Saidu Mohammed has withdrawn from a planned appointment to the board of Seplat Energy after President Bola Tinubu named him chief executive of Nigeria’s midstream and downstream oil regulator.
Seplat said on Monday that Mohammed stepped aside because holding both roles would create a conflict of interest.
The company had announced on December 17 that Mohammed would join its board as an independent non-executive director from January 1. Later the same day, Tinubu nominated him as chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The NMDPRA regulates fuel distribution, pricing and infrastructure across Nigeria. Running the agency while serving on the board of an oil company would place Mohammed on both sides of the industry.
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In a statement signed by company secretary Edith Onwuchekwa, Seplat said it received formal notice of Mohammed’s decision to withdraw from the appointment.
Mohammed replaces Farouk Ahmed, who resigned earlier this year following allegations of corruption and economic sabotage. Ahmed has denied the allegations.
The Senate confirmed Mohammed’s appointment on December 19.
Seplat said it would announce a replacement for the vacant board position at a later date.
Lawmakers also confirmed Oritsemeyiwa Eyesan as head of the Nigerian Upstream Petroleum Regulatory Commission, completing a reshuffle of Nigeria’s top oil regulators.
