Seplat Retires Basil Omiyi As Chairman, Gives Buhari’s Ex-Minister, Others Appointment

Seplat Energy Plc has begun the process of shopping for a new Board Chairman as Basil Omiyi, the current Chair will exit the company by March 31, 2024.

Seplat said on Wednesday in a statement signed by Omiyi that it has appointed Christopher John Okeke and Udoma Udo Udoma who was a former Minister of Budget and National Planning under ex-president Muhammadu Buhari as Independent Non-Executive Directors of the company. Both directors will resume December 1, 2023.

Babs Omotowa, former Managing Director/CEO of Nigeria LNG Limited was also appointed as Independent Non-Executive Director of the company with effect from April 1, 2024.

The company said the appointment is part of the succession plan set out in the Board Succession Strategy announced in the 2022 Annual Report and by Corporate Announcement on the 25 April 2023.

According to Seplat, it embarked on the recruitment process in line with the Board of Directors’ Succession Forward Plan.

The Companies and Allied Matters Act of Nigeria requires that a successor of the chairman must be an existing director and be voted in by the other directors by a simple majority.

Recall that in March 2023, a group, Make a Difference Initiative (MADI) accused Omiyi of allegedly refusing to resign from his role after exceeding his tenure.

MADI also called out Dr Charles Okeahalam for allegedly flouting the “Nigerian Code of Corporate Governance 2018 by overstaying his tenure on the board of Seplat.”

The company has however decided that Omiyi and Okeahalam, would step down from the Board on the 31 of March 2024 after the 2023 Annual Report and Accounts have been finalised and approved by the Board.

“The election for the next Seplat Chairman will take place thereafter,” it added.

Recall that an Independent Non-executive Director, Professor Fabian Ajogwu, stepped down from the board on October 21, 2023, citing recent events.

“The Board of SEPLAT Energy is pleased to welcome Mr. Christopher Okeke, Mr. Udo Udoma and Mr. Babs Omotowa to the Board of SEPLAT Energy and the Board, eagerly looks forward to the enormous contribution they will make towards the Company’s strategic growth plans and achieving global success,” Omiyi said on the development.