Shareholders ask Tinubu to probe Seplats’ breach of governance code

The Independent Shareholders Association of Nigeria (ISAN) have called on President Bola Ahmed Tinubu to direct the Financial Reporting Council of Nigeria (FRC) and Security and Exchange Commission (SEC) carry out thorough investigation into the breach of corporate governance codes by Seplat Energy in order to save investments of Nigerians and international investors from going down the drains.

They made the call yesterday at a Press briefing in Abuja which was jointly held with a non-governmental organisation, Make a Difference Initiative (MADI)

Addresing the media, Comrade Moses Igbrude noted that SEPLAT had disobeyed standard governance code which is why the Corporate Affairs Commission has up till date refused to recognize the resolution of its last Annual General Meeting

“As we speak now, the Corporate Affairs Commission (CAC) does not recognise the resolutions passed during the controversial May 10 2023  AGM, yet they are operating as if everything is normal.

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“We also urge the President to institute a probe panel composed of the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other relevant bodies to investigate the circumstances surrounding the so-called N16bn legal fees and other related matters in Seplat Energy PLC.