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Saidu Mohammed Steps Down from Seplat Energy Board Following New Regulatory Appointment
Saidu Mohammed has officially withdrawn from his anticipated role on the board of Seplat Energy after being appointed by President Bola Tinubu as the chief executive officer of Nigeria’s Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Conflict of Interest Prompts Withdrawal
Seplat Energy announced on Monday that Mohammed chose to step aside to avoid any conflict of interest that would arise from simultaneously holding a regulatory position and a directorship in an oil company. The company had initially declared on December 17 that Mohammed would join its board as an independent non-executive director starting January 1. However, later that day, President Tinubu appointed him to lead the NMDPRA.
Role and Responsibilities of NMDPRA
The NMDPRA is tasked with overseeing the regulation of fuel distribution, pricing, and infrastructure development throughout Nigeria’s midstream and downstream oil sectors. Holding a leadership role in this agency while serving on the board of an oil producer would place Mohammed in a position of conflicting interests, balancing regulatory oversight with corporate governance.
Transition in Leadership Amid Sector Challenges
Mohammed succeeds Farouk Ahmed, who stepped down earlier this year amid allegations of corruption and economic sabotage-claims Ahmed has consistently denied. The Nigerian Senate confirmed Mohammed’s appointment on December 19, signaling a significant leadership change within the country’s oil regulatory framework.
Seplat Energy’s Next Steps
Seplat Energy has confirmed it will announce a new appointment to fill the vacant board seat in due course, ensuring continued governance and oversight within the company.
Broader Regulatory Reshuffle
In addition to Mohammed’s appointment, the Senate also confirmed Oritsemeyiwa Eyesan as the head of the Nigerian Upstream Petroleum Regulatory Commission, completing a comprehensive reshuffle of Nigeria’s top oil sector regulators. This restructuring aims to strengthen governance and oversight amid ongoing sector reforms and market volatility.
Oluwatosin Ogunjuyigbe
Oluwatosin Ogunjuyigbe is a seasoned journalist and writer specializing in business, finance, and technology. He is dedicated to demystifying complex economic developments in Nigeria through insightful and engaging storytelling.
