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Kazeem Raimi replaces Austin Avuru as non-executive director of Seplat 

Kazeem Raimi replaces Austin Avuru as non-executive director of Seplat 
April 22
18:50 2022

Seplat Energy Plc says its board of directors has appointed Kazeem Raimi as a non-executive director of the company.

The board also appointed Ernest Ebi as a non-executive director, and Bashirat Odunewu as an independent non-executive director (INED) of Seplat Energy. 

The company said this in a statement on Friday, signed by Edith Onwuchekwa, company secretary, Seplat Energy.

The appointment will take effect from May 18.

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According to the statement, Raimi, a nominee of Platform Petroleum Limited, will be replacing Austin Avuru, who stepped down from the board of Seplat Energy on March 1.

Prior to Avuru’s resignation, Seplat Energy had said it terminated his appointment over allegations of “breaching” company’s policies.

“Raimi is presently the executive director, commercial for Platform Petroleum Limited. Previously with Seplat Energy as general manager, commercial, Mr. Raimi was charged with the responsibility for driving commercial, economics, valuation, planning, and treasury activities across the entire organisation,” the statement reads.

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“He also served previously as manager, corporate planning and economics at Seplat Energy. Mr. Raimi has extensive experience in project economics and risk analysis, having been the lead petroleum economics and commercial advisor at Addax Petroleum Nigeria, where he also served in different capacities.

“Prior to this, Mr. Raimi served as treasury manager at Cadbury Nigeria Plc and finance analyst at Citibank Nigeria Limited.

“He had significant involvement in commercial and economic evaluations of new ventures, farm-in, and company acquisition opportunities with a thorough appreciation of tax, fiscal issues, and project economics especially as they relate to Nigeria, Gabon, Iraq, and Cameroon.

“In addition to his role at Platform Petroleum Limited, Mr. Raimi also serves as a non-executive director at PNG Gas Limited and Ase River Transport Company Limited.”

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Meanwhile, Ebi, another appointee, had held a position at the Central Bank of Nigeria (CBN) as deputy governor, from June 1999 to June 2009, where he covered policy and corporate services portfolios.

Prior to this, according to the statement, Ebi held several executive positions in the banking industry in Nigeria and the United States of America.

“He was the deputy managing director in Diamond Bank Ltd where he led the bank’s financial services marketing strategy and initiatives for new business development amongst others,” the company said.

“In 1995, he was appointed by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation as the managing director, and CEO of New Nigerian Bank Plc.

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“During his time at New Nigerian Bank Plc, he was responsible for the development and implementation of a credible turn-around plan for the bank and contributed significantly to the recovery of a huge portfolio of non-performing risk assets.”

The company noted that Ebi has also held senior positions at many firms in Nigeria including the International Merchant Bank, and sits on the board of many companies including Fidelity Bank Plc, Dangote Cement Plc, and others.

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The statement further reads: “Mr. Ernest Ebi (non-executive director) is a nominee of Shebah Petroleum Development Company Limited (BVI) replacing Dr. A.B.C Orjiako who will step down from the board of Seplat Energy on the 18th May 2022 after the annual general meeting.

“Mrs. Bashirat Odunewu (independent non-executive director) is a banking and financial expert with about 30 years’ experience in the finance and banking industry.

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“Up till June 2021, she served as a c-suite executive, corporate banking (energy, natural resources, and infrastructure), at First Bank Nigeria Ltd, prior to which she was the line executive for their international banking group where she supervised CEOs of the subsidiaries of First Bank in 6 African countries as well as the bank’s representative office in China and served as a board member for several of them. 

“Bashirat currently serves as an INED on the board of Leadway Holdings and non-executive director (NED) on the Boards of some African subsidiary banks of First Bank Nigeria.

“She is an Independent NED on the Board of Neimeth International Pharmaceuticals Plc (an NGX quoted company) and is also a member of the Board of Directors for the Franco-Nigeria Chamber of Commerce and Industry where she serves as the Treasurer.”

Commenting on the appointments, Orjiako, chairman of Seplat Energy, said the board of Seplat Energy is pleased to welcome Odunewu, Raimi, and Ebi.

“They are excellent professionals with their wealth of experience spanning over decades,” he said.

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