Seplat Energy Plc has has terminated the contract of appointment of Austin Avuru as a non-executive director.
To this end, it has notified the Nigerian Exchange Limited (NGX) that Avuru’s appointment was terminated on December 22, 2021, “due to breaches of the company’s corporate governance policies and his fiduciary duties.
Avuru is the immediate past CEO of the energy company who later joined the board of directors.
Seplat Energy Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the premium board of the Nigerian Exchange Limited and the main market of the London Stock Exchange(LSE).
Seplat said, it pursues a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds
According to the firm, “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.”