In an advisory sent to the capital market community via the Nigerian Exchange (NGX), Seplat Energies has replaced its pioneer chairman, A.B.C. Orjiako, who was in power for 13 years, with former Shell executive Basil Omiyi.
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 with the Companies and Allied Matters Act in Nigeria.
BusinessDay’s finding showed Basil Omiyi will be expected to meet with shareholders at the company’s next annual general meeting at which Orjiako’s notice to step down had been billed to take effect.
Nigeria’s largest listed Oil & Gas firm by market value also revealed that the appointments are with immediate effect.
Roger Brown, chief executive officer, in his comments on the appointments, said the company will, through their guidance, continue the consolidation of its position as Nigeria’s leading energy company poised to deliver energy transition for Africa’s largest economy and its rapidly growing population.
“As the founders of Seplat Energy, ABC Orjiako and 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.
“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.
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“We will also benefit from the considerable expertise of Charles Okeahalam as a 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,” he said.
What you should know about the new Chairman
Omiyi became a senior independent non-executive director in 2021 after joining the board in 2013 and during this period sat on the company’s remuneration, nominations and 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.
Also, 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, energy sector, NEPAD Business Group, Nigeria, and board member, NEPAD Business Group, Nigeria from 2005-2010; chairman, Oil & Gas Commission, Nigerian Economic Summit Group, from 2005-2010; and board member, Nigerian Extractive Industry Transparency Initiative (NEITI) 2007- 2010. Omiyi is also the Independent non-executive chairman, Stanbic IBTC Holdings, a subsidiary of Standard Bank Group, a post he has held since 2015.
