43rd AGM: Ardova Group Announces 10.71%  Revenue Growth for 2021 Financial Year


Ardova Plc held its 43rd Annual General Meeting (AGM) at the Southern Sun Hotel, Ikoyi on 27 September 2022. In adherence to the guidelines from the Corporate Affairs Commission (CAC), the AGM was held by proxies that could exercise shareholder voting rights. Also, the proceedings of the AGM was broadcast in real-time for all stakeholders via an online livestream.

At the AGM, the company declared a gross revenue of N192.47 billion in the 2021 financial year, representing a 5.95 % increase from the 2020 revenue of N181.66 billion, whilst the group revenue closed at N201.44 billion which is a 10.71% increase from 2020.

The company also grew shareholders’ funds by 6.58% y-o-y, to N20.91 billion in FY 2021 (FY2020: 19.62 billion) as a result of an 11.85% growth in retained earnings. The group also expanded its total asset base by 95.7% y-o-y to N126.80 billion.

Commenting on the 2021 performance and AP’s strategy going forward, Chief Executive Officer, Ardova Plc, Olumide Adeosun said:

“Ardova continues a journey of growth and economic impact. Our shareholders are a major part of our vision to drive business expansion and transformation. We have ventured into partnerships in areas of our diversified investments resulting in capital projects that will deliver efficiency for the group. Our revenue growth is an attestation to the efforts and positive decisions made despite bearing economic challenges and we hope to continue to outperform market expectations with solid profit margins”.

Mr. Adeosun also added that “Ardova remains focused on a future beyond traditional fuels and taking necessary bold initiatives. By expanding our footprint across the nation through the acquisition of Enyo, we have widened the network of AP’s retail station outlets and shortened our proximity to the end customer, making it easier to deliver at widescale retail the cleaner energy products that will materialise from our present capital investments.”

Mr. Moshood Olajide, Chief Financial Officer/Executive Director, Finance & Business Support, Ardova Plc, noted, that the increase in the group’s revenue was primarily driven by growth in the fuels business which constituted 86.7%. Lube sales recorded 52% growth resulting in 12.8% of revenue, the transport and logistics business constituting 0.3%, and LPG & Cylinder sales with 0.2% of the group revenue.

Mr. Adeosun stated that Ardova remains committed to delivering shareholder value saying “The capital investments we have carried out in 2021 are primed to make us a fully transformed integrated energy company, where the value we create for customers by being increasingly integrated into their lives, sustainably impacts our balance sheet”.

Ardova Plc’s shareholders approved all proposals made by the Board of Directors at the Annual General Meeting (AGM):

• Ratification of Annual Report and Financial Statements
Shareholders unanimously accepted the Audited Financial Statements with the Statement of Profit or Loss and other Comprehensive Income for the year ended 31 December 2021, the Report of the Directors, Report of the Auditors and Statutory Audit Committee thereon.
• Un-issued shares
The directors were authorised to take all steps necessary to comply with the requirements of Section 124 of the Companies and Allied Matters Act 2020 and the Companies Regulations 2021, as it relates to the unissued shares of the Company.

Ardova Plc logo
Ardova Plc logo
Seplat JV Empowers Additional 300 Teachers In Edo, Delta At STEP 3rd edition

L-R: Grace Amadi, General Manager Sustainability, Seplat Energy; Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education; Joan Osa Oviawe, Edo State Commissioner for Education; Joseph Ofili, Business Relations Manager, Seplat Energy; Esther Icha, CSR Manager, during the presentation of a tablet computer to a beneficiary at the 3rd edition of the Seplat Teachers Empowerment Programme in Edo
L-R: Grace Amadi, General Manager Sustainability, Seplat Energy; Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education; Joan Osa Oviawe, Edo State Commissioner for Education; Joseph Ofili, Business Relations Manager, Seplat Energy; Esther Icha, CSR Manager, during the presentation of a tablet computer to a beneficiary at the 3rd edition of the Seplat Teachers Empowerment Programme in Edo

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has kicked off the 3rd edition of its Seplat Teachers Empowerment Programme (STEP) in Benin City Edo State, empowering a total of 300 teachers from both Edo and Delta States.

The STEP initiative launched in 2022 seeks to promote teacher’s creative thinking, allow for higher student engagement, and offer a well-rounded education for recipients of the programme. The programme empowers teachers by providing them with resources to support their delivery of quality teaching in Seplat Energy’s host states, Edo and Delta State.

