Seplat Seeks New Chairman as Omiyi Quits

Seplat Energy Plc has revealed its plans to initiate a recruitment process for a new board chairman, following the retirement of Mr Basil Omiyi.

In a statement, Omiyi announced his retirement as the chairman of Seplat Energy board on Tuesday.

He also disclosed the resignation the Independent Non-Executive Director of the firm, Dr Charles Okeahalam from the board.

According to him, both retirements will take effect before Seplat Energy’s May 2024 Annual General Meeting.

Omiyi revealed that the company had developed a Board of Directors Succession Forward Plan to underpin the transition and business transformation envisaged over the next 12 months.

He also said the company will embark on a recruitment process to run a search for the next Seplat Energy chairman.

He asserted, “As part of that process, the independent non-executive directors of the board who qualify to be chairman of the company will also be evaluated.

“This is in line with the Companies and Allied Matters Act, whereby, the successor chairman must already be a director of the company and will be voted in by the other directors by a simple majority. We expect the recruitment process to be completed before the end of 2023, with the chairman’s election to follow thereafter.”

The company also announced that an Independent Non-executive Director, Professor Fabian Ajogwu, will step down from the board on October 21, 2023.

Prof. Ajogwu resigned from the board citing recent events.

The firm said he claimed he decided to step down from the board due to the recent deliberate external interferences, which had prevented him from effectively discharging his fiduciary and statutory duties as an independent non-executive director to the highest standards of corporate governance he had written and subscribed to.