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Shareholders hail Orjiako as Seplat commits to profitability

By Helen Oji
20 May 2022   |   4:16 am
Seplat Energy Plc has assured shareholders of its commitment to leverage existing oil resources to develop the nation’s abundant gas reserves and drive transition to cleaner and more efficient fuel for enhanced profitability.

Outgoing Pioneer Chairman, Seplat Energy Plc, Dr. ABC Orjiako (left); Chief Executive Officer, Nigerian Exchange Ltd, Temi Popoola; Independent Non-Executive Chairman, Seplat Energy, Basil Omiyi; Chief Executive Officer, Seplat Energy, Roger Brown, during Seplat Energy’s introduction of its new Chair at the Closing Gong Ceremony in celebration of the company’s Pioneer and New Chairman at the Exchange’s floor in Lagos, yesterday .

Seplat Energy Plc has assured shareholders of its commitment to leverage existing oil resources to develop the nation’s abundant gas reserves and drive transition to cleaner and more efficient fuel for enhanced profitability.

Besides, the shareholders commended the efforts of its Chairman, Dr ABC Orjiako, who retired from the company, for positioning the firm in the energy industry.

The chairman of the company, Dr ABC Orjiako, said the transition from small-scale diesel and petrol generation to large-scale gas-to-power will improve efficiency and drive cost reductions that will accelerate economic growth and diversification, thereby improving the nation’s wellbeing.

According to him, the company is committed to aligning with the Federal Government’s economic development in terms of closing the gap in the nation’s power infrastructure.

He pointed out that the contribution of its massive investment in gas and numerous acquisitions concluded so far to its bottom line is quite significant.

Speaking at the yearly general meeting, Ayodele Kudaisi of Independent Shareholders Association of Nigeria (ISAN), who tagged her comments as valedictory/recommendation, said: “As the saying goes, there’s nothing that has a beginning that doesn’t have an end. It is so painful to all shareholders that you have to leave at this point in time. You have done so well and so much for the entity called Seplat Energy.

“You and your team have taken Seplat to an enviable position among all its peers, with resilience, commitment, focus and unsurpassed objectivity. You have come, you have seen and you have conquered. We are definitely going to miss you here, but don’t be too far away from Seplat.”

“From time to time, there may be a need to tap from your vast experience for a way forward. To the incoming chairman, the shoes that you are going to leave behind are so big for anybody to wear, but I want to believe that the incoming chairman will not disappoint us, I pray not. Outgoing chairman, may you be blessed more. May your ways be smooth, and may your future endeavours be smooth,” Kudaisi said.

Also speaking, another shareholder, Anthony Omoniyi Omojola, National Coordinator, ISAN, said: “That Seplat Energy Plc is a reliable energy company with limitless potential is not a mere statement. This has been aptly demonstrated in our performance in the 2021 annual report and accounts we are considering.”

“You have shown leadership by example by your actions as we pray to reap the benefits of this well planned out accelerated growth pattern. We congratulate you. We are proud of the strong foundation you have laid to position Seplat as a leading indigenous energy company in Nigeria within a short space,” Omojola said.

President, Noble Shareholders Solidarity Association (NSSA), Matthew Akinlade, said: “This is a unique occasion that one must commend the Board and Management of the company for stellar performance. I felt highly impressed with the kind of progress. The turnaround of the company this year significantly improved profitability and what you are doing to take the company to higher heights especially the acquisition of Mobil Producing Nigeria Unlimited (MPNU).”

“For our outgoing Chairman, I’m emotional about it because this is a gentleman that has led this company more or less from the cradle and to the height that it is today. I thank God for you. I think it is better to leave when your ovation is highest and I think today the ovation is highest. I say congratulations. I implore you not to be far away from this company because you have put so much into this company. We are talking of 13years into the service of this company. It is marvelous,” Akinlade added.

Orjiako in his response said: This is my last AGM as your chairman. Now that I have climbed the Iroko, I have fetched all the firewood. I’m very happy that I have been associated with the company in the last 13 years. It has been a good journey. It is the realisation of a good dream that was supported by the people Seplat has.”

While thanking the shareholders and all stakeholders in the company for their co-operations during his tenure, Orjiako noted “though I am retired, I am not tired. I am sure that this company can only grow. I have absolute confidence in the board, management and staff of Seplat, also, the incoming chairman.”

Senior Independent Non- Executive Director of Seplat Energy, Basil Omiyi, in his farewell speech to the outgoing chairman, stated: “It has been an exciting journey watching the exponential growth of Seplat since its inception.

“In my many decades of experience in the Nigerian oil and gas sector, I confidently believe no indigenous energy company has significantly impacted the Nigerian energy sector as Seplat Energy has in the last 12 years.

“Since its entrance in 2010, Seplat has continued to expand and redefine the frontiers of the Nigerian energy landscape. Through a clear vision and astute leadership, the company has established itself as Nigeria’s leading independent energy provider.

“Under the guidance of the outgoing Chairman, the management and every staff of this great company continue to play critical roles, resulting in the company’s many success stories. Seplat has had occasional challenges, as in any other company, yet it has achieved exceptional milestones.”

Orjiako anchored the growth recorded by the company to its strategic model of community engagement and ability to ensure that the people buy into their to form part of their decision making process.

Furthermore, he said the average working interest production was 47,693 boepd including 29,091 bopd of liquids and 107.9 MMscfd of gas (18,602 boepd), adding that the performance of the oil business was impacted by two lengthy shut-ins at one of the third-party operated export routes it relied upon.

Chief Executive Officer of the company, Roger Brown stressed the need for Nigeria to be part of the global transition away from fossil fuels towards cleaner and renewable energies.

However, he stated that it must be a transition that would be conducted at an appropriate pace.

“We want to lead this transition to gas and, beyond it, begin to develop a strong renewables business.

“So we will evolve from being a company that simply extracts oil and gas to one that can create and capture value right along the energy chain, whatever the source of that energy may be,” he said.