The official kick off of this year’s edition was preceded by a four-day residential workshop which provided leadership, self-improvement introduction to Science, Technology, Engineering, the Arts and Mathematics (STEAM) training and its application to teaching.

This year, 905 teachers wrote the online qualifying test, and 300 teachers qualified from both states for the 4 day-long residential training. The training which was a huge success, will continue online for a further 3 months.

In her opening remarks, Seplat Energy’s Director, External Affairs and Sustainability, Dr. Chioma Nwachuku, represented by Joseph Ofili, Business Relations Manager, stated that Seplat Energy in conjunction with its JV partners, Ministry of Education and Ministry of Science and Technology, decided to embark on this initiative to empower teachers towards providing a better education platform for students who are the future leaders.

“The initiative is designed to foster creative thinking; problem solving abilities; teacher – student engagement and produce well rounded educated students” she said, adding that this year’s edition features the empowerment of 300 teachers from 90 qualifying schools across Edo and Delta States as well as Chief Inspectors of Education in the states and key personnel of the ministry of education to ensure an impactful delivery of the programme.

She further stated that the participant were split 75% public sector, 25% private sector, explaining that all participants had been issued electronic devices and internet data to continue the online training for the next 3 months.

Dr. Nwachuku noted that the success of the programme was largely attributed to the support received from the Ministry of Education and Ministry of Science and Technology as well as Seplat Energy’s JV partner- Nigerian Exploration and Production Ltd (NEPL) formally Nigerian Petroleum Development Company Ltd.

Responding to the opening remarks, the Edo State Commissioner for Education, Mrs. Joan Osa Oviawe commended Seplat Energy for STEP Initiative which she branded as a transformative training programme. She also commended the quality and robustness of courses being offered and urged the teachers to share the learnings from the programme with their colleagues who were unable to be part of it. She also encouraged the teachers to ensure their schools and students benefit from the additional knowledge received from the STEP initiative.

Enumerating some of the immediate positive impacts of the STEP Initiative, Mrs. Oviawe stated that the commission will engage the STEP beneficiaries as Master Trainers to facilitate the planned digital learning training programme for Edo State teachers, being set up by the Edo State government under its Education reform programme- “Edo Best 2.0”

Mrs. Oviawe further reinstated the commitment of the Edo State Ministry of Education to continue the partnership with Seplat Energy and other agencies in delivering the transformative CSR initiative.

Also speaking at the event, the Delta State Commissioner for Secondary Education, Mrs. Rose Ezewu, represented by Mrs. Clementina Ojuma, Director of Schools Department, Delta State Ministry of Education, commended the efforts of Seplat Energy and NPDC “for the determination to continually uphold it corporate social responsibilities to its host states, which has sustained quality education in Edo and Delta States over time.”

She said: “You have been carefully selected for this training which is an uncommon opportunity for you to gain knowledge and become equipped with skills and tools in the field of Science, Technology, Engineering, Arts and Mathematics, generally known as STEAM”. She noted that Delta State had witnessed an increase in students participation in local and national Science and Technology competitions since the launch of the STEP initiative whilst encouraging the teachers to ensure that their schools and students benefit from their learnings.

Over the last two editions, Seplat Energy has empowered 363 persons (inclusive of 49 Chief Inspectors of Education). The Ministry of Education of both Delta and Edo States are very excited by the programme because of the multiplier effect it had had and will continue to have in secondary education. Both states, therefore, have continued to commend Seplat Energy for the feat whilst indicating their unwavering support for the programme.

Energy Transition: Seplat Energy Commits To Providing The Right Energy For Nigeria’s Growth

Seplat Energy logo
Seplat Energy logo

Leading indigenous energy company, Seplat Energy Plc has expressed the resolve to supply the right mix of energy to support Nigeria’s growth, noting that this is the greatest business opportunity ahead of it,

In doing so, the company said it remained committed in making positive social impacts and contributing to Nigeria’s achievement of the United Nations’ Sustainable Development Goals (SDGs).

Mr. Effiong Okon, the Director, New Energy at Seplat said this while delivering a keynote at the 45th edition of the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) themed: ‘Operationalising a Clean Energy Transition for Sustainable Development in Africa’ on Wednesday.

