Seplat Board reiterates confidence in Brown as CEO

The Board of Seplat Energy Plc has unanimously passed a vote of confidence in the Chief Executive Officer of the company, Roger Brown, who was recently restrained from participating in the running of the company.
 
Recall that on March 9, 2023, Seplat was served with court processes and ex-parte Interim Order of the Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining Brown from participating in the running of the company for a period of seven days.
 
The company’s board, in a statement by its Chairman, Basil Omiyi, said that it believes these allegations are a spurious and vindictive reaction to its enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the company.
 

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 refuted the allegations, stating that since Brown became CEO in 2020, Nigerian nationals have been appointed into the company’s most important positions, including chairman, chief financial officer and chief operating officer.
 
The order allows 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.
 
Brown had delegated authority to Mr. Samson Ezugworie, Chief Operating Officer, to act as CEO during the period that he was 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 purported 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,” he stated.