REG - Seplat Energy PLC - Corporate Update

Seplat EnergyAnnouncement

10/03/2023 11:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230310:nRSJ6035Sa&default-theme=true

RNS Number : 6035S  Seplat Energy PLC  10 March 2023

 

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

 

Corporate Update

 

Lagos and London - 10 March 2023: Seplat Energy Plc reports that on March 9,
2023, it was served with court processes and ex-parte Interim Order of the Hon
Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the
Chief Executive Officer, Mr. Roger Brown from participating in the running of
the Company for a period of 7 days.

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 allegations include that the CEO organised a site visit for a number of
its major shareholders to the Company's operations, cancelled some catering
and landscaping contracts, and introduced a new job performance rating.

Seplat Energy refutes the allegations and notes that since Mr. Brown became
CEO in 2020, Nigerian nationals have been appointed to the company's most
important positions, including Chairman, Senior Independent Non-Executive
Director, Chief Financial Officer and Chief Operating officer.

 

The Board 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 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.

 

The injunction was filed by Messrs. Moses Igbrude, Sarat Kudaisi, Kenneth
Nnabike, Ajani Abidoye and Robert Ibekwe, who purport to have shares in Seplat
Energy Plc.

 

Seplat will follow the due processes 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.

 

This announcement is made 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 / Dr. Charles Okeahalam, Senior Independent Director, on
behalf of the entire Board of Seplat Energy PLC.

 

Signed:

Mr. Basil Omiyi

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/)

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSFDFSSEDSEID