English>

MarketNews

Nigerian oil firm Seplat says CEO to retire in July - REUTERS

NOVEMBER 18, 2019

LAGOS, Nov 18 (Reuters) - The chief executive officer of
Seplat will retire in July and will be replaced by
the chief financial officer, the Nigerian oil company said on
Monday.

Austin Avuru, who was managing director before becoming CEO,
will retire after 10 years at the helm, it said in a statement.

The company said Roger Brown, the CFO for the last six
years, had been chosen by the board to take over as CEO when
Avuru steps down on July 31.

The company, which has dual listings in Lagos and London
, has focused heavily on gas investments, drilling and
acquisitions to boost output with the aim of tapping into demand
for electricity. It supplies about 30% of the gas required for
power generation in Nigeria.

Seplat said it planned to expand its energy business
activities, which included pursuing offshore assets. It said
this would require a review of the company's structure.

"The board also decided that the CEO designate will lead the
restructuring during the transition period between now and final
exit date of Mr. Avuru," Seplat said.

(Reporting by Alexis Akwagyiram and Libby George; Editing by
Edmund blair)

SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics