Report Chronicles Seplat’s Rise, Power Struggles and Succession
Oluchi Chibuzor The Debriefing, a publisher of deep-dive corporate profiles, has released the second edition in a series of long-form histories of the companies that shape Nigeria’s economy. Board Games:
The Debriefing, a publisher of comprehensive corporate histories, has released the second edition of its series focused on Nigeria's largest independent oil company, Seplat Energy. Titled "Board Games: White Knights and Dark Strategies at Seplat Energy", the book chronicles the company's journey from its founding in 2009 by ABC Orjiako and Austin Avuru to its current position as the leading indigenous oil producer.
The story also highlights the significant role of French company Maurel & Prom in the company's early success, as well as the shifts in control and succession that have occurred over the years.
The book focuses on the company's growth and the challenges it faced during its development. It also provides an in-depth look at the governance structure that was put in place to prevent any single large shareholder from wielding arbitrary power. The new edition maps out the full sequence of events in a two-page chart, illustrating the company's transformation and its impact on the Nigerian oil sector.
The edition covers the company's financial performance, strategic acquisitions, and the role of key individuals in shaping its trajectory. It also delves into the company's plans for the future, including its goal of increasing production to 200,000 barrels of oil equivalent per day by 2030. The book draws on a variety of sources, including the company's prospectus, stock exchange announcements, and regulatory filings, to provide a comprehensive and accurate account of Seplat Energy's rise and the dynamics that have shaped it.
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