The top energy firm in Nigeria, Seplat Energy, gave Emeka Onwuka, who is currently the chief financial officer (CFO) of the company, a remuneration package of $1.55 million in 2022.
Onwuka began working at Seplat Energy in August 2020. His 2022 salary package is a 7.78-percent increase from the previous year’s $1.4 million, highlighting the advancements made by the company during the period in question.
His pay consists of a $0.72 million base salary plus a $0.47 million performance-based short-term bonus. He also got a $0.2 million long-term reward, which highlighted his contributions to Seplat Energy’s performance.
Seplat Energy is a major participant in Nigeria’s energy industry and is the top independent energy provider in the nation. Seplat, which is listed on the London Stock Exchange and the Nigerian Stock Exchange, is a leading force behind Nigeria’s transition to more cost-effective and sustainable energy solutions, having an impact on the largest economy in Africa.
Onwuka has been the CFO of Seplat since August 2020 and has over 30 years of experience in the financial services industry in Sub-Saharan Africa. Before joining Seplat, Onwuka had executive positions at Enterprise Bank and Diamond Bank, as well as a partnership at Andersen Tax Nigeria. She was a key player in the 2018 merger of Access Bank and Diamond Bank.
Under Onwuka’s direction, Seplat Energy had significant revenue expansion. Between 2021 and 2022, profits increased by 62.96 percent to $285.19 million and $464.74 million, respectively. The total assets climbed from $3.16 billion in 2021 to $3.54 billion in 2022, an increase of 11.82 percent. Additionally, the company’s revenue increased by 69.91 percent, from $733.19 million to $951.79 million.
In addition to his managerial position, Onwuka is a high-value investor on Nigerian Exchange with a 0.0046-percent stake in Seplat, or 26,864 shares worth $0.68 million. This aligns his personal interests with the company’s success.
