May 17, (THEWILL) – Seplat Energy Plc has confirmed the retirement of Dr A.B.C Orjiako from the board of the company, after the Annual General Meeting (AGM) scheduled to be held on May 18, 2022.
This was stated in a disclosure signed by the Chief Financial Officer, Mr Emeka Onwuka and filed with the Nigerian Exchange (NGX).
According to the company, the outgoing Chairman is actively discussing how he may support Seplat Energy Plc with specific and important external stakeholder engagements that he is currently involved in, which will continue after he stands down.
The disclosure also stated that no contractual agreement has been made yet. However, the contractual role to be performed by Dr Orjiako will not conflict with the role of the incoming Independent Non-Executive Chairman.
The statement reads, “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.”
It further stated that under Dr Orjiako’s existing service contract, an accelerated contractual payment will be provided following the AGM, in accordance with the Shareholders’ approved Remuneration Policies and fully revealed in the Company’s Directors Remuneration Report for 2022.
If a contract is eventually reached, the Company will fully disclose the terms upon signature in compliance with regulatory obligations, the disclosure said.
Dr Orjiako, a qualified orthopaedic and trauma surgeon, is a Co-Founder of Seplat Energy Plc, formerly known as Seplat Petroleum Plc.
He ventured into business soon after graduation and has developed extensive experience in the Nigerian oil and gas sector, having established and managed various companies in the upstream, downstream, and oil services sectors through companies such as: Abbeycourt Trading Company Ltd, Abbeycourt Energy Services Ltd, Zebbra Energy Ltd and Shebah Exploration and Production Company Ltd.
Dr Orjiako is also the Chairman of Neimeth Pharmaceutical International Plc, which is listed on the Nigerian Stock Exchange (‘NSE’).
By invitation of the London Stock Exchange, he became a founding member of the London Stock Exchange Group’s Africa Advisory Group (‘LAAG’), a select group working to resolve the commercial and social issues affecting Africa.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
