Seplat Director Resigns As Zenith Bank’s Battle With Chairman, Orjiako Takes New Shape

Seplat Energy Plc Director, Xavier Rolet, has resigned in the wake of the battle between the company’s Chairman and Co-founder, ABC Orjiako and Zenith Bank.

Rolet is also the chairman and Chief Executive Officer of World Quantum Growth Acquisition Corporation, a company listed on the New York Stock Exchange.

The company’s Board announced that the French businessman resigned for personal reasons.

Seplat said, “The Board of Seplat Energy Plc today announces that Mr. Xavier Rolet, KBE, an Independent Non-Executive Director, has decided to step down from the Board of Seplat Energy effective 11th November 2021 for personal reasons.”

The resignation which took effect November 11, is coming days after Zenith Bank  ex-parte Interim Orders of Mareva Injunction granted by a Federal High Court sitting in Lagos against Orijiako, Sheba Exploration & Production and 7 others with 29 cited parties.

The interim orders mandated Seplat  to suspend transactions with its Chairman and Co-founder.

Neimeth Internationals Plc also said on Friday that it received orders not to deal with the assets of (or transfer funds to) Shebah Exploration & and Production Company Limited, Sheba Petroleum Development Company Limited and A.B.C. Orjiako in the company.

Reacting to the resignation, Orjiako said, “We would like to thank Mr. Rolet for his contributions and the wealth of experience he brought to the Board.

“He showed great commitment and passion toward Seplat Energy’s journey and our transformational vision. We wish him well in his future endeavours.”