Seplat Crisis: Ex-CEO, Evuru Bows To Pressure, Resigns From Company’s Board

The former Chief Executive Officer of Seplat Petroleum, Austin Avuru, has bowed to the pressure from the company demanding his resignation.

Avuru was the founding CEO of Seplat and served the company for 10 years.

He retired on July 31, 2020, but had remained on the board as a non-executive director.

But the company accused him of breaching the Company’s corporate governance policies and his fiduciary duties, hence his role as a non-executive director was terminated.

“The Board of Seplat Energy Plc today announces the resignation of Mr. Austin Avuru, a Non-Executive Director (“NED”) from the Board of SEPLAT Energy with effect from 1st March 2022,” the company said on Wednesday.

Seplat had said in December last year that “The Board of Seplat Energy announces that it terminated the contract of appointment of Mr. 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 has called for his resignation as a Director of Seplat Energy. In line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Limited has been asked to nominate a candidate for his replacement on the Board, and a further announcement will be made in due course.”

Last year, Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled Chairman and Co-founder, ABC Orjiako.

Justice Yellin Bogoro of the Federal High Court, Lagos made an interim order while granting ex-parte Mareva application filed by Zenith Bank Plc through its counsel, Mr. Kemi Balogun (SAN), in the case of an alleged $78,426,578.64 debt.

The case was against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

Xavier Rolet, a director, also resigned in the wake of the battle between the company’s Chairman and Zenith Bank in November.