Ex-World Bank VP, Arunma Oteh, resigns from Seplat, amid setback in ExxonMobil deal

After the Nigerian government threatened to seize an oilfield, Arunma Oteh, a former World Bank vice president and treasurer, resigned from her role as a non-executive director at Seplat Energy.

Oteh was appointed in August 2020; nevertheless, she will be leaving her job on December 31, 2022. Seplat made this announcement on Thursday in a filing to the Nigerian Exchange Limited, a stock market (NGX).
She previously held the position of World Bank Treasurer, where she was responsible for the World Bank Group’s $200 billion debt and $200 billion asset portfolios.

Oteh joined the World Bank in 2015 and resigned three years later, shortly after President Goodluck Jonathan’s government.

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.”