Brown Resumes as CEO, Shareholders express Optimism

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Shareholders of Seplat Petroleum Development Company Plc have expressed optimism that the new chief executive officer(CEO) of the company, Mr. Roger Brown, will improve on the fortunes of company and deliver more value to all stakeholders.

Roger, who was the chief financial officer (CFO) of Seplat, resumed office as CEO August 1, 2020, following the retirement of Mr. Austin Avuru after 10 years.

Speaking on the development, shareholders of the company were upbeat, saying given the experience of Brown, Seplat has very bright prospects.

One of the shareholders and National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, told THISDAY that the choice of Roger to replace Avuru is a perfect fit.

“ Brown, as a former CFO of Seplat for six years and a member of the board and as someone who played a key role in various asset acquisitions by Seplat, no doubt, will perform excellently in this capacity as CEO. Secondly, Brown is very familiar with the local and global oil business environment where Seplat operates and definitely the company will continue to be investors friendly despite the challenges caused to the oil industry by the Covid 19 pandemic. My advice to him is to ensure the liquidity, good cashflow, and ensure a strong balance sheet. With Brown the fortune of Seplat as a company will continue to be atop among its peers in the oil and gas sector,” Bakare said.

Brown joined Seplat in 2013 as the CFO and played a key role in the successful dual listing of the company in 2014 on both the London and Nigerian Stock Exchanges. Similarly, since joining Seplat, he has played significant roles in various asset acquisitions by the company as well as implementing the company’s financial business model.

Brown played critical roles in the company’s successful landmark deals, Initial Public Offering (IPO) and financial structure of debt and acquisitions, as well as increased returns to shareholders.

Already market analysts have said as the new CEO, Brown is expected to work towards reinforcing the company’s leading position in the energy sector.

“Seplat in line with its forward looking plans positions itself for a next phase growth ambition which would see the expansion of its footprint in terms of energy business activities, pursue offshore assets as well as opportunity driven entry into different geographies. Seplat corporate transition which saw Brown take over as CEO would require a different kind of organisational structure, people skills set and mentality to competitively position well in the expanded space,” an analyst said.

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