A civil society organisation dedicated to transparency, accountability, and good governance, Make a Difference Initiative (MADI) has faulted the 12-month Board of Directors Succession Forward Plan recently announced by Seplat Energy PLC, which would see the Board Chairman, Mr. Basil Omiyi remain in office till May 2024, saying it was deceptive and designed for the continued tenure elongation for Omiyi and an Independent Non-Executive Director (INED), Dr. Charles Okeahalam.

MADI equally criticised what it described a U-turn by another INED, Prof. Fabian Ajogwu, which the Board announced would now retire on 21st October 2023, saying he had no business remaining on the Board after “embarrassing” the company with his resignation reports at the weekend.

The CSO stated this during a press conference addressed by its Executive Director, Lemmy Ughegbe, in Abuja on Thursday, alleging that Omiyi’s and Okeahalam’s alleged refusal to retire from the Board after 10 years, contrary to the nine years provided by the Good Governance Code was responsible for the crisis bedevilling the company.

“This is unacceptable. Omiyi and Okeahalam must go so that Seplat, whose share price has plummeted, can begin to toe the path of recovery. Besides, if the co-founders of Seplat, Dr. Orjiako and Dr. Austin Avuru, who laboured to build the company from ground zero to an international brand could retire as pioneer Chairman and CEO, respectively, in line with their promises and corporate governance standards, what on earth is Omiyi’s reason to sit-tight amidst the crisis and confusion he created other than to continue to enjoy the perks approved for him by Mr. Roger Brown in contravention of corporate governance standards?”

“On what it saw as Prof. Ajogwu resignation prevarications, MADI said “he should be honourable and quit immediately in the interest of the company and corporate governance since there are no provisions of law or regulations preventing him from quitting the Board immediately”.

“Importantly, of what use will Prof. Ajogwu was to Seplat till October when he had told the world that deliberate external interferences would not allow him to effectively discharge his fiduciary and statutory duties as an INED?

“We also wonder what use a supposed corporate governance expert, who doesn’t feel scandalised by the continued stay of Omiyi on Seplat’s Board in clear violation of the Nigerian Corporate Good Governance Codes or the racist practices, discrimination against Nigerians, favouring of foreigners, and breach of corporate governance codes and Immigration laws for which Seplat’s CEO, Mr. Roger Brown was indicted by the FG and for which himself, Mr. Brown, Omiyi and other INEDS are facing both criminal and civil charges in Federal High Court Abuja and Federal High Court, Lagos, respectively, is to Seplat Board.

“Therefore, we hold that every shareholder’s fund spent on Prof. Ajogwu henceforth is a fraudulent waste of resources as he has said he no longer can function in his role”, the group stated. (Daily Sun)

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