Seplat has appointed Basil Omiyi, former Chairman of Shell Companies in Nigeria and Ifeakor Omogui Okauro, the country’s former Chief Taxman, to its Board of Directors, as it prepares to list the company in both the London and the Nigerian Stock Exchanges. “The listing is a priority for them”, says a source at the Department of Petroleum Resources, Nigeria’s industry regulator, “they are keen on expanding the funding base and instituting strong corporate governance”.
Seplat is the largest indigenous African producer of hydrocarbons with net oil and gas production of about 32,000BOEPD. It is hoping to boost net hydrocarbon production to 65,000BOEPD by end of 2015. Currently, it is owned by three companies: Maurel et Prom, the French independent, holds 45% stake, with Shebah Petroleum and Platform Petroleum, both Nigerian companies, holding 33% and 22% respectively. A listing on the London main stock exchange will take the company global, even if it stripsit of Nigerian indigeneity. The board membership is now composed of A.B.C. Orjiakor (Chairman), Austin Avuru (Managing Director), Stuart Connal (Executive Director), Nasir Ado Bayero, Jean-Francois Henin(Chairman of M&P), Macaulay Ofurhie, Charles Okeahlama, Ifueko Omogui-Okauro and Basil Omiyi.