FESTUS OKOROMADU, ABUJA
The Board of Directors of Seplat Energy Plc has revealed that some directors including the immediate past and current chairman earned over N1.285 billion from the company through contract execution during the 2022 financial year.
This is contained in a statement titled, “Publication of 2022 Annual Report, Notice of AGM and Amendment of Dividend Payment Date,” sent to the Nigerian Exchange Limited on Tuesday.
In line with full corporate governance ethics, the Board listed companies like Shebah Petroleum Development Company Limited owned by A.B.C. Orjiako, the immediate past chairman and Abbeycourt Trading Company Limited, owned by the current chairman, Basil Omiyi, as some of the beneficiaries.
The notice, which contains extracts of insider related deals under the headline, “Related party relationships and transaction,” said 6.43 percent shares of Seplat Energy Plc are owned directly or by entities controlled by the former chairman.
More facts on the shareholders’ related transactions carried out during the year, showed that SPDCL provided consulting services which amounted to $916,500 or N409.8 million.
However, the amount is less than $1.1 million or N45 billion transactions carried out by the same company in the corresponding period of 2021.
Another company, Amaze Limited, where A.B.C. Orjiako is a director and shareholder also provided consulting services to Seplat during the period totaling $1,457 or N651.3 million
According to Seplat, Abbeycourt Trading Company Limited, a firm where Omiyi, the chairman of Seplat has interest as a director and shareholder, was in charge of diesel supplies to Seplat’s rig operation during the year.
Consequently, the company earned a total of $222, 00 or N88.9 million for the supplies.
Other firms as detailed in the notice include: “Stage leasing (Ndosumili Ventures Limited): A subsidiary of Platform Petroleum Limited. The company provides transportation services to Seplat. This amounted to nil (2022: $278, 00 or N111.3 million). Payables amounted to nil (2021: $3, 200 or N1.3 million.
“Ubosi Eleh and Company (controlled by Director Ernest Ebi): The Company provided a leasehold property to Seplat. The amount during the period amounted to $53, 700 or N24 million,” Seplat disclosed.
