Indigenous energy firm, Seplat Energy Plc, has announced the retirement of Dr. A.B.C Orjiako from the board of the company after the Annual General Meeting (AGM) scheduled to be held on May 18, 2022.
This was stated in a disclosure signed by the Chief Financial Officer, Mr. Emeka Onwuka and filed with the Nigerian Exchange (NGX).
The statement said the outgoing Chairman is actively discussing how he may support Seplat Energy Plc with specific and important external stakeholder engagements he is currently involved in, which will continue after he stands down.
The disclosure also stated that no contractual agreement has been made yet, however the contractual role to be performed by Dr. Orjiako will not conflict with the role of the incoming Independent Non-Executive Chairman.
“The Company confirms that it is currently in discussions with Dr. Orjiako on how he would assist Seplat Energy Plc with specific and essential external stakeholder engagements he is currently involved in, which will continue beyond the date he steps down,” the statement said.
“To clarify, no contract has been finalised yet and the contractual role to be performed by Dr Orjiako, will not be in conflict with the role of the incoming Independent Non-Executive Chairman”.
Under Dr. Orjiako’s existing service contract, an accelerated contractual payment will be provided following the AGM, in accordance with the Shareholders’ approved Remuneration Policies and fully revealed in the Company’s Directors Remuneration Report for 2022, the statement said.
“If a contract is eventually reached, the Company will fully disclose the terms upon signature in compliance with regulatory obligations.”