The Board of Seplat Energy has announced the termination of the contract of appointment of Mr. Austin Avuru, a Non-Executive Director with the energy firm.
In a notice signed by the Director, Legal/Company Secretary, Mrs Edith Onwuchekwa, Seplat said the termination was with effect from 22nd December 2021, citing 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,” it noted.
“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.”
This is coming about a month after Seplat announced that its co-founder and pioneer Chairman, Dr. Ambrose B.C. Orjiako, stepped down as Chairman and from the Board of Directors of Seplat Energy Plc at the next Annual General Meeting (AGM) in May 2022. To ensure an orderly transition, the company said Dr Orjiako will remain the Chairman of Seplat Energy until the AGM, when he will be succeeded by an Independent Chairperson in line with Seplat Energy’s succession plan.
Orjiako has been Chairman of the Group since 2009. The firm was listed on the Nigerian Exchange and the Main Board of the London Stock Exchange in 2014.
Attempts to reach Mr Avuru for a reaction did not yield result as call to his telephone line was not taken and a text message not responded to.
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