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Seplat appoints Eleanor Adaralegbe as executive director/CFO

Seplat appoints Eleanor Adaralegbe as executive director/CFO

The Board of Directors of Seplat Energy has appointed Eleanor Adaralegbe as Executive Director effective May 1, 2024. She will also be the Chief Financial Officer effective May 21, 2024.

This was contained in the indigenous energy company’s notice to the Nigerian Exchange Limited seen by BusinessDay.

According to the board, Emeka Onwuka is set to retire as Executive Director of Seplat Energy effective May 1, 2024.

The board noted that as previously announced in the half-year 2023 financial results, Onwuka will also retire as the CFO of Seplat Energy effective May 21, 2024.

“To succeed Mr. Emeka Onwuka, the Board is pleased to announce the appointment of Mrs Adaralegbe Adaralegbe as an Executive Director on the Board effective May 1, 2024, and as the Chief Financial Officer effective May 21, 2024. This strategic decision aligns strongly with the Board’s Succession Forward Plan,” the board said.

According to the statement signed by Edith Onwuchekwa, Director of Legal/Company Secretary, Adaralegbe is an accomplished finance executive with over 30 years of expertise, particularly in the oil and gas industry.

A Mathematics graduate from the University of Nigeria Nsukka, she holds an MSc in Global Finance from BAYES Business School, City University of London, and completed the Advanced Management Program at Harvard Business School.

She is also a chartered accountant and a Fellow of the Institute of Chartered Accountants of Nigeria. Starting her career at Ernst & Young International, Adaralegbe has held significant roles including Vice President of Finance and CFO Designate at Seplat Energy PLC.

Her tenure at companies such as ConocoPhillips, Addax Petroleum, and Devon Energy has been marked by her leadership in financial strategy, control, and innovation.

Adaralegbe’s career achievements include leading finance and commercial operations at Devon’s Nigerian subsidiary, successfully negotiating a major gas plant buyback, and conducting the financial due diligence for a roughly $500 million acquisition on the London Stock Exchange.

She has also played a key role in capital raising and joint venture financing, in addition to pioneering improvements in business processes.

An advocate of diversity and inclusion, Adaralegbe has championed these values in the corporate world for over a decade. Her leadership efforts helped Seplat become one of Nigeria’s early adopters of the new IFRS S1 & S2 Sustainability Reporting Standards.

With a proven track record in complex negotiations and stakeholder management, Adaralegbe brings a strategic and forward-thinking approach to financial management and corporate governance, ensuring robust growth and compliance.

Commenting on the Board changes,  Udoma Udo Udoma, Chairman of Seplat Energy said: “On behalf of the Board, Management, and Staff, I would like to express my heartfelt gratitude to Mr. Onwuka for his immense contributions, wealth of experience, and a myriad of knowledge he brought to the Board since joining in August 2020.

“It is indeed our desire and wishes that he attains greater success and more wins in his future endeavours. It is also my pleasure to welcome Mrs Adaralegbe as an Executive Director on the Board and as the Chief Financial Officer of Seplat Energy.

“The Board is confident that her wealth of experience and expertise will be vital in steering Seplat Energy towards future success.”