Okon, who represented Mr. Roger Brown, CEO Seplat Energy, said for a successful energy transition in Africa: “We must support the goals of the Paris Agreement and align with society’s objective to get the world to net zero carbon emissions by 2050, if not before.; as lower-emission hydrocarbons, particularly gas, have a role to play during energy transition by replacing diesel generators and biomass.

“Though hydrocarbon export will continue to be a mainstay of the Nigerian economy and will fund Nigeria’s growth as well as its energy transition, the Oil & Gas Industry has a role to play as a responsible steward of Nigeria’s oil and gas assets, including those that might be divested.”

According to him, in the longer term, the reality and threat of climate change requires the decarbonisation of energy systems in Nigeria, but sustainability and transparency must be at the heart of business operations and decision making.

Speaking on ‘just transition’ Okon noted that there is the need to balance decarbonisation with development, adding that: “Global warming and climate volatility are existential threats to humanity and nature. The world needs to accelerate efforts to achieve net-zero and mitigate warming effects. Africa’s climate, agriculture and people will suffer most in the coming decades. The problem has been caused by emissions from developed-world countries that have enjoyed their ‘carbon privilege’ and built strong economies on fossil fuels.

“However, we need to consider the reality in the continent. Poverty, hunger, unemployment, population growth abound here. Africa contributes just 3.3% of global emissions. Most Africans (600 million) lack access to reliable energy, which hampers development. Use of inefficient and costly diesel / petrol generators saps financial resources, drains foreign exchange and creates pollution.

“Biomass use for cooking causes deforestation, health problems and nearly 0.5 million premature deaths in Sub-Saharan Africa every year. The developed-world’s drive to impose decarbonisation on Africa will constrain development.”

Making the case for gas, the Seplat Director said the developed-world pressures to abandon fossil fuels are being pushed back by recognition of the need to drive development with reliable energy.

COP27, he explained, would focus on how best to achieve this balance for the benefit of tomorrow’s 2.5 billion Africans, of whom 500 million will be Nigerian, adding that given current low emission levels, Africa can achieve a disproportionate improvement in living stands through a globally small increase in emissions from cleaner gas for power and cooking.

He called on players in the continent to leverage oil and gas revenues to cash flow transition, but also tap international transition funding where available, hence the need for good corporate governance.

The Seplat Energy executive therefore urged industry operators to focus on quick wins first, which are: decarbonising the upstream and focus on producing ‘advantaged’ low-carbon barrels with low Scope ½; end routine flaring and redeploy gas to power operations and local communities; and deploy renewables to power operations where possible, and share with local communities.

He added: “We need to develop gas as transition fuel (Gas-to-power to replace diesel, move along value chain into power, e.g. business parks, large buildings; hybrid gas-to-power / solar offerings; and bottled gas products for domestic use. In addition, we can expand into renewables (hydro, wind, geothermal, blue/green hydrogen; and develop and monetise carbon capture and storage.”

IOCs’ Divestment: Opportunity For Indigenization In Nigeria – Seplat Energy CEO

Roger Brown, CEO., Seplat Energy
Roger Brown, Seplat CEO

In this era of divestments by the International Oil companies (IOCs) from Nigeria, indigenous energy companies with the right competences and wherewithal are natural partners to government in the quest to harness oil and gas assets, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, has said.

The Seplat Energy CEO made this assertion at the Nigerian Association of Petroleum Explorationists (NAPE) Divestment Workshop themed, “The Big Sale: Opportunities in the Nigerian Oil & Gas Industry from Asset Divestments” held in Lagos on Thursday.

The event had industry players, regulators, government, financiers, oil servicing companies, sector analysts and the media, amongst others.

Mr. Brown, in his presentation dubbed “Our Divestment Opportunities Journey, Lessons Learned, Best Practices and the Success Stories … What’s Next Post Post-Divestment – Vision 2030”, said the IOCs will continue to exit onshore and shallow water terrain of the Niger Delta, noting that the move should be considered as an opportunity for indigenization, and not a negative for Nigeria.

He said indigenous energy companies have a Nigeria investment appetite, and are not looking to leave the country, adding that they understand the country risk well and have a more practical approach to macro events with long term investment horizon.

According to him, Nigeria accounts for 1% of world daily oil production, but the potential in the sector remains vast. “The sector players need to work together more collaboratively to ‘grow the pie’. It is a shared risk and shared prosperity scenario. We should work together to grow and monetise the nations resources, particularly when worldwide demand for liquids will fall – at some point,” he added.

