstream Business Unit. Prior to his appointment as COO/GED Upstream, NNPC. Mr. Rabiu held dual positions of Group General Manager, Corporate Planning & Strategy Division, and Senior Technical Assistant to Group Managing Director, NNPC.
He was also General Manager of, the Competitive Analysis Department of the same Division from September 2010 till August 11th, 2015.
He was at various times between 1991 and 2005 a planning officer and Pioneer Head, Material Management, at Frontier Exploration Services at the National Petroleum Investment Management Services (NAPIMS) Division of NNPC.
As COO/GED Upstream of NNPC, Mr. Rabiu oversaw the activities of the Corporation’s Upstream businesses, including; National Petroleum Investment Management Services (NAPIMS), National Engineering and Technical Company (NETCO), Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and NNPC Oil Field Services (NOFS).
He has a balanced knowledge of the Exploration & Production industry in Nigeria with unusual capability which combines commercial/fiscal knowledge with operations.
This was particularly valuable in the development of the 2016 Nigerian Government approved upstream Joint Venture funding scheme which has restored the confidence of the International Oil Companies (IOCs) and Independent Partners in Nigeria’s Upstream Joint Venture resulting in increased national oil production of 2.3mbpd by 2019.
He was responsible for the implementation of the 7 Critical Domestic Gas Development Projects (including AGPC), an offshoot of the Nigerian Gas Master Plan aimed at using gas for Nigeria’s industrialization, economic growth, and development – where significant consideration had to be given to strategic intent, fiscal rules, and commerciality of supply.
What the Board said:
Mr. Basil Omiyi, the Chairman of Seplat Energy, said:
- “Seplat Energy’s commitment to strong corporate governance remains unwavering and is demonstrated by the recent appointment of Mr. Udoma Udo Udoma and Mr. Bello Rabiu as the new chairman and SINED respectively.
- We are confident that under their guidance, Seplat Energy will continue to expand and consolidate its 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.”
From what I read here about the new Non Executive Chairman and the Senior Independent Non-Executive Director, their experiences and administrative ideas both in the public and oil & gas sectors, I can say that the board of Seplat Energy made the rightful choices. Definitely, they will continue to expand and consolidate the position of Seplat Energy as the Nigeria’s leading energy company.
The company has made a wonderful leap by injecting these new ” life lines “into their already growing system. I am expecting a luxuriant growth that will translate into uplifting the status of the common man.