BY CAROLINE AMOSUN
Nigeria’s leading indigenous energy company, Seplat Energy Plc, has unveiled its board succession plan as it aims to enhance corporate governance and establish an independent board.
This comes after the company withdrew the immigration case against some of its directors and officers, with a renewed focus on engaging the Minister of Interior to resolve all outstanding issues.
In a statement released on Monday, the company revealed that the Chairman, Basil Omiyi, and the Senior Independent Non-Executive Director, Charles Okeahalam, are to retire from the Board before the May 2024 Annual General Meeting as part of its succession forward plan.
The company said it will commence an immediate recruitment process to find the next Chairman, with Independent Non-Executive Directors also evaluated for the position in line with the Companies and Allied Matters Act.
In addition to this, Professor Fabian Ajogwu, SAN, an Independent Non-Executive Director, will be resigning from the Board of Seplat Energy on 21 October 2023.
In his resignation letter, Ajogwu cited recent events and external interferences that have hindered him from fulfilling his fiduciary and statutory duties to the highest standards of corporate governance he has subscribed to.
Despite his resignation, Ajogwu has expressed his support for the company’s efforts to improve its governance and his disappointment towards those who have attempted to damage Seplat Energy and impede its progress towards achieving its corporate governance goals.
According to the announcement, Seplat Energy remains resolute in its commitment to improving corporate governance despite the several attacks aimed at derailing the process.
The company said it is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds.
It is also a leading supplier of gas to the domestic power generation market.
