Seplat discloses $1.98 million pay for CEO Roger Brown as part of board remuneration report

Seplat Energy has revealed that Roger Brown, its Chief Executive Officer, earned $1.98 million in total remuneration for the financial year ended December 2024, according to the company’s Annual Report on Remuneration.

The disclosure, part of Seplat’s wider corporate governance filing ahead of its 2025 Annual General Meeting, details both executive and non-executive pay across the company’s leadership team.

Brown’s $1.98 million package reflects fixed pay, performance-related bonuses, and long-term incentive awards. His remuneration is tied to key performance indicators (KPIs), including financial performance, progress on sustainability targets, and governance improvements metrics designed to align executive pay with shareholder interests.

Other Executives Remuneration

The report also confirms that Seplat’s Chief Financial Officer, Emeka Onwuka, received $1.52 million over the same period, while non-executive directors, including Board Chairman Basil Omiyi, were paid annual fees ranging from $120,000 to $185,000, depending on committee roles and additional responsibilities.

Non-executive remuneration is fixed and cash-based, with no performance-linked components, consistent with international governance codes.

The highest-paid non-executive director, Basil Omiyi, received $185,000, while other board members, including Dr. Charles Okeahalam (Chair of the Remuneration Committee) and Prof. Fabian Ajogwu SAN, earned $150,000 to $170,000, reflecting their committee work and governance responsibilities.

The report, signed by Roger Brown and Emmanuel N. Otokhine, Seplat’s Company Secretary, emphasised that the company’s remuneration philosophy is designed to attract and retain high-calibre leadership talent, particularly given the technical and regulatory complexities of operating in Nigeria’s oil and gas sector.

Seplat’s dual listing on both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE) means its pay policies are benchmarked against both local and international peers, ensuring they remain competitive while also complying with the Nigerian Code of Corporate Governance and UK governance expectations.

However, the remuneration report is likely to face scrutiny from institutional investors, many of whom have previously raised governance concerns at the company. Shareholders are expected to question the alignment between executive pay and Seplat’s financial performance, particularly as Nigeria’s regulatory environment places increasing pressure on companies to demonstrate transparency and responsible governance.

With the 2025 AGM approaching, the pay disclosures will form a key part of broader governance discussions, as Seplat’s leadership seeks to rebuild investor confidence following recent boardroom controversies and ongoing legal disputes.

Subscribe to Notifications