REG - Seplat Energy PLC - Board Succession & Director Intention to Resign

Seplat EnergyAnnouncement

25/04/2023 08:00

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RNS Number : 3575X  Seplat Energy PLC  25 April 2023

 

 

 

 

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

 

Board Succession Strategy and Intention of Director to Resign.

 

 

Lagos and London - 25 April 2023: On the 20th April, Seplat Energy announced
the withdrawal/discontinuance of the immigration case against the Company,
some of its Directors and officers, and is now focused on engagements with the
Minister of Interior to bring closure to all outstanding issues.

 

The Board is fully committed to enhancing the corporate governance at the
company and establishing a truly independent Board. Despite the recent
targeted attacks aimed at derailing that process, the Board remains strong and
resolute in completing the task. On the 11 April, the Company published on its
website its 2022 Annual Report in which it set out in the Chairman's Statement
and Governance Overview, the succession plan for the Board.

 

Looking ahead at the likely completion timetable for the ongoing proposed
acquisition, the business restructuring activities and the time needed to
strengthen its governance, the Company has developed a Board of Directors'
Succession Forward Plan to underpin the transition and business transformation
envisaged over the next 12 months. The Chairman, Mr. Basil Omiyi, CON and the
Senior Independent Non- Executive Director (SINED), Dr. Charles Okeahalam,
will both retire from the Board before the May 2024 Annual General Meeting.

 

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 ("CAMA") 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 complet ed before the end of 2023, with
the Chairman's election to follow thereafter.

 

The Board also announces 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 and
deliberate external interferences which have prevented him from effectively
discharging his fiduciary and statutory duties as an Independent Non-Executive
Director to the highest standards of corporate governance he has written and
subscribed to. He has confirmed in writing his support for the steps the
Company is taking to strengthen governance. He has also made known his dismay
over the actions of those who have tried to damage Seplat Energy and derail
its efforts to improve corporate governance.

 

This announcement is made further to the Company's announcement of 13 March
2023 and pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015
(Issuer's Rule).

 

 

 Responsibility for publication

 

This announcement has been authorised for publication by Mr. Basil Omiyi,
Independent Chairman, on behalf of the Board of Seplat Energy PLC.

 

Signed:

Mr. Basil Omiyi CON

Board Chairman

 

Enquiries:

 

 Seplat Energy Plc
 Edith Onwuchekwa, Director Legal/Company Secretary  +234 1 277 0400

 

 FTI Consulting
 Ben Brewerton / Christopher Laing            +44 203 727 1000

                                              seplatenergy@fticonsulting.com (mailto:seplatenergy@fticonsulting.com)

 Citigroup Global Markets Limited
 Tom Reid / Luke Spells                       +44 207 986 4000

 Investec Bank plc
 Chris Sim / Charles Craven / Jarrett Silver  +44 207 597 4000

 

 

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed
on the Nigerian Exchange Limited  (NGX: SEPLAT) and the Main Market of the
London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through
participation in asset divestments by international oil companies, farm-in
opportunities, and future licensing rounds. The Company is a leading supplier
of gas to the domestic power generation market. For further information please
refer to the Company website, http://seplatenergy.com/
(http://seplatenergy.com/)

 

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