Jobs/Appointments
Seplat CEO Roger Brown Emoluments Rise to N3.909bn
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 Aduragbemi Omiyale
The conclusion of the 2025 Performance Appraisal Exercise of Abuja Electricity Distribution Company (AEDC) has resulted in the promotion and step increments of about 1,126 employees of the organisation.
The reward for performance involved the promotion of 547 employees and 579 step increments, reaffirming the company’s unwavering commitment to recognising excellence, rewarding performance and building one of Africa’s most admired workplaces.
AEDC disclosed that these actions reflect its deliberate investment in its people as the energy firm accelerates its transformation into a customer-centric, high-performing electricity distribution company with global standards and Pan-African aspirations.
The promotions and step increments, approved by the management, recognise employees who have demonstrated exceptional commitment, professionalism and outstanding performance in advancing AEDC’s strategic objectives.
However, employees who were not successful in the current appraisal cycle have been urged to remain committed, emphasising that the performance management process is designed to support continuous growth, capability development and future advancement opportunities.
“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. Today’s announcement is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth.
“As we continue our transformation journey, we are building an organisation where our employees can develop rewarding careers, realise their full potential and proudly contribute to creating one of Africa’s leading electricity distribution companies,” the chief executive of AEDC, Mr Chijioke Okwuokenye, stated.
He added that AEDC is intentionally creating a workplace where merit, continuous learning, innovation and collaboration drive career progression, while employee wellbeing remains central to its long-term strategy.
By Adedapo Adesanya
Nigerian international lawyer and anti-corruption specialist, Mr Ibrahim James Pam, has been appointed Acting Director-General of the World Bank Group’s Compliance Advisor Ombudsman (CAO), a key independent accountability body within the institution.
The appointment, approved by the boards of the World Bank Group, will take effect on August 2, 2026.
Mr Pam, who currently serves as Chair of the World Bank Inspection Panel, will oversee the CAO on an interim basis pending the appointment of a substantive Director-General and Vice President of the World Bank Group Independent Accountability Mechanism.
The development was announced in a statement issued by the Head of Communications of the Compliance Advisor Ombudsman, Emily Horgan, who said the arrangement was designed to ensure continuity during the organisation’s leadership transition.
“In view of the forthcoming leadership transition at the Compliance Advisor Ombudsman (CAO), the World Bank Group Boards have designated Ibrahim Pam, Chair of the Inspection Panel, to concurrently serve as acting CAO Director General, effective August 2, 2026,” the statement said.
“Mr Pam will serve in this role until the new World Bank Group Independent Accountability Mechanism Director General/Vice President is appointed.”
The Compliance Advisor Ombudsman is the independent accountability mechanism for projects financed by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both members of the World Bank Group.
Created in 1999, the CAO reports directly to the boards of IFC and MIGA and handles complaints from individuals and communities affected by projects supported by the two institutions, while promoting environmental and social accountability.
Mr Pam, who is married with children and grandchildren, brings extensive experience in international law, anti-corruption, compliance, human rights and criminal investigations to the role.
He is the son of the late Lt. Col. James Pam, a former Adjutant General of the Nigerian Army, and Mrs Ngo Elizabeth Pam, a human rights advocate who served on the Human Rights Violations Investigation Commission, popularly known as the Oputa Panel, as well as the Plateau Peace Conference.
Over the years, Mr Pam has built a distinguished international career investigating human rights violations, financial crimes, fraud, institutional misconduct and mass atrocities across several jurisdictions.
He has served as a member of the World Bank Inspection Panel since January 2023. Prior to that, he was Head ad interim of the Independent Redress Mechanism of the Green Climate Fund in Songdo, South Korea, between August 2022 and March 2023, after leading the Fund’s Independent Integrity Unit from November 2016 to November 2022.
His professional experience also includes roles with the United Nations Office of Internal Oversight Services (OIOS), where he served as Resident Investigator with the UN Mission in South Sudan, the African Development Bank’s Integrity and Anti-Corruption Department, and the Office of the Prosecutor at the International Criminal Court in The Hague.
Earlier in his career, he provided legal support to Nigeria’s Human Rights Violations Investigation Commission (Oputa Panel) between 2000 and 2002.
A graduate of the University of Jos, Mr Pam began his legal career at J.Y. Pam & Co. before working in private legal practice, the banking sector and later the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
While at the ICPC, he received the prestigious Chevening Scholarship, which enabled him to earn a Master’s degree in International Law and Justice Policy from the London School of Economics in 2005
His appointment is expected to strengthen the World Bank Group’s accountability and oversight framework, given his extensive background in governance, integrity, compliance and international justice.
Jobs/Appointments
UNIZIK Appoints Nicholas Okoye Visiting Senior Lecturer, to Strengthen Digital Assets Education
Nnamdi Azikiwe University (UNIZIK) has appointed veteran investment banker and capital markets expert, Nicholas “Nicky” Okoye, as a Visiting Senior Lecturer in a move aimed at strengthening its capital markets and digital assets curriculum amid the growing global adoption of virtual assets and blockchain-based finance.
The appointment, which takes immediate effect, is expected to deepen the university’s capacity to train enterprise executives, entrepreneurs and policymakers in emerging areas such as cryptocurrencies, stablecoins, Central Bank Digital Currencies (CBDCs), tokenisation of real-world assets and other digital financial innovations.
UNIZIK, which hosts one of Africa’s few dedicated Capital Markets faculties, said the appointment aligns with its strategy of equipping students and professionals with the knowledge and practical skills required to navigate the rapidly evolving financial ecosystem.
The university, in its statement, described the appointment as a significant milestone for the institution.
“Securing someone of Nicky Okoye’s calibre is a game-changer. As global finance evolves, we must equip enterprise executives, entrepreneurs and policymakers with the technical knowledge required to build long-term capital formation strategies. His real-world experience is invaluable.”
Okoye brings decades of experience across global and Nigerian financial institutions. His career includes serving as a Financial Consultant at Merrill Lynch in the United States, Chief Strategy Officer at the Nigerian Exchange Group, and Founding Group Executive Director of Operations and Strategy at Transcorp Group Plc, where he led fundraising initiatives that collectively exceeded $1 billion.
He currently leads the Global Investment Advisory Community (GIAC), a coalition of local and international banks, asset managers and fintech firms working to develop a digital assets ecosystem across Africa and the Caribbean.
Beyond the private sector, Okoye has contributed to public policy, providing advisory support to the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on capital market regulatory frameworks.
Stakeholders in the financial services sector have welcomed the appointment, expressing optimism that his academic engagement would help build capacity among investors and professionals as Nigeria expands its digital finance ecosystem.
Okoye also holds an honorary Doctor of Business Administration from Enugu State University of Technology, awarded in recognition of his contributions to enterprise development and business excellence.
He previously served on the Presidential Jobs Board and the National Council of Small and Medium Scale Enterprises, where he provided strategic advice on economic development. Between 2014 and 2018, he advised the Nigeria Content Development and Monitoring Board (NCDMB) on Project Triple E, an initiative designed to strengthen indigenous participation in the upstream oil and gas value chain by integrating community-based contractors.
The appointment comes as Nigeria intensifies efforts to establish a robust regulatory framework for digital assets. The Federal Government recently inaugurated a National Virtual Assets Council to coordinate the oversight and regulation of virtual and digital assets in the country.
The council is chaired by the Central Bank of Nigeria, with support from the Securities and Exchange Commission and the Nigeria Revenue Service, as part of broader efforts to promote innovation while ensuring investor protection and financial system stability.
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