Seplat’s Purported Termination Of My Appointment Mischievous, Says Avuru

Austin Avuru, a former CEO of Seplat Energy, has responded to the purported termination of his appointment as  Non-Executive director on the board of company,  urging the public to discredit any publication regarding that.

Avuru made his response through a statement issued by his lawyers, Osaro Eghobamien and Folabi Kuti at Perchstone and Graeys, describing the publication and announcement as “grossly mischievous” and intended to malign and do “incalculable damage to his hard-earned reputation.”

The widely circulated statement published a few days to Christmas in which Seplat Energy alleged that its immediate past CEO had breached the company’s “corporate governance policies and his fiduciary duties”, sent shock waves across the global oil and gas industry where Avuru is seen as a highly respected professional and one of the more cerebral and intellectual oil men in the business.

A statement by the Director, External Affairs & Sustainability of Seplat, had on December 23 in a letter titled “Change on the Board of Seplat Energy”, announced the resignation of Austin Avuru.

Avuru co-founded and was pioneer CEO at Seplat Energy Plc and also facilitated the historic 2014 dual listing of the company on the London and Nigerian Stock Exchanges.

He advised the general public “to discountenance Seplat Energy’s publication of December 23, 2021” while his lawyers respond “to the fictitious allegations.”

Part of the statement by Avuru’s legal councils reads, “Our client had taken a dignified position on the issues leading to the ill-advised action. This is clearly evidenced by Seplat Energy’s letter dated January 9, 2021, confirming our client’s dignified position, and urging our client to act with confidentiality, which is customary to our client’s impeccable character.

“In a dramatic summersault and by letter dated December 22, 2021, received by our client at about 6 pm, Seplat Energy purports to terminate the appointment of our client from the Board.

“This was followed by a public announcement the next morning without as much even giving our client the opportunity to respond to a letter, content of which were otherwise grossly mischievous. We will immediately respond to the fictitious allegations, and reserve our client’s rights.

“The general public is hereby advised to discountenance Seplat Energy’s publication of December 23, 2021.”

Seplat Energy has been in the eye of the storm for months now with several Nigerian banks tackling its embattled chairman, ABC Orjiako over unpaid loans. The reputational damage from the chairman’s inability to service his loans led to Mr. Xavier Rolet, KBE, an independent non-executive director in Seplat Energy Plc, resigning from his position two days after a Federal High Court in Lagos, Nigeria granted Zenith Bank Plc interim orders of Mareva Injunctions against Shebah Exploration & Production Company Limited (SEPCOL), Shebah Petroleum Development Company Limited, owned by Dr. ABC Orjiako and others.

Even though Mrs Edith Onwuchekwa, Director Legal and Company Secretary at Seplat had noted in a November 9, 2021 statement that “The order has no impact on the operations of Seplat Energy” Rolet’s resignation is believed to have compelled ABC Orjiako to announce that he would step down from the board after the Annual General Meeting in May 2022 even though he is not due to retire until 2023.

It remains to be seen how this new chapter in Seplat’s boardroom saga unravels.