Mr. Brown explained: “Capital will only travel to and stay in Nigeria when the investment landscape is transparent and stable. Given the uncertainties, investors struggle to value the future –there is always some event that impacts value

“Equities are extremely undervalued, foreign currency unavailability for exit is a barrier to inward investment. Debt lenders are uncomfortable if equity is scarce – don’t want to be the only solution, particularly if adverse events happen.”

The greatest business opportunity ahead, Mr. Brown noted, is to supply the right mix of energy to support Nigeria’s growth. In doing so, he said all energy companies must make a positive social impact and contribute to Nigeria’s achievement of the United Nations’ Sustainable Development Goals (SDGs).

Narrating the Seplat energy transition story, Mr. Brown said Seplat Energy is developing its upstream business by selectively expanding its asset base, optimising the gas/oil mix, increasing production, reducing costs and carbon intensity, and increasing revenue assurance by diversifying routes to market.

For midstream gas, he said the company is committed to the development of Nigeria’s gas resources to accelerate the replacement of diesel and biomass and support economic growth through the supply of reliable, low-cost energy. Gas-to-power provides baseload electricity to support renewables.

For new energy, Mr. Brown said Seplat Energy remains committed to achieving a world-class capability in renewable energies, through the development or acquisition of new skillsets that open up new and profitable markets.

In the quest for success leveraging the divestment opportunities in-country, Mr. Brown maintained that crude oil theft on export pipelines should be dramatically reduced/eliminated; cash call payment should be made in advance of spend; gas market should be fully market-driven – willing buyer and willing seller scenario; there should be clear position of government on divestment processes with a strong adherence to existing laws whilst embracing the spirit of the Petroleum Industry Act (PIA); and there should be currency stability with robust macroeconomic policy.

He said more financing institutions should be willing to lend to Nigerian businesses, adding that there is the need for expansion of African banks alongside African development banks.

Also present at the workshop were: Dr. James Edet, NAPE President; Engr. Gbenga Komolafe, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) represented by Mr. Abel Nsa of the Commission; Austin Avuru, FNAPE, Executive Chairman, AA Holdings; Mr. George Osahon, FNAPE, Chairman Energia; Mr. Chike Nwosu, Chief Executive Office, Waltersmith Petroman Oil limited; Mrs. Ireti Samuel- Ogbu, Managing Director Citibank Nigeria Limited; Dr. Layi Fatona, FNAPE, former Managing Director ND Western; Dr. Ebi Omatsola, Non- Executive Director, Conoil Plc, among others.

NIMASA  To Deploy Special Mission Aircrafts To Fight Oil Theft – Jamoh

Special Mission Aircraft
Special Mission Aircraft

Dr. Bashir Jamoh, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has given assurances that two special mission aircrafts in the deep blue project fleet of the agency will be deployed to fight oil theft and protect the nation’s economy.

Speaking at the recently held 16th edition of the Maritime Seminar for Judges organized by the Nigerian Shippers’ Council, Jamoh described oil theft, pipeline vandalism and illegal refining as unlawful activities capable of threatening the economic and environmental well-being of the country.

He said the aircrafts from the mobile assets of the deep blue project, will support existing platforms being deployed by other security agencies, which NIMASA has subsisting Memorandum of Understanding with.

Jamoh explained that the aircrafts would assist in patrolling oil facilities, installations and other assets to observe suspicious human and vessel movements in and around the facilities

The NIMASA DG while restating the agency’s commitment to a crime free and secure maritime domain, reminded participants at the seminar of President Muhammadu Buhari’s interest in rebuilding stakeholders and investors’ confidence in the country’s maritime sector.

According to him, approval of the President for procurement of the assets, his coming to commission them in Lagos and their deployment for security duties have contributed immensely to the fight against maritime crimes.

He said, “We shall be deploying our 2 special mission aircrafts for aerial surveillance to prevent and fight oil theft in the country. With this, we aim at using the aircrafts to patrol sensitive areas, record suspicious human and vessel movements to process intelligence for timely action by our security agencies

“The oil industry is critical to our national economy and no space of the sector should be left for criminals to occupy or operate. We have recorded gains in our maritime security efforts and more needs to be done to sustain and consolidate on these gains.

“Our collaborations with security agencies which we have MoUs with is, among other reasons, to collaborate and work ahead of criminal elements. I am happy to state that our synergies have been beneficial to the country in many ways,” Jamoh said.

