Sub-Saharan
Atlantic Energy

Corporate Governance

This framework summarises the corporate governance structure, its entities, and practices of the Board of Directors of Subsaharan Atlantic Energy Ltd. The framework serves the interests of shareholders and other stakeholders, and it helps the board exercise its authority in accordance with the Subsaharan Atlantic Energy Ltd Code of Conduct, CAC (Corporate Affairs Commission), and CAMA (Companies and Allied Matters Act).

Governance Principles

Corporate governance is the set of processes, customs, policies, laws, and institutions that influence the way a corporation is directed, administered, or controlled. Principal stakeholders are the shareholders, management, and the board of directors. Other stakeholders include employees, suppliers, clients, banks and other lenders, regulators, and the community at large.

The leadership of a company sets direction, creates vision and excitement, aligns people, builds relationships and structures, motivates, and inspires. Subsaharan Atlantic Energy Ltd’s policies are designed to support its vision and leadership in corporate governance, corporate responsibility, and investor relations. We have established a policy framework to assist the board in exercising its responsibilities in the interest of our shareholders. We continually review and update these policies as best practices evolve in governance, corporate responsibility, and investor relations.

Our corporate governance is chiefly defined by seven key philosophies:

  • Ethical culture
  • Stewardship
  • Oversight of strategy
  • Oversight of risk
  • Independence
  • Continuous improvement
  • Accountability

The Board’s Role

  • Overall stewardship of Subsaharan Atlantic Energy Ltd
  • Decision-making and oversight of company management
  • Approval of financial statements

Founder/CEO

Bashir Suleiman Balami, B.Sc., M.CIoD is a Nigerian business executive and industry leader, serving as the Chairman and Chief Executive Officer of Subsaharan Atlantic Energy Ltd, an indigenous oil and gas company operating in Nigeria’s upstream sector. He provides strategic direction and executive oversight for the company’s exploration and production activities, with a focus on operational efficiency, asset optimization, and sustainable value creation.

Subsaharan Atlantic Energy Ltd holds a 30% participating and controlling interest in the Olure Field (PML 67) under a Joint Venture arrangement with Multiplan Nigeria Ltd, which holds 70%. This partnership reflects a robust technical and commercial collaboration designed to maximize hydrocarbon recovery while aligning with Nigeria’s local content and energy development priorities.

Bashir Suleiman Balami holds a Bachelor of Science (B.Sc.) degree in Sociology and Anthropology from the University of Maiduguri. He is a Member of the Chartered Institute of Directors of Nigeria (M.CIoD), underscoring his strong commitment to corporate governance, boardroom leadership, and executive excellence.

In addition to his role in the energy sector, he is the Chairman and Chief Executive Officer of Two Tribes Nig Ltd, a diversified company providing construction and general services. Through this platform, he has driven infrastructure development and delivered value across multiple sectors of the Nigerian economy.

Recognized for his strategic acumen, leadership discipline, and entrepreneurial vision, Bashir Suleiman Balami continues to play a pivotal role in advancing indigenous participation in Nigeria’s oil and gas industry while expanding his footprint in construction and allied services.

Corporate Governance Framework

The board of directors is responsible for setting our overall strategic direction and oversight of our senior management. It is also responsible for ensuring effective implementation and entrenchment of corporate governance best practices across the company.

The board consists of persons of diverse disciplines, skills, and experience—chosen on the basis of professional background, expertise, business exposure, integrity, as well as knowledge of the company’s business. Being a start-up, board responsibilities are constantly evolving and currently comprise the following:

  • Reviewing and approving the company’s strategic plans for implementation by management
  • Reviewing and approving the company’s financial statements
  • Reviewing and approving the company’s financial objectives, business plans, and budgets, including key capital allocations and expenditures
  • Monitoring corporate performance against strategic plans, operating and capital budgets
  • Implementing the company’s succession plans
  • Setting the tone for and supervising the corporate governance structure of the company, including corporate structure of the company and the board, and any changes in the strategic plans of the company
  • Assessing its own effectiveness in fulfilling its responsibilities, including monitoring the effectiveness of individual directors

For governance, the board of directors should play a role in the long-term strategy of Subsaharan Atlantic Energy Ltd; company values, culture, and “tone at the top”; the oversight of management; long-term performance; financial planning; audit process; risk oversight; compliance and integrity; compensation and performance goals; director nomination and evaluation; succession planning; and engagement with key stakeholders.

As we regularly review our governance structures against legal requirements and best practices, we hope to constantly ensure dialogue with investors through our annual reports, investor meetings, shareholder surveys, and engagement calls. Our engagement follows a holistic approach that meets both their financial and governance expectations.

 

Responsibilities of the Board include:

  • Fostering a culture of integrity
  • Establishing corporate governance structures, principles, and practices
  • Steering strategic planning
  • Identifying risks and overseeing risk management
  • Overseeing internal controls, communications, and public disclosure
  • Carrying out succession planning, evaluating performance, and approving compensation for senior management

Organisational Structure

We have adopted a flexible and decentralised organisational structure which promotes increased involvement of employees in the decision-making process, eliminates bureaucratic sludge, encourages freedom of expression, and fosters openness to new initiatives, shared learning, and mentoring. The organisational structure is dynamic and continuously evolving to improve company-wide efficiency as the business grows.

Our organisational structure is designed to allow continuous flow of information across the company. Our respect policy and rational persuasion encourage freedom of expression, creativity, and individuality. The quality of our operations is largely influenced by this structure because it promotes employee productivity and creativity, resource availability, effective logistics, and our core values.

Compliance at Subsaharan Atlantic Energy Ltd means we would not sacrifice our principles and values for short-term success. We continuously ensure we follow applicable laws related to our business and maintain sustainable trust and relationships with employees, shareholders, community leaders and all stakeholders.

Despite being a private liability company limited by shares, that is not necessarily required by any regulation to file its annual report, we prepare and make this available to shareholders as part of our controls and governance process. This is aimed at sustaining transparency to improve stakeholder confidence in our activities.

With the view to ensure all-round business process improvement, our organisational structure is segmented into four strategic directorates as follows:

  • Research and development
  • Technical operations and consulting
  • Business development
  • Corporate services and HR

This segmentation helps to create efficiency through:

  • Effective communication and planning
  • Clarity in influence and control structure
  • Elimination of role duplication and overlaps
  • Enhancement of job ownership and accountability
Shopping Basket