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Seplat, outgoing chairman, A.B.C Orjiako, to sign contractual agreement for new position

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ABC Orjiaku

The outgoing chairman of Seplat, A.B.C Orjiako, will sign a new contract with the oil and gas company after his retirement on Wednesday, a statement by the indigenous firm has disclosed.

Orjiako is scheduled to exit his position on May 18, and his replacement, Ernest Ebi, had already been announced in April. Ebi will hold the title of Independent Non-Executive Chairman.

Ripples Nigeria had previously reported that Seplat replaced Orjiako and former Chief Executive Officer, Austin Avuru, on its board, with Platform Petroleum Limited (PPL) Executive Director, Commercial, Kazeem Raimi replacing Avuru.

Seplat had confronted Avuru over violation of the company’s policies, leading to the termination of his contract with the firm. Seplat demanded PPL – which is a substantial investor in the firm, and owned by Avuru – offer his replacement on the board.

Orjiako’s retirement also came amid allegations that he benefited from the Malabu scandal involving Oil Prospecting Licence (OPL) 245.

In a new development to Orjiako’s exit, Seplat, on Monday, said it plans to enter into a contract with the outgoing chairman, but clarified that his duties after retirement wouldn’t conflict with that of Ebi.

The company explained that Orjiako would assist Seplat Energy with specific and essential external stakeholder engagements, which he is currently involved in.

“Further to the announcement made on November 17, 2021, Seplat Energy Plc confirms that Dr. A.B.C Orjiako will be retiring from the Board of the Company after the Annual General Meeting on 18 May 2022.

“The Company confirms that it is currently in discussions with Dr. Orjiako on how he would assist Seplat Energy Plc with specific and essential external stakeholder engagements he is currently involved in, which will continue beyond the date he steps down.

“To clarify, no contract has been finalised yet and the contractual role to be performed by Dr Orjiako, will not be in conflict with the role of the incoming Independent Non-Executive Chairman.

Read also: Seplat Energy replaces Avuru, Orjiakor on its board

“Assuming a contract is subsequently agreed, on signature, the Company will fully disclose the terms in accordance with regulatory requirements.

“An accelerated contractual payment, under Dr. Orjiako’s current service contract, will be made post AGM 2022, in line with the Shareholders’ approved Remuneration Policies and fully disclosed in the Company’s Directors Remuneration Report for 2022.” the statement reads.

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