Seplat Shops For New Chairman As Director Resigns Amid Crisis

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Amid Seplat Energy Plc’s management crisis, the company has announced that it is searching for a new Chairman who will replace Basil Omiyi.

An Independent Non-executive Director, Prof. Fabian Ajogwu has also resigned from Seplat, citing recent events and interferences which has frustrated his duty in Seplat.

Seplat made the disclosure on Tuesday in a regulatory filing seen by THE WHISTLER.

This is coming two weeks after Seplat announced that the Federal Government has dropped the immigration case against Roger Brown, its Chief Executive Officer alongside other directors of the company.

It was earlier reported that Brown’s work permit and Visa were withdrawn by the Nigerian government over his alleged racism and inappropriate treatment of Nigerian workers.

Seplat said, “The Chairman, Mr. Basil Omiyi, CON and the Senior Independent Non-Executive Director (SINED), Dr. Charles Okeahalam, will both retire from the Board before the May 2024 Annual General Meeting.

“The Company will embark immediately on a recruitment process to run a search for the next Seplat Energy Chairman. As part of that process, the Independent Non-Executive Directors of the Board who qualify to be Chairman of the Company will also be evaluated.

“This is in line with the Companies and Allied Matters Act (“CAMA”) whereby, the successor Chairman must already be a Director of the Company and will be voted in by the other directors by a simple majority.

“We expect the recruitment process to be completed before the end of 2023, with the Chairman’s election to follow thereafter.

“The Board also announces that an Independent Non-executive Director, Professor. Fabian Ajogwu, SAN, OFR, will step down from the Board on 21 October 2023. Prof. Ajogwu resigned from the Board citing recent events and deliberate external interferences which have prevented him from effectively discharging his fiduciary and statutory duties as an Independent Non-Executive Director to the highest standards of corporate governance he has written and subscribed to.

“He has confirmed in writing his support for the steps the Company is taking to strengthen governance. He has also made known his dismay over the actions of those who have tried to damage Seplat Energy and derail its efforts to improve corporate governance.”

The company said, looking ahead at the likely completion timetable for the ongoing proposed acquisition, the business restructuring activities and the time needed to strengthen its governance.

“The Company has developed a Board of Directors’ Succession Forward Plan to underpin the transition and business transformation envisaged over the next 12 months,” said Seplat.