Seplat Appoints Ecobank Director As Stock Continues To Nosedive Amid COVID-19

Oil and Gas firm, Seplat Petroleum Development Company Plc has appointed the Director of Ecobank Nigeria Limited, Emeka Onwuka, as it's Chief Financial Officer and Executive Director. Onwuka's appointment was approved by the Board of Directors of Seplat to join its top executive team.

Seplat intends to utilise Onwuka's 30 years’ experience in financial services within Sub-Saharan Africa. AllNews gathered that Seplat made the appointment of Onwuka public due to Rule 4 of the Nigerian Stock Exchange Amended Listing Rules. According to a statement obtained by AllNews, Onwuka will join the Seplat Board from August 1, 2020.

Onwuka's experience will come in handy for Seplat as he had held and currently holds major positions in several multinational companies. While addressing his appointment, Seplat stated, "He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director/CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria."

Aside from his career path, Onwuka has obtained various certificate from prestigious institutions in Nigeria and outside the country, "Onwuka received his  B.SC.  in  Political  Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School, and Harvard Business School."

Seplat Stock Performance

As an oil & gas company, Seplat is one of the companies that have been impacted by the coronavirus pandemic. The oil price has crashed and demand for oil is low amidst over-production globally. The stock performance of Seplat for months have reflected this impact, with stock price going down.

In the early week of June, Seplat's share price was N476.40 kobo per share, but it dropped to N428.80 kobo per share on June 17, then remain flat until it declined further to N386 per share on June 24, 2020. It has remained flat since then and currently trades at N386 per share.