Why Seplat Energy CEO Roger Brown Resigned

The Chief Executive Officer of Seplat Energy Plc, Roger Brown, has resigned from his position for a period of seven days, according to the business.

According to a corporate report provided to Nigerian Exchange Ltd. (NGX) on Friday and signed by board chairman Basil Omiyi, the company.

According to the business, the decision was made in response to an ex-parte Temporary Order issued by Hon. Judge C. J. Aneke of the Federal High Court in Lagos, Nigeria, which restricted Brown for the aforementioned duration.

It said, “Seplat Energy Plc reports that on March 9, 2023, it was served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer from participating in the running of the company for a period of seven days.

“The Board believes these allegations are a spurious and vindictive reaction to the Board’s enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the company.

“The Board of Seplat Energy has unanimously voted confident in Brown as the CEO,” the company said.

The interim orders, according to it, are based on claims that the Chairman, CEO, and all Independent Non-Executive Directors (INEDs) of Seplat Energy engaged in unfair, retaliatory, and offensive behaviour.

The CEO is alleged to have cancelled several catering and landscaping contracts, organised a site visit for a number of the company's important shareholders, and implemented a new work performance evaluation.

Seplat Energy denied the claims and pointed out that Nigerian nationals had been appointed to the CEO, Chairman, Senior Independent Executive Director, Chief Financial Officer, and Chief Operational Officer posts at the firm since Brown took office in 2020.

According to the firm, the order enables Seplat Energy's Chairman, Basil Omiyi, and other INEDs to continue managing the company's operations because it complies with Nigerian law.

“Brown has delegated authority to Samson Ezugworie, Chief Operating Officer, to act as CEO during the period that he is required to step back from his executive duties.

“The injunction was filed by Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye and Robert Ibekwe, who purport to have shares in Seplat Energy Plc.

“Seplat will follow the due processes of law in responding to the allegations before the courts.

“At the same time, the company will maintain its operational excellence and act in line with the best corporate governance standards,” it added.

According to the business, the notification was made in accordance with Rule 17.10 of the Nigerian Exchange's 2015 Rulebook (Issuer's Rule).

Additionally, it stated that the announcement had been approved for publishing by Seplat Energy's complete Board of Directors, represented by Basil Omiyi, Independent Chairman, and Dr. Charles Okeahalam, Senior Independent Director.