NACCIMA Blames Worsening State Of Nigeria’s Business Environment On Insecurity And Poor Infrastructure

From Left  Chief Godswill Nwanorue, Abia Transport Commissioner, Chief John Udeagbala, NACCIMA National President, Chief Ogochukwu Mgbii, Director, RightChoice Group and Catholic Bishop of Aba, Bishop Augustine Echema at the opening of the RightChoice Electronics Plaza in Aba, Abia State on Friday, July 8, 2022.
From Left
Chief Godswill Nwanorue, Abia Transport Commissioner, Chief John Udeagbala, NACCIMA National President, Chief Ogochukwu Mgbii, Director, RightChoice Group and Catholic Bishop of Aba, Bishop Augustine Echema at the opening of the RightChoice Electronics Plaza in Aba, Abia State on Friday, July 8, 2022.

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Haas decried the worsening state of tbusinesses in the country as a result of insecurity and poor Infrastructure.
National President of NACCIMA Chief John Udeagbala who disclosed this at the opening of RightChoice Electronics, a World-Class Electronics Showroom on Azikiwe Street, in Aba, Abia on Friday, expressed concern that the endemic insecurity and poor Infrastructure were worsening Nigeria’s business environment.

The NACCIMA President thanked the MD of RightChoice Electronics for his resilience that birthed the showroom even in worsening business environment in Nigeria.

“The business environment has not been too good because of the obvious reasons of insecurity which has become endemic and the poor infrastructure.

“Talk about commuting, businesses cannot deliver products and goods and so we are still suffering from this poor infrastructure and that is what is worsening Nigeria’s business environment.

“We have been talking about what can be done to improve things.

“You could see now that the government has no money. If you look at the budget and capital expenditure, government is barely having money to pay.

“The execution of capital expenditure is very bad because of fuel subsidy payment.

“So if we must get to the root of this problem rather than scratching from the top, it is either we fix our refineries or we will continue these stories”, he said.

Udeagbala said NACCIMA is in support ofç the removal of fuel subsidy because it is riddled with corruption and the right people are not benefitting from it.

The Catholic Bishop of Aba Diocese, Abia, Bishop Augustine Echema who blessed the showroom urged youths to be responsible at workplaces and businesses to grow such establishments and create more jobs for others.

He warned them against destroying the endeavours of one’s employers and relatives because of greedy and jealousy adding that such actions reduce employment opportunities and also draw God’s anger.

He said that any child who bites the hand that feeds him will not eat from such hand again.

The Bishop urged youths to desist from obtaining by tricks, robbery, kidnapping and destruction of businesses and workplaces under their watch but to be productive stressing that God blesses genuine efforts.

He prayed God to bless RightChoice Electronics, to ensure that Aba people benefitted from it while God will take the glory.

He also counseled every resident of the city to get their PVCs and be obedient saying that obedience is the first law in heaven.

Echema called on Aba people to come out from Social Media and take real life actions that will benefit the nation by being “a structure to good candidates who have no structure” in the coming elections.

The Managing Director, of RightChoice Electronics, Chief Ogochukwu Mgbii, said the company was incorporated in 2007 with focus on importation of electronics and electrical appliances, Distribution.

He said from a small shop on 20 Pound Road in Aba, Abia, they have expanded businesses to Port Harcourt in Rivers and Uyo, in Akwa Ibom.

He said the establishment and opening of the Aba world-class showroom as is obtainable abroad is a dream come true.

He thanked the company’s supporters and customers who made the project possible.

The Abia governor, Dr Okezie Ikpeazu, represented by Chief Godswill Nwanorue, Abia Transport Commissioner expressed joy over the establishment of the showroom in Aba.

He promised that the Nnamdi Azikiwe Road in Aba will be rehabilitated for such big establishments to be easily accessible to their customers.

Ardova Plc Set to File 2021 Audited Financial Statement

Olumide Adeosun, Ardova plc
Olumide Adeosun,Ardova plc

The Board and Management of Ardova Plc (Ardova), says “it wishes to allay concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 Audited Financial Statements”.
According to a press statement at the disposal of BusinessUpdate “the delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021. Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova Plc, following which the group’s Consolidated Financial Statements were completed and duly audited. These audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.
The Board and Management apologize for inconvenience caused by this administrative circumstance and reassure our stakeholders that Ardova Plc remains committed to the highest standards of compliance and corporate governance.”

Is Nigeria Missing Out On Higher Oil Prices?

