Article Summary
- Seplat Energy Plc is ready to move on from its recent challenges.
- The company has said it will embark on a recruitment process for a new Chairman.
- The recruitment process will be completed before the end of 2023.
Seplat Energy Plc has announced that it will embark on a recruitment exercise to find a new Board Chairman.
A statement signed by the current Board Chairman, Mr Basil Omiyi, a copy of which was obtained by Nairametrics, revealed that the company has developed a Board of Directors Succession Forward Plan to underpin the transition and business transformation envisaged over the next 12 months.
It also said the Company will embark on a recruitment process to run a search for the next Seplat Energy Chairman. A part of the statement read:
- “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 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 statement also said that the Chairman, Mr Basil Omiyi, and the Senior Independent Non-Executive Director, Dr. Charles Okeahalam, will both retire from the Board before the May 2024 Annual General Meeting.
Director resignation
The Company statement further revealed that an Independent Non-executive Director, Professor. Fabian Ajogwu, SAN, will step down from the Seplat Energy Board on 21 October 2023. Prof.
Ajogwu resigned from the Board citing recent events at the company and deliberate external interferences that 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.
Prof. Ajogwu has confirmed in writing his support for the steps the Company is taking to strengthen governance. Prof. Ajogwu 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.
Resolution of recent challenges
Last week, Seplat announced the withdrawal/discontinuance of the immigration case against the Company. It also said it is now focused on engagements with Nigeria’s Minister of Interior to bring closure to all outstanding issues. A part of the Company statement read:
- “The Board is fully committed to enhancing the corporate governance at the company and establishing a truly independent Board. Despite the recent targeted attacks aimed at derailing that process, the Board remains strong and resolute in completing the task. On 11 April, the Company published on its website its 2022 Annual Report in which it set out in the Chairman’s Statement and Governance Overview, the succession plan for the Board.”