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Displeased by what he terms concerted efforts by some forces outside Seplat Energy Plc to derail the company’s steady progress, a non-executive director of the company, Prof. Fabian Ajogwu, has resigned from the board of the leading indigenous oil and gas firm.
Ajogwu, a foremost professor of corporate governance and Senior Advocate of Nigeria (SAN), cited unwholesome conduct by some people external to Seplat but resolved to negatively distract the board thereby militating against the smooth operations of the company.
His arrival on the board in July 2021 saw him bringing the benefit of corporate governance experience from his works and teachings, including the benefit of having drafted Nigeria’s pioneer code of corporate governance, chairing of the Nigerian Communications Commission (NCC) telecoms code and membership of the National Code of Corporate Governance.
It is understood that he will remain a board member until October 2023. Reacting to this development, some oil and gas industry players are of the view that the exit of Nigeria’s first professor of corporate governance is a minus for the company, and for Nigeria’s oil and gas industry, which relies so heavily on expatriate workers and foreign investments.
To some industry watchers, the framing of the Chief Executive Officer (CEO) of the company, Roger Brown, as a ‘racist’ without any due process of court or fair hearing, and the unwarranted charge filed against Seplat and its directors by Nigeria Immigration Service on April 6 but withdrew hours later through a notice of discontinuance is an ugly development
“Efforts by these same forces to mislead agencies of the federal government and the courts to frustrate the lawful business of Seplat, destroy shareholders’ investments and harass and intimidate independent non-executive directors on baseless allegations are a great setback,” a player said.
On April 20, 2023, reports said the Nigerian government, the Nigeria Immigration Service (NIS) discontinued the case filed against the company and its directors. It is gathered that a “notice of withdrawal/discontinuance of the action” dated and filed in part on 6th April 2023 was issued by the Director Legal Services of the NIS and stated in part that “the claimant hereby discontinues all the proceedings in this charge against the above-named defendants”.
Analysts expect the civil suits pending against the company to also end sooner than later without any doubt. The unnecessary battle waged against Seplat and its board could derail its enormous gains over the years, with a stellar operational and financial performance last financial year.
The attacks against Seplat and its board have been designed to intimidate them for doing the right thing and upholding corporate governance, sources have argued. Since the attacks on independent non-executive directors, the company’s shares have sharply declined.
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