The Board of Directors of Stanbic IBTC Holdings Plc Monday announced the appointment of Mr. Basil Omiyi as the Chairman of the Board with effect from 15 May 2017 following the receipt of all required regulatory approvals.
Omiyi succeeds Mr. Atedo Peterside as the Chairman of the board following the latterâ€™s resignation as a Non-Executive Director and Chairman of the Board on March 31, 2017.
According to a notice to the Nigerian Stock Exchange and signed by the Company Secretary, Chidi Okezie, Omiyi, was appointed as a non-executive director on the board of the company in March 2015. He spent most of his career at Royal Dutch Shell in various roles both in Nigeria and Europe, including Head of Production Technology, Chief Petroleum Engineer, Managing Director of Shell Petroleum Development Company of Nigeria Limited, and ultimately country Chairman of Shell Nigeria.
He is currently an Independent Non-Executive Director on the Board of Seplat Petroleum Development Company Plc. He has also held a number of Board memberships and senior advisory positions including; Chairman of Greenacres Energy Limited, Chairman of the Nigerian Upstream Industry Group, Board member of the Nigerian Business Group of New Partnership for Africaâ€™s Development (NEPAD) and Nigerian Extractive Industry Transparency Initiative (NEITI), Chairman of the Oil and Gas Commission of the Nigerian Economic Summit Group (NESG), and member of the Presidential Advisory Council.
â€œThe board is confident that Omiyiâ€™s leadership would be instrumental in moving Stanbic IBTC forward,â€ the statement added.
Peterside had in announcing his resignation in an e-mail titled: â€œMoving on,â€ explained that having served as the Chief Executive Officer of IBTC from inception in 1989 and all the way up until the merger that created Stanbic IBTC Bank Plc in 2007 and as Chairman thereafter, he believed this is the ideal time for him to resign from the board of Stanbic IBTC Holdings and move on.
â€œWe have a strong tradition of careful succession planning at both Stanbic IBTC and the Standard Bank Group. I look forward to a new chapter where my interactions with Stanbic IBTC will be exclusively from the outside and/or from Johannesburg, i.e. looking in from the outside like every other parent company non-executive does when looking at all the Group subsidiary operations across the Africa regions.â€
According to him, the protracted dispute with the Financial Reporting Council (FRC) made him to stay on as Group Chairman in Nigeria for much longer than he would have liked, saying everything was on course for his planned departure in 2015 from the Stanbic IBTC Holdings Plc Board.