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Nigerian executive Emeka Onwuka, who presently serves as the chief financial officer (CFO) of Seplat Energy — Nigeria’s leading energy provider — received a $1.55-million compensation package from the leading energy group in 2022.
For Onwuka, who assumed the role at Seplat Energy in August 2020, his 2022 compensation package signifies a noteworthy 7.78-percent uptick from the preceding year’s $1.4 million, underscoring the progress achieved by the conglomerate during the period under review.
His compensation includes a base salary of $0.72 million, supplemented by a performance-based short-term incentive of $0.47 million. Additionally, he received a long-term incentive of $0.2 million, underscoring his contributions to the success of Seplat Energy.
Seplat CFO Onwuka: A 30-year financial maestro in Sub-Saharan Africa
Seplat Energy, a key player in Nigeria’s energy sector, holds a prominent position as the country’s leading independent energy company. Listed on both the Nigerian Stock Exchange and the London Stock Exchange, Seplat is driving Nigeria’s shift towards sustainable and affordable energy solutions, influencing Africa’s largest economy.
Onwuka, Seplat’s CFO since August 2020, boasts more than 30 years of financial services expertise in Sub-Saharan Africa. Instrumental in the 2018 merger of Access Bank and Diamond Bank, Onwuka held leadership roles at Diamond Bank and Enterprise Bank before joining Seplat, including a partnership at Andersen Tax Nigeria.
Onwuka’s shares in Seplat cement his status as high-value Nigerian Exchange investor
Under Onwuka’s leadership, Seplat Energy witnessed impressive financial growth. Profits surged by 62.96 percent, climbing from $285.19 million in 2021 to $464.74 million in 2022. Total assets increased by 11.82 percent, reaching $3.54 billion from $3.16 billion in 2021. The company’s revenue also soared by 69.91 percent, reaching $951.79 million from $733.19 million.
In addition to his executive role, Onwuka holds a 0.0046-percent stake in Seplat, equivalent to 26,864 shares valued at $0.68 million, aligning his personal interests with the company’s success — this stake makes him one of Nigerian Exchange’s high-value investors.
