- Lagos and London listed oil company Seplat Petroleum Development Company said chief executive Austin Avuru would retire in July after 10 years leading the company.

He would be replaced by Roger Brown, who had been the company's chief financial officer since 2013.

Seplat said it was planning to position itself for a next phase growth ambition, which would see the expansion of its footprint in terms of energy business activities, a plan to pursue offshore assets and a potential entry into new geographies.

'The company believes that such a corporate transition would require a different kind of organizational structure, people skills set and mentality to compete well in the expanded space,' it said.

'In view of this, Seplat will be reviewing its current organizational and systems structure.'

At 9:29am: [LON:SEPL] Seplat Petroleum Dev Company Plc share price was +0.5p at 122p

Story provided by