Seplat’s Chairman, Basil Omiyi, Others To Quit Over ExxonMobil Acquisition Deal

The Chairman of Seplat Energy, Basil Omiyi, will retire from his post before the company’s May 2024 Annual General Meeting.

Omiyi, who was appointed to the role 11 months ago, will exit the company due to Seplat’s Board of Directors’ Succession Forward Plan.

The Succession Forward Plan was developed to prepare Seplat for the part acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. 

Recall that Seplat announced in February 2022 that it has entered into an agreement with ExxonMobil to acquire the latter’s 40 per cent stake in MPNU, which is co-owned with the Nigerian National Petroleum Company (NNPC) Limited. 

While the deal has hit roadblocks, Seplat said it is preparing ahead for the acquisition, as a result, Omiyi and Senior Independent Non-Executive Director (SINED), Charles Okeahalam, will quit the firm before May 2024. 

This was revealed on Tuesday, 25 April, in a document released to shareholders and the capital market authority, Nigerian Exchange Limited (NGX). 

In the statement, Seplat said: “The Board is fully committed to enhancing the corporate governance at the company and establishing a truly independent Board. Despite the recent targeted attacks aimed at derailing that process, the Board remains strong and resolute in completing the task.

“On the 11 April, the Company published on its website its 2022 Annual Report in which it set out in the Chairman’s Statement and Governance Overview, the succession plan for the Board.

“Looking ahead at the likely completion timetable for the ongoing proposed acquisition, the business restructuring activities and the time needed to strengthen its governance, the Company has developed a Board of Directors’ Succession Forward Plan to underpin the transition and business transformation envisaged over the next 12 months. 

“The Chairman, Mr. Basil Omiyi, CON and the Senior Independent NonExecutive Director (SINED), Dr. Charles Okeahalam, will both retire from the Board before the May 2024 Annual General Meeting.” 

Before the end of 2023, Seplat said the company would have recruited Omiyi’s replacement, who will be one of the Independent Non-Executive Directors of the Board. 

“As part of that process, the Independent Non-Executive Directors of the Board who qualify to be Chairman of the Company will also be evaluated. 

“This is in line with the Companies and Allied Matters Act (“CAMA”) whereby, the successor Chairman must already be a Director of the Company and will be voted in by the other directors by a simple majority. 

“We expect the recruitment process to be completed before the end of 2023, with the Chairman’s election to follow thereafter,” Seplat said.