Seplat Directors Retire Amidst Revenue Decline, N27.7billion Loss

Two Seplat directors, Michael Alexander and Ifueko Okauru, have retired from their position following the company's revenue drop within nine months of this year and NGN27.7 billion loss. The oil & gas company has also announced Okauru's replacement in a statement seen by AllNews.

The retirement of Alexander and Okauru will take effect next year, January 31, 2021. Alexander is currently the Senior Independent Non-Executive Director at Seplat, while Okauru holds the position of Independent Non-Executive Director. They were both appointed by Seplat in 2013.

According to the statement, Basil Omiyi, who is currently an Independent Non-Executive Director, will become a Senior Independent Non-Executive Director from February 1, 2021. Omiyi previously worked for Royal Dutch Shell before also joining Seplat Board in 2013.

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"Seplat today announces that Mr. Michael Alexander, Senior Independent Non-Executive Director (“SINED”), and Mrs. Ifueko  M. Omoigui Okauru, Independent Non-Executive Director (“INED”), will retire from the Board effective 31 January 2021. Mr. Alexander was appointed to the Board in June 2013 while Mrs. Okauru was appointed in March 2013.

"For the past seven years, both Directors served the Board meritoriously, deploying their multi-facetted experiences towards the growth of the Organization. Seplat remains grateful for their immense contributions to the Board and the Company." The company statement reads.

"Consequently, the Board of Directors is pleased to announce that Mr. Basil Omiyi, Independent Non-Executive Director (“INED”) will become the Senior Independent Non-Executive Director from 1st February 2021.

"Mr.Omiyi  joined the Seplat Board in  2013 after a 40-year career at Royal Dutch Shell, during which time he occupied a number of senior roles in Nigeria and Europe, including Managing Director, Shell Petroleum Development Company of Nigeria Ltd and Country Chairman of Shell Companies in Nigeria."

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Revenue Of Seplat Decline

Their retirement from Seplat board coincide with the revenue drop of the company, after Seplat generated NGN135.6 billion in nine months of 2020, lower than the NGN151,8 billion Seplat reported for the corresponding period of 2019. The company's gross profit also failed to surpass the NGN81,2 billion generated in nine months of 2019, after generating NGN31.6 billion during the same period of this year.

Seplat also reported that it recorded NGN27.7 billion operating loss within the nine months period of 2020. It also recorded loss of NGN45.4 billion in Profit Before Tax. In the same vein, Profit After Tax recorded loss of NGN45.4 billion during the period under review.