By Adedapo Adesanya

It was a good year for Seplat Energy in 2204, with the company making a series of transformative moves that significantly altered its scale and positioning in Nigeria’s oil and gas sector.

While the most notable development was the completion of its delayed $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business, Mobil Producing Nigeria Unlimited (MPNU), its directors and workers also saw increases in their paychecks.

Its highest paid director and chief executive, Mr Roger Brown, received total emoluments of N3.909 billion, 135.8 per cent higher than the N1.658 billion he received in 2023.

Chairman of the company, Mr Udoma Udo Udoma, received total emoluments of N1.992 billion in 2024, 250.1 per cent higher than N569 million he got a year earlier.

Seplat also noted that its executive directors, Mr Samson Ezugworie and Mrs Eleanor Adaralegbe, who are its chief operating officer and chief financial officer, respectively, received total emoluments of N4.133 billion in 2024 versus N1.493 billion in 2023.

Also, its non-executive directors received N4.896 billion for their services in 2024 against N1.707 billion in 2023. These include Mr Bello Rabiu, Madame Nathalie Delapalme, Mr Olivier Cleret De Langavant, Dr Emma FitzGerald, Mr Ernest Ebi, Mrs Bashirat Odunewu, Mr Kazeem Raimi, Ms Koosum Kalyan, Mr Christopher Okeke, and Mr Babs Omotowa.

This is part of the wider workforce of 1,446 employees which received N71.718 billion as salaries and wages in 2024 compared with the N48.468 billion paid to the staff in its 2023 fiscal year, indicating a 47.97 per cent rise.

It is important to note that the amount paid as salaries and wages by Seplat to its staff members in 2024 does not include other emoluments, allowances, and pension contributions.

This was on the back of a significant improvement in its performance in the 2024 fiscal year, following the successful acquisition of the producing assets of  MPNU.

Specifically, the company’s profit before tax rose by 98.4 per cent to $379.4 million (N561.4 billion) in 2024, compared with $191.2 million (N125.5 billion) in 2023, while its profit after tax grew by 16.9 per cent to $144.8million (N214.3 billion) in 2024, from $123.9 million (N81.4 billion) in 2023.

The increase in the salaries and wages of its staff in 2024 was largely as a result of a sharp rise in its workforce, from 588 staff in 2023 to 1,446 staff in 2024, representing a 146 per cent increase in its staff strength.

It is important to note that the acquisition was concluded in December 2024, meant that the increase in its workforce came about at that time. This also means that the new staff members from Mobil only received one month’s pay as Seplat’s staff in 2024.

Specifically, the sharp increase in its workforce, according to its 2024 annual reports and accounts, stemmed from its acquisition of the assets of MPNU in 2024, which saw 863 staff of Mobil joining its existing workforce.

Another factor which contributed to the rise in salaries and wages in 2024 was the declining value of the Naira against the Dollar, which was the currency in which the company denominated the emoluments.

Giving a breakdown of its workforce, Seplat Energy disclosed that in 2024, it has 47 junior staff, 1,022 senior staff, 332 managers and 45 senior management staff compared with 39 junior staff, 343 senior staff, 165 senior staff and 41 senior management staff in 2023.

To this end, the N71.718 billion salaries and wages received by the 1,446 staff, translated to an average salary of N49.6 million for each staff per annum, which is also an equivalent of N4.133 million per month, for each staff.

In comparison, the average yearly staff salaries and wages for its 588 staff in 2023 was N82.43 million per individual, while the average monthly salary was N6.87 million per staff.

In particular, the indigenous oil firm reported that in 2024, only a total of 395 staff earned below N118.37 million each, an equivalent of N9.833 million per month; while 425 staff members earned between N118.37 million and N295.936 million, translating to between (N9.833 million and N24.66 million monthly).

Also, staff members whose annual salaries and wages were within the range of N295.936 million and N443.904 (between N24.66 million and N36.992 million monthly) stood at 450, while 176 employees received above N443.904 billion as salaries and wages.

By Adedapo Adesanya

Shareholders of the African Export-Import Bank (Afreximbank) have appointed Mr George Elombi as the next President and Chairman of the board of directors of the continental financial institution.

With this appointment, he becomes the fourth President to lead the bank since its establishment in 1993. He replaces Mr Benedict Oramah.

His appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025.

The outgoing Mr Oramah has served as President and Chairman of the Board of Directors since 2015, and will be stepping down in September 2025.

The new Sheriff in town scaled through a rigorous selection process initiated in January 2025, which included a global call for applications published in international media and on the Afreximbank website. Shortlisted candidates were interviewed by an international human resource executive search firm.

The top candidates were presented to the Board of Directors, which recommended Mr Elombi to the General Meeting of Shareholders for final approval.

Under the Afreximbank Charter, a president is appointed by the general meeting of shareholders upon the recommendation of the Board of Directors for a term of five years, renewable once.

A Cameroonian national, Mr Elombi has been with Afreximbank since 1996, joining as a Legal Officer. He rose through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.

Over his nearly three decades at the bank, he has served as Director and Executive Secretary (2010–2015); Deputy Director, Legal Services / Executive Secretary (2008–2010); Chief Legal Officer (2003–2008); and Senior Legal Officer (2001–2003).

Prior to joining Afreximbank, he taught law at the University of Hull, United Kingdom.

According to a statement, Mr Elombi played a pivotal role in establishing Afreximbank group’s structure, including the formation of key subsidiaries that have expanded the Bank’s capacity to deliver on its mandate.

As Chair of the Emergency Response Committee, he led the bank’s response to the COVID-19 crisis, mobilising over $2 billion for vaccine acquisition and deployment across African and Caribbean nations. Under his supervision of the Equity Mobilisation and Investor Relations department, the Bank’s total ordinary equity mobilised amounted to $3.6 billion as at April 2025.

Speaking on his appointment, Mr Elombi expressed a deep commitment to the Bank’s mission and future.

“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate as well as its growth. As we look to the future, I see Afreximbank as a force for industrialising Africa and for re-gaining the dignity of Africans wherever they are. I will work to preserve this important asset.”

He accepted the shareholders’ desire as expressed by his predecessor to make the institution a $250 billion bank in ten years.

Mr Elombi holds a Master of Laws (LL.M.) from the London School of Economics, University of London, and a Ph.D. in Commercial Arbitration from the same university. He obtained a ‘Maitrise-en-Droit’ from the University of Yaoundé in 1989.

By Aduragbemi Omiyale

Mr Abimbola Oguntunde has been appointed as the new chairman of Sovereign Trust Insurance (STI) Plc.

He was chosen to chair the insurance company at the meeting of the board held on Friday, June 13, 2025, a statement from the firm to the Nigerian Exchange (NGX) Limited, disclosed.

It was revealed that until his appointment, Mr Oguntunde was a non-executive director of the underwriting organisation.

The new chairman is an experienced banker, economist and certified project manager with more than 30 years of experience in the banking industry, managament consulting and the international public sector. He has held top management positions in lkeading financial institutions like UBA, Sterling Bank and Access Bank.

Mr Oguntunde studied Economics at the University of Lagos and graduated with First Class honours and subsequently acquired a Master’s degree in Economics from the same institution. He also holds an MBA in International Banking and Finance with distinction from the University of Birmingham, UK.

The appointee has worked with Sovereign Trust Insurance in specific areas of capital raising, business transformation and reorganisation.

He is the Managing Partner of Devtage Consulting and the chief executive of Devtage Group, a global management consulting, technology, corporate training and development firm.