Corporate Update

RNS Number : 6035S

Seplat Energy PLC

10 March 2023

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

Corporate Update

Lagos and London - 10 March2023: Seplat EnergyPlc reports that on March 9, 2023, it was served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer, Mr. Roger Brown from participating in the running of the Company for a period of 7 days. 

The interim orders are premised on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy.

The allegations include that the CEO organised a site visit for a number of its major shareholders to the Company's operations, cancelled some catering and landscaping contracts, and introduced a new job performance rating.

Seplat Energy refutes the allegations and notes that since Mr. Brown became CEO in 2020, Nigerian nationals have been appointed to the company's most important positions, including Chairman, Senior Independent Non-Executive Director, Chief Financial Officer and Chief Operating officer.

The Board believes these allegations are a spurious and vindictive reaction to the Board's enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. The Board of Seplat Energy has unanimously passed a vote of confidence in Mr Brown as the CEO.

The Order allows the Chairman, Mr. Basil Omiyi, and all the INEDs of Seplat Energy to continue running the affairs of the Company on the basis that it is in accordance with Nigerian law. Mr. Brown has delegated authority to Mr. Samson Ezugworie, Chief Operating Officer, to act as CEO d uring the period that he is required to step back from his executive duties.

The injunction was filed by Messrs. Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye and Robert Ibekwe, who purport to have shares in Seplat Energy Plc.

Seplat will follow the due processes of law in responding to the allegations before the courts. At the same time, the Company will continue to maintain its operational excellence and act in line with the best corporate governance standards.

This announcement is madepursuant to Rule 17.10 of theRulebook of the NigerianExchange, 2015 (Issuer'sRule).

Responsibility for publication

This announcement has been authorised for publication by Mr. Basil Omiyi, Independent Chairman / Dr. Charles Okeahalam, Senior Independent Director, on behalf of the entire Board of Seplat Energy PLC.

Signed:

Mr. Basil Omiyi

Board Chairman

  Enquiries:

Seplat Energy Plc
Edith Onwuchekwa, Director Legal/Company Secretary	[phone]

FTI Consulting
Ben Brewerton / ChristopherLaing	[phone] [e-mail]
Citigroup Global Markets Limited
Tom Reid / Luke Spells	[phone]
Investec  Bank plc
Chris Sim / CharlesCraven / Jarrett Silver	[phone]

Notes to editors

Seplat Energy Plc is Nigeria's leadingindigenousenergycompany. It is listed on the NigerianExchangeLimited (NGX: SEPLAT) and the Main Market of the London StockExchange(LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focusedgrowthstrategy through participation in asset divestmentsbyinternational oil companies, farm-in opportunities,andfuturelicensingrounds. The Company is a leadingsupplier of gas to the domestic power generation market. For further information please refer to the Company website,   http://seplatenergy.com/

 

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