• Wednesday, June 12, 2024
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Seplat announces resignation of Austin Avuru as Non-Executive Director

Nigeria needs $25bn annually to stabilise 2 million bpd- Avuru

The Board of Seplat Energy Plc on Wednesday March 2 announced the resignation of Austin Avuru, a Non-Executive Director (NED) from the Board of SEPLAT Energy with effect from March 1,2022.

“In line with the provisions of the Company’s Memorandum and Articles of Association, his replacement will be nominated to the Board. The Board wishes to sincerely thank Mr. Avuru for his founding role and contribution to SEPLAT Energy for the past decade,” Seplat said in a statement at the Nigerian Exchange Limited (NGX) signed by Edith Onwuchekwa, its Director Legal/Company Secretary.

Read also: How Seplat raised money to buy ExxonMobil assets

Seplat Energy Plc had on December 23, 2021 announced that it terminated the contract of appointment of Austin Avuru as a Non-Executive Director on 22nd December 2021, “due to breaches of the Company’s corporate governance policies and his fiduciary duties”. The Board had also called for his resignation as a Director of Seplat Energy.

The share of the energy company which recently announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU), a subsidiary of ExxonMobil went up by N88.2 or 9.33percent on the Nigerian bourse, reaching a new high of N1034 at the close of trading on Wednesday from preceding day’s low of N945.8.