Seplat Petroleum Development Company Plc (SEPLAT) has informed the Nigerian Stock Exchange (NSE) that the appointment of Roger Brown as its next CEO is in full compliance with the Nigerian Content Development Act and is not in breach of any applicable law in Nigeria.
Seplat Petroleum Development Company Plc is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange (LSE) and Nigerian Stock Exchange (NSE).
Brown has been with the Company for six (6) years and has since his joining, served in the capacity of Chief Financial Officer (CFO) of the Company.
In a statement sent to the NSE signed by Edith Onwuchekwa, Company Secretary, Seplat Petroleum Development Company Plc noted that its activities as a corporate citizen are in fulfillment of all applicable laws.
The company which made the announcement in accordance with Rule 17.10, Rulebook of The Nigerian Stock Exchange, 2015 (Issuers’ Rule), expressly refuted all allegations in a newspaper publication (not BusinessDay) which alleged that the appointment of Roger Brown negates the provisions of the Nigerian Oil and Gas Industry Content Development Act, 2010 (the Nigerian Content Development Act).
SEPLAT urged the Nigerian Stock Exchange and the public to disregard the publication in its entirety. SEPLAT had in an announcement on November 18, 2019 informed the public of the appointment of Roger Brown as the successor to Austin Avuru as CEO, when Avuru steps down on July 31, 2020.
“SEPLAT is a law-abiding corporate citizen that maintains the highest level of corporate governance standards”, the company said in a November 29 statement at the NSE.
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.