A. B. C. Orjiako to step down as Seplat Energy Chairman
Chairman, Board of Directors of Seplat Energy Plc, Dr. A.B.C. Orjiako will be stepping down from his position next year.
According to a statement from the company, Dr Orjiako notified the Board of Directors of his decision on November 17, 2021.
The statement, made available to Business News, explained that 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.
Orjiako's decision to step down came about one week after the resignation of Independent Non-Executive Director (INED) of Seplat Energy Plc, Mr. Xavier Rolet, KBE, from the Board of the company with effect from November 11, 2021, citing personal reasons
A Federal High Court in Lagos had recently granted Zenith Bank Plc, interim Mareva injunction orders against Sheba Exploration and Production, a company associated with Seplat Energy, mandating the latter and other related parties not to deal with the assets or transfer funds to Sheba Exploration, a firm in which Seplat Energy holds a significant stake.
The statement reads, “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”.
Orjiako was quoted as saying: “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.
Mr. Basil Omiyi, a Senior Independent Director of Seplat Energy plc, said: “On behalf of all members of the Board, I would like to thank Dr A.B.C. Orjiako for his immense contribution as a co-founder and Chair of Seplat Energy since inception.”
“He has been Chairman during both exciting and challenging times, and his dedication has been constant throughout. The Board and Management look forward to working with him during the transition period and we will miss his insight, expertise and leadership when he finally steps down in May.”