Seplat Energy sacks Austin Avuru over ‘breach’ of company policies

Seplat Energy sacks Austin Avuru over ‘breach’ of company policies

Seplat Energy Plc says it has terminated the appointment of Austin Avuru as a non-executive director of the company. 

Edith Onwuchekwa, director, legal and company secretary at Seplat, announced this in a corporate filing on Thursday.

This is coming a month after Bryant Orjiako, chairman of Seplat Energy Plc, said he will step down from his position in 2022.

Onwuchekwa said the board approved Avuru’s termination on Wednesday due to “breaches of the company’s corporate governance policies and his fiduciary duties”.

The statement further added that Platform Petroleum Limited, which operates as an integrated oil and gas production, processing, and marketing chain, would nominate a candidate that will serve in his stead. 

“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,” the statement reads.

Austin Avuru had retired as founder and chief executive officer (CEO) of Seplat Petroleum Development Company Plc on July 31, 2020, but had remained on the board as a non-executive director.

He was the pioneer managing director of Seplat before he moved to become the CEO.