Seplat Energy appoints Basil Omiyi to replace Bryant Orjiako as chairman

Seplat Energy Plc says it has appointed Basil Omiyi as the company’s new independent non-executive chairman, effective immediately.

The appointment comes as Bryant Orjiako, a founding chairman of the company, stepped down as chairman of Seplat Energy. 

Orjiako was the chairman of the company for over 12 years.

In 2009, his company Shebah Exploration and Production Company and Platform Petroleum Limited co-founded Seplat Energy.

In a statement on Thursday, the company said his appointment follows a thorough assessment of internal and external candidates and was approved after a unanimous vote by all directors of Seplat Energy, in compliance with stipulated regulations. 

Omiyi has been a member of Seplat Energy’s board of directors since March 2013.

In February 2021, he became a senior independent non-executive director of the board.

“During this period, he sat on the Company’s Remuneration, Nominations & Governance, Energy Transition, and Risk Management & HSSE committees,” the statement reads. 

“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. 

“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.”

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.

It added that Charles Okeahalam will be succeeding Omiyi as the senior independent non-executive director of the energy firm. 

Okeahalam joined the board in March 2013 as an independent non-executive director and is chairman of Seplat Energy’s finance committee.

He is also a member of the company’s energy transition, remuneration, and nominations and governance committees.

“Dr. Okeahalam has extensive corporate finance and capital markets expertise and in particular, detailed knowledge of African financial markets, economies and the investment industry,” the statement added.

“He was a co-founder of AGH Capital Group, 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.”

Roger Brown, chief executive officer of Seplat Energy, 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.”

Brown said 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,” Rogers said. 

“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.”