The former Treasurer and Vice President of the World Bank, Arunma Oteh, has resigned her position as a Non-Executive Director in oil and gas company, Seplat Energy, after the Nigerian government threatened acquisition of oilfield.
Oteh was appointed in August 2020, but will be retiring from her position effective December 31, 2022. Seplat announced this on Thursday in a filing to the capital market, Nigerian Exchange Limited (NGX).
Prior to her appointment, she served as Treasurer of the World Bank, overseeing a $200 billion debt portfolio, and a $200 billion asset portfolio for the World Bank Group.
Oteh left the World Bank three years after joining in 2015, soon after the administration of President Goodluck Jonathan, under who she served as the Director-General of the Securities and Exchange Commission (SEC) between 2010 and 2015, left power.
Her resignation comes amid a setback faced by Seplat in the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. The deal is being blocked by the Nigerian government.
The Nigerian National Petroleum Company (NNPC) Limited plans to takeover the asset of MPNU, which is the shallow water business (crude field) jointly owned by the government corporation and ExxonMobil.
Despite Seplat stating that the interest of the NNPC doesn’t affect the acquisition deal it has with ExxonMobil, NNPC has gone to court to prevent the transfer of the shares, asset or property of MPNU to Seplat.
Meanwhile, speaking on the resignation of Oteh, Chairman of Seplat Energy, Basil Omiyi, said, “On behalf of the Board, Management and Staff, I would like to thank Ms. Oteh, OON for her immense contributions, strategic drive and the wealth of experience she brought to the Board especially in matters relating to corporate governance.”
He further stated, “Ms. Oteh demonstrated excellent commitment and passion about positioning Seplat Energy as a pacesetter in the global energy transition agenda. We wish her great success in her future endeavours.”
