Boardroom Crisis Brews In Seplat Energy Resources

Boardroom crisis is brewing in Seplat Energy, following the abrupt resignation of its erstwhile Chairman, Dr A.B.C. Orjiako without reason and the latest sack of Mr. Austin Avuru as Non-Executive Director for alleged “breaches of the Company’s corporate governance policies and his fiduciary duties”

Dr. Orjiako’s resignation from the Seplat Energy Resources board and the sack of Mr. Avuru occurred within a month’s space without further details.

According to latest statement from Seplat office, “The Board of Seplat Energy announces that it terminated the contract of appointment of Mr. Austin Avuru as a Non-Executive Director on 22^nd December 2021, due to breaches of the Company’s corporate governance policies and his fiduciary duties.

“The Board has called for his resignation as a Director of Seplat Energy. In line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Limited has been asked to nominate a candidate for his replacement on the Board, and a further announcement will be made in due course.”

Also in an earlier statement, Seplat Energy Plc announced the decision of its Chairman, Dr. A.B.C. Orjiako to step down as Chairman and from the Board of Directors of Seplat Energy Plc.

“Dr Orjiako notified the Board of Directors of his decision today, November 17, 2021.  In order to facilitate an orderly transition Dr Orjiako will remain as Chairman until the next Annual General Meeting in May 2022, when an Independent Chairperson will take over.”

Dr A.B.C. Orjiako is the co-founder and pioneer of Seplat Energy. Since 2009, as Chairman of the Seplat Energy Group, Dr. Orjiako has taken the Company through a number of acquisitions and was the driving force behind Seplat Energy becoming the first and only Nigerian corporate to dual list on the Nigerian Stock Exchange and the Main Board of the London Stock Exchange in 2014. 

The Board of Seplat Energy thanked its Chairman for his strategic vision, drive and limitless energy to create Nigeria’s leading indigenous independent energy company.

Dr. A.B.C. Orjiako, Chairman of Seplat Energy plc, commented: “The past twelve years at Seplat Energy have been exhilarating for me.  As Chairman, I am proud that the Board, Management and entire Staff of Seplat Energy were able to achieve several enviable milestones and exceptional successes, notably the acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants and the dual listing on both the Nigerian and London Stock Exchanges – a first by a Nigerian company”.

“While there were challenges along the way, we overcame these by the special grace of God, the outstanding performance and professionalism of each member of the Board and Management, and the sterling efforts of our staff.  I will continue to give my utmost energy and commitment to the Company until I step down from the Board at the next AGM,” he said.