Injunction: Dr A.B.C Orjiako To Step Down As Chairman Of Seplat Energy

Dr. Orjiako

 

By Chidi Emenike

Dr Ambrose Bryant Orjiako, popularly known as A.B.C Orjiako, will step down as Chairman from the Board of Directors of Seplat Energy Plc, at the next Annual General Meeting (AGM) scheduled to hold in May 2022.



This is according to a press release issued by the energy giant and signed by its secretary, Mrs Edith Onwuchekwa, made available on the website of the Nigerian Exchange Limited (NGX).


According to the recent disclosure, Dr A.B.C Orjiako will remain the Chairman of Seplat Energy until the next AGM, when he will be succeeded by an independent Chairperson in line with Seplat Energy’s succession plan.


Coincidentally, the decision for the pioneer of the company to step down is coming weeks after the controversial Mareva Injunction recently issued by the Federal High Court in Lagos, restricting him from accessing the accounts and assets of Seplat Energy.


Dr. Orjiako was appointed as Chairman of the Group in 2009, and has since led the transformation of the company into a globally respected energy firm. Some of his notable achievements include instilling best practice corporate governance and significant growth through several successful acquisitions.



He was also the driving force behind Seplat Energy becoming the first and only Nigerian corporate to dual list on the Nigerian Exchange and the Main Board of the London Stock Exchange in 2014.


In view of this, the Board seized the opportunity to thank the Chairman for his strategic vision, drive and limitless energy.


Commenting on the recent development, the outgoing Chairman, Dr Orjiako, said: “The past twelve years of Seplat Energy’s existence have been phenomenal 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.”


Commenting on the other hand, a Senior Independent Director of Seplat Energy Plc, Mr Basil Omiyi, said: “On behalf of all members of the Board and Management, 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 exciting times and his dedication has been constant throughout. The Board looks 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 2022.”