Nigerian oil firm Seplat says CEO to retire in July

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


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