Seplat Energy sacks Austin Avuru over Infractions

Seplat Energy sacks Austin Avuru over Infractions

The Board of Seplat Energy Plc. has announced the termination of the appointment of Mr Austin Avuru as a non-executive director effective from December 22.

The director, Legal/Company Secretary of Seplat, Mrs Edith Onwuchekwa, made this known in a notice posted on the website of the Nigerian Exchange (NGX) Ltd., on Thursday as part of regulatory requirements.

According to the notice, the termination of the appointment was due to breaches of the company’s corporate governance policies and his fiduciary duties.

The notice explained that the board had called for Avuru’s resignation as a director of Seplat Energy, though Seplat Energy appears to be treating the development as inside information.

“In line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Ltd. has been asked to nominate a candidate for his replacement on the board.

“A further announcement will be made in due course,” the notice said. Mr. Avuru, a co-founder of Seplat Petroleum became Chief Executive on 1 May 2010. #Seplat Energy sacks Austin Avuru over Infractions.

On July 31, 2021, Seplat Petroleum Development Company Plc had retired Avuru as CEO of the company but said he would remain on the board as a Non-Executive Director.

The infraction, according to MarketForces Africa, relates to alleged monetary misappropriation and conflict of interest, though the detail still remains scanty.

Read Also: Seplat selects Brown as CEO designate to replace Avuru

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