Seplat announces ‘retirement’ of Basil Omiyi as Chairman
Seplat Energy Plc has announced that it will embark on a recruitment exercise to find a new Board Chairman as part of its plans to move on from recent challenges.
According to a press release seen by journalists, the Chairman, Mr. Basil Omiyi, CON, and the Senior Independent Non-Executive Director (SINED), Dr. Charles Okeahalam, will both retire from the Board before May 2024 Annual General Meeting.
Mr. Omiyi was appointed after the resignation of the long-time Chairman, Dr. ABC Orjiakor in May 2022.
A statement signed by the current Board Chairman, Mr. Basil Omiyi 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 Board also announced that an Independent Non-executive Director, Professor Fabian Ajogwu, SAN, OFR, will step down from the Board on 21 October 2023. Prof. Ajogwu resigned from the Board citing recent events.
The decision for the Chairman to resign follows a series of boardroom challenges faced by the company over the last year. Just last month, the company terminated the consultancy contract of its former Chairman, Dr. ABC Orjiakor.
A press statement explained that the company decided to terminate the contract due to repeated corporate governance breaches of a material nature.
Dr. ABC Orjiako denied any wrongdoing, in a strongly worded letter.
However, people with knowledge of the matter opine the decision may be connected with the squabble between the former chairman and Mr. Basil Omiyi who has now agreed to retire after just one year as Chairman.
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 Federal High Court sitting in Lagos had vacated the ex parte interim orders against Seplat, its Chief Executive Officer, and its Board Chairman.
