Seplat Energy has terminated the appointment of Austin Avuru from the company’s board of directors, more than a year after he retired from his Chief Executive Officer position.
Avuru was appointed non-executive director after he retired as CEO on July 31, 2020, taking up responsibility of policymaking, as well as planning exercises for Seplat operation.
However, more than a year and five months later, Avuru has been accused of violating the corporate governance policies and his fiduciary duties to the oil and gas company.
The billionaire was advised to resign from the board, a ploy to avoid sacking the former CEO who heads Seplat’s majority investor, Platform Petroleum Limited, an investment vehicle.
His termination took effect on December 22, 2021, and Seplat has demanded his investment company to provide another replacement, a letter written to the NGX disclosed.
“The Board of Seplat Energy announces that it terminated the contract of appointment of Mr. Austin Avuru as a Non-Executive Director on 22nd December 2021, due to breaches of the Company’s corporate governance policies and his fiduciary duties. The Board has called for his resignation as a Director of Seplat Energy.
“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.” Seplat wrote.