Oil barrels
Oil barrels

Written on 09/06/2022 by Lukman Otunuga, Senior Research Analyst at FXTM

Brent crude has gained roughly 57% since the start of 2022.

The global commodity remains supported by ongoing geopolitical risks and rising demand. As oil producers enjoy the rich bounties from surging commodity prices, some countries have failed to make the most of such an opportunity. Nigeria’s sub-optimal oil production, poor infrastructure, and fuel subsidies have sapped the benefits from surging oil prices. For other countries, the rally in oil prices means more foreign exchange reserves, higher revenues, and potential economic growth. In Nigeria’s case, this blessing could turn into a curse.

It is widely known that oil sales make a massive chunk of Nigeria’s export earnings and government revenues. Despite being Africa’s largest crude producer, the country exports the global commodity but imports all by-products amid the weak infrastructure. So as oil prices rally, this could support earnings but also take a chunk out of foreign exchange earnings. It does not end here. Anything that is left is devoured by petrol subsidies which are expected to cost the government almost $10 billion this year.

As FX reserves are drained this continues to worsen Nigeria’s problem of dollar shortages which has dragged the Naira lower. In January of 2022, the government postponed the planned petrol subsidy removal till further notice, citing “high inflation and economic hardship”. Even if the government was to remove the subsidies in the future, the burning question is whether Nigeria has the ability to weather the storm such a move could create.

Focusing back on oil, the global commodity remains supported by supply concerns and prospects of higher demand after China relaxed lockdowns. Although various fundamental forces are pulling and tugging at oil, the path of least resistance remains north. Oil benchmarks are trading near multi-year highs and have the potential to push higher in the near term. This could mean more for pain for Nigeria despite other oil producers cashing in and enjoying the commodities boom.

London Stock Exchange Celebrates Achievements Of Seplat Energy’s Pioneer Chairman, ABC Orjiako

elebrates ABC Orjiako’s Achievements-  L-R: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in  London, June 8.
elebrates ABC Orjiako’s Achievements-
L-R: Mr. Basil Omiyi, Chairman, Seplat Energy; Suneel Bakhshi, Chairman, LSEG’s Africa Advisory Group; Dr. ABC Orjiako, Pioneer and Immediate Past Chairman, Seplat Energy Plc; Julia Hoggett, Chief Executive Officer, London Stock Exchange (LSE) Plc; and Roger Brown, CEO, Seplat Energy, during the opening bell ringing ceremony organized by the LSE in honour of Dr. Orjiako for his many achievements at Seplat in London, June 8.
The London Stock Exchange (LSE) on Wednesday June 8th celebrated the many achievements of Dr ABC Orjiako, the pioneer chairman of Seplat Energy Plc, Nigeria’s leading energy company.

Seplat Energy Plc which is listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange is driving the country’s energy transition towards cleaner, more reliable energy. Orjiako retired last month after 13 years as the Board Chairman of Seplat Energy Plc.

Orjiako in his reaction at the event in London, said: “It is the magnanimity of the LSE (London Stock Exchange) and LSEG’s Africa Advisory Group (LAAG) that made it possible for us to be here today. It is not an easy thing to ring the opening bell of the LSE; and for me to use this to mark my exit as the chairman of Seplat brings very old memories to me starting from 2014 when we first rang the bell to list our security in this market.”

“One of the things that gladdens my heart is the fact that everything on the board turned green as we rang the bell; this is very important for us in Seplat. Colour green not only signifies good performance in the market but remains a very important symbol in Seplat. It symbolises life, it symbolises what this company represents particularly sustainability and business,” Orjiako said.

The pioneer chairman of Seplat further said: “I want to thank you for this great opportunity. I am the last of the founders of Seplat to leave. For Seplat, it is a promise kept. It is a very strong and apt statement to say that Seplat believes in enduring strong and robust corporate governance practices. We made up our minds from the beginning that this company will fly and grow if we maintain very good corporate governance. So, when we started, we made a promise that the chairmanship of this company would be handed to an independent non-executive chairman”.

Julia Hogget, chief executive officer, London Stock Exchange Plc said, “I have had the opportunity occasionally to meet members in person, but this is really the first opportunity. Not all of us, but a lot of us have managed to come for this important occasion and to acknowledge the many achievements that you (ABC Orjiako) have had in your career.”

