The former Minister for National Planning, Udoma Udo Udoma is to succeed Basil Omiyi as the new Independent Non-Executive Chairman of Seplat Energy, the company has announced.
The company said Udoma’s appointment, which was approved after a unanimous vote by Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (CAMA) 2020, would take effect from April 1, 2024.
The incumbent Chairman Basil Omiyi is scheduled to proceed on retirement on March 31, 2024.
Meanwhile, the company has also announced the appointment of Bello Rabiu as the new Senior Independent Non-Executive Director effective April 1, 2024, to succeed Charles Okeahalam who would be retiring March 31, 2024.
The company said the two appointments were in line with the Board Succession Forward Plan announced via Corporate Announcement on April 25, 2023 (RNS: 3575X) and via a subsequent Corporate Announcement on November 1, 2023 (RNS: 0096S) wherein it was announced that Mr. Basil Omiyi and Dr Charles Okeahalam will retire from the Board on March 31, 2024.
“These appointments further demonstrate the commitment of the Board to upholding its strong corporate governance culture and in establishing a truly independent Board,” the statement said.
Udoma Udo Udoma: A Profile
An accomplished lawyer and seasoned board administrator, Udoma attended St. Catherine’s College, Oxford, England where he obtained a Bachelor of Arts (Law) degree and a B.C.L. degree in jurisprudence.
He was admitted to the Nigerian Bar in 1978. He founded the Law Firm, Udo-Udoma & Belo Osagie in 1983 and retired from active legal practice in early 2020.
Whilst in practice, Udoma specialized in advising on Nigerian investment laws and the investment environment, particularly in the petroleum, energy, and natural resources sectors.
He advised Nigerian and international companies on company law, corporate restructuring, mergers and acquisitions and the raising of financing in the capital and money markets, as well as on major construction and engineering contracts.
Udoma has served on a number of large-sized company boards. He was Chairman of UAC Nigeria Plc and Union Bank Plc and served on the boards of companies such as Unilever Nigeria Plc., Linkage Assurance Plc and First Hydrocarbon Nigeria Limited.
He has also held a number of public sector appointments. He was the first Chairman of the Corporate Affairs Commission (CAC) and has also served as the Chairman of the Nigerian Securities & Exchange Commission (SEC).
He was the Special Adviser to the Minister of Petroleum and Natural Resources between September 1993 and March 1994, and served as Minister of Budget & National Planning from 2015 to 2019.
He was elected to the Nigerian Senate in 1999 and served for two terms from 1999 to 2007. Udoma is currently the Pro-Chancellor of Akwa Ibom State University, Ikot Akpaden, Akwa Ibom State.
Bello Rabiu: A Profile
Rabiu holds a Bachelor’s and Master’s Degrees in Mathematical Statistics from Ahmadu Bello University Zaria, and another Master’s Degree in Petroleum Engineering from The Imperial College, London, United Kingdom.
He attended many career advancements courses in Nigeria and abroad, including the prestigious Wharton Executive Development Program from the University of Pennsylvania in Philadelphia, USA and Leading Global Business Program from Harvard Business School, Boston, USA.
Before his new role as the Founder and Chief Executive Officer of Dankiri Farms and Commodities Limited, Rabiu retired from the services of Nigerian National Petroleum Corporation (NNPC) in July 2019 after 28 years of service.
He retired from NNPC as the Chief Operating Officer/Group Executive Director (COO/GED), Upstream Business Unit.
Prior to his appointment as COO/GED Upstream, NNPC, Rabiu held dual positions of Group General Manager, Corporate Planning & Strategy Division and Senior Technical Assistant to Group Managing Director, NNPC.
He was also the General Manager, Competitive Analysis Department of the same Division from September 2010 till August 11th, 2015. He was at various times between 1991 and 2005 a planning officer and Pioneer Head, Material Management, Frontier Exploration Services at the National Petroleum Investment Management Services (NAPIMS) Division of NNPC.
As COO/GED Upstream of NNPC, Rabiu oversaw the activities of the Corporation’s Upstream businesses, including National Petroleum Investment Management Services (NAPIMS), National Engineering and Technical Company (NETCO), Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and NNPC Oil Field Services (NOFS).
He has a balanced knowledge of the Exploration & Production industry in Nigeria with unusual capability which combines commercial/fiscal knowledge with operations.
This was particularly valuable in the development of the 2016 Nigerian Government approved upstream Joint Venture funding scheme which has restored the confidence of the International Oil Companies (IOCs) and Independent Partners in Nigeria’s Upstream Joint Venture resulting in increased national oil production of 2.3mbpd by 2019.
He was responsible for the implementation of the 7 Critical Domestic Gas Development Projects (including AGPC), an offshoot of Nigerian Gas Master Plan aimed at using gas for Nigeria’s industrialization, economic growth, and development – where significant consideration had to be given to strategic intent, fiscal rules, and commerciality of supply.
Commenting on the appointments, the Chairman of Seplat Energy, Basil Omiyi, said: “Seplat Energy’s commitment to strong corporate governance remains unwavering and is demonstrated by the recent appointment of Udoma Udo Udoma and Bello Rabiu as the new chairman and SINED respectively.
“We are confident that under their guidance, Seplat Energy will continue to expand and consolidate its 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.”
