Seplat, A.B.C Orjiako in post-tenure engagement discussions

Seplat Energy Plc has confirmed that it is currently in discussions with A.B.C Orjiako will be retiring today from the Board of the Company after the Annual General Meeting on how he would assist Seplat Energy Plc with specific and essential external stakeholder engagements he is currently involved in, which will continue beyond the date he steps down.

Further to the announcement made on November 17, 2021, Seplat Energy Plc confirmed that A.B.C Orjiako will be retiring from the Board of the Company after the Annual General Meeting today May 18, 2022.

Seplat disclosed this to the investing public at the Nigerian Exchange Limited (NGX). Seplat Energy Plc, a leading indigenous Nigerian energy company with a strategic focus on Nigeria is listed on both the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE).

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Seplat is pursuing a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds.

“To clarify, no contract has been finalised yet and the contractual role to be performed by Orjiako, will not be in conflict with the role of the incoming Independent Non-Executive Chairman. Assuming a contract is subsequently agreed, on signature, the Company will fully disclose the terms in accordance with regulatory requirements,” Seplat said in the statement signed by Emeka Onwuka, Chief Financial Officer.

“An accelerated contractual payment, under Orjiako’s current service contract, will be made post AGM 2022, in line with the Shareholders’ approved Remuneration Policies and fully disclosed in the Company’s Directors Remuneration Report for 2022,” the energy company noted.