Seplat finally cuts ties with founder, Orjiakor for transacting on behalf of it without approval

Seplat finally cuts ties with founder, Orjiakor for transacting on behalf of it without approval

Barely a few days after Seplat Energy was in the news over alleged acts of racism involving its former Chief Executive Officer, Roger Brown, the compa

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Barely a few days after Seplat Energy was in the news over alleged acts of racism involving its former Chief Executive Officer, Roger Brown, the company is again in the news over alleged false representation by its former Chairman amd founder, ABC Orjiako.

Seplat Energy Plc has now cut ties with him and Amaze Limited for transacting on behalf of the company without the approval of the board after retirement.

The energy company said it has also commenced legal action against its retired founder and Amaze Ltd.

Orjiako in a suit filed by Seplat was accused of acting unilaterally when without the consent of the firm’s Board of Directors, he communicated with the federal government over a business transaction worth over $300 million.

In a Writ of Summons filed before the Federal High Court, Abuja, on March 21, 2023, the company accordingly demanded for the sum of $5 billion as damages.

The company made the disclosure in a filing on Thursday and signed by Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

The company said, “Seplat Energy Plc (Seplat Energy or the Company) announces the termination with immediate effect of the Consultancy Agreement between the Company’s wholly owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited.

“Under the Consultancy Agreement, Dr. Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the Board after the 2022 Annual General Meeting in May 2022.”

Orjiako first resgined in November 2021, eight days after Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled founder, Orjiako.