Speaking further at the event, she said: “I know this isn’t the end. We need to make sure that this doesn’t feel like an Eulogy but a transitioning from one remarkable stage in life to the next. And we are also thoroughly delighted that we get to keep you with LAAG, because it has been such an important part. Your contributions are such an important part. It is fair to say that there have been many African successes in London since the outset of the advisory group. But Seplat Energy for me, when I was working through this with the team, actually feels like an exemplar of so much of what LAAG is about, but also what we are seeking to achieve for the future as well. And the trailblazing that you have done as chairman, I think is an illustration of that.”

“Seplat Energy was also the first Nigerian company to list ordinary shares simultaneously on the London Stock Exchange and the NGX and $535million was successfully raised during that initial public offering (IPO), which was both oversubscribed and the largest IPO in subject,” Hogget noted.

“It says a lot about the people at the London Stock Exchange that one of the things that they wanted me to make sure I equally reference, apart from the IPO, was the financial innovation that took place following the listing in terms of the cross border settlement mechanism. It is a really an important point. It is also that innovation that enabled the seamless transverse shares between the UK and Nigerian share registers. This mechanism has paved the way for other issuers to use the “Seplat Model” to dual list in London and the UK.

Innovations paved the way for massive effect and I think that is part of the history of the organization as well. So Seplat, apart from being an energy company, has become a financial platform for investors following the IPO. All these with you at the helm, made Seplat the first”.

Also speaking at the event, Basil Omiyi, Chairman, Seplat Energy Plc said: “I am delighted to speak on behalf of the Board and management of Seplat Energy on this special occasion organized by the LSE and LAAG in honour of Dr ABC Orjiako, the Pioneer Chairman of Seplat Energy in recognition of his accomplishments with the Exchange and to mark his retirement from the board of Seplat Energy.”

“We appreciate the kind gesture by the Exchange and London Stock Exchange Africa Advisory Group (LAAG) to honour him. Our Pioneer Chairman, Dr. ABC Orjiako, who is very well known to you, has led our company to build and nurture a very rewarding relationship with the Exchange since its listing” Omiyi noted.

“We are happy to be seen as an example for others to follow and thank the Exchange for the role it has played in enabling Seplat become the Nigerian Champion it has grown to be,” he added.

Also speaking, Suneel Bakhshi, chairman of LSEG’s Africa Advisory Group said: “It is a pleasure to say there is a natural respect from all LAAG members for ABC. I have seen that over the years, when we had some meetings in London, Nairobi, Abuja and hopefully many more to come. I feel that ABC symbolises the spirit of LAAG in so many ways and obviously your confidence with what you achieved in Seplat supports that. You are the reason far beyond the successes of Seplat. We look forward to many more years ABC.”

Seplat Appoints Basil Omiyi, CON,Independent Non-Executive Chairman And Dr Charles Okeahalam as Senior Independent Non-Executive Director

Seplat Energy logo
Seplat Energy logo

Seplat Energy PLC, a leading Nigerian energy company dual listed on both the Nigerian and the London Stock Exchanges, is pleased to announce the appointment of Basil Omiyi, CON, as the Company’s new Independent Non-Executive Chairman, effective immediately. 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 the Companies and Allied Matters Act in Nigeria (“CAMA”).

In addition, Dr. Charles Okeahalam succeeds Mr. Omiyi as the Senior Independent Non- Executive Director.

Mr. Omiyi has been a member of Seplat Energy’s Board of Directors since March 2013 and as Senior Independent Non-Executive Director from 1 February 2021. During this period, he sat on the Company’s Remuneration, Nominations & 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.

Mr. 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. Mr. 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.

In 2011, he was awarded the national honour of Commander of the Order of the Niger for pioneering leadership in Nigeria’s oil and gas sector.

Dr. Charles Okeahalam joined the Board in March 2013 as an Independent Non-Executive Director, and is Chairman of Seplat Energy’s Finance Committee, and a member of the Energy Transition, Remuneration, and Nominations & 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. He was a co-founder of AGH Capital Group, a 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.

His other roles have included advising a number of African central banks and government ministries, the World Bank and the United Nations. He has held several board positions and is a former non-executive chairman of Heritage Bank Limited, Nigeria. Since March 2016 he has served as the non-executive chairman of the Nigeria Mortgage Refinance Company.

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.

Mr. 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. He has provided invaluable guidance as an Independent Director and I look forward to his continued leadership as our new Independent Non-Executive Chairman.

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.”