…describes allegations against him as ‘spurious’

Seplat Energy Board has unanimously passed a vote of confidence on its embattled chief executive officer, Mr. Roger, describing allegations him as “spurious allegations, being vindictive reaction to the board’s enforcement of corporate governance standards.”

Last week, a Federal High Court in Lagos issued an interim order restricting Mr. Roger Brown from everyday running and management of the company as the chief executive, either by himself or by proxies or agents

The court said the situation would suffice until a decision is reached on a motion by some stakeholders on notice for interlocutory injunction.
The petitioners involved are Moses Igbrude, Ajani Abidoye, Sarat Kudaisi, Robert Ibekwe and Kenneth Nnabike. They prayed for the court to grant an order restraining the board chairman Mr. Basil Omiyi, and all independent non-executive directors of Seplat Energy from running the company’s affairs “in an illegal, unfairly, prejudicial and oppressive manner pending the hearing and determination of the petitioners’ motion on notice for interlocutory injunction.”

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The company said it “it believes these allegations are a spurious and vindictive reaction to the board’s enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the company.

“The board of Seplat Energy has unanimously passed a vote of confidence in Mr. Brown as the CEO. The interim orders are premised on allegations of unfair, prejudicial, and offensive acts by the chairman, CEO and all of the independent non-executive directors (INEDs) of Seplat Energy,” the statement signed by the board chairman, Mr. Omiyi stated

“Since Mr. Brown became CEO in 2020, Nigerian nationals have been appointed to the company’s most important positions, including chairman, senior independent non[1]executive director, chief financial officer and chief operating officer.

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“The order allows the chairman, Mr. Basil Omiyi, and all the INEDs of Seplat Energy to continue running the affairs of the company on the basis that it is in accordance with Nigerian law. Mr. Brown has delegated authority to Mr. Samson Ezugworie, chief operating officer, to act as CEO during the period that he is required to step back from his executive duties,” Seplat Energy said

The company however said that it would follow due process of law in responding to the allegations before the courts. At the same time, the company will continue to maintain its operational excellence and act in line with the best corporate governance standards.

By Ken Okoye

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