Dr Ambrosie Orjiako, the Chairman of Seplat Energy Plc, will retire today from the company and may be given a new role on a contractual basis.
A statement from the energy firm last night stated that Seplat was in discussion with Orjiako on the terms of the new deal, saying that no decision had been taken yet.
The release signed by the Chief Financial Officer of Seplat, Mr Emeka Onwuka, however, assured that whatever resolution is made will be in line with all regulatory requirements.
“Further to the announcement made on November 17, 2021, Seplat Energy Plc (the Company) confirms that Dr A.B.C Orjiako will be retiring from the board of the company after the Annual General Meeting (AGM) on 18 May 2022.
“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 firm stated.
It added: “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.
“Assuming a contract is subsequently agreed upon, on the signature, the company will fully disclose the terms in accordance with regulatory requirements.
“An accelerated contractual payment, under Dr Orjiako’s current service contract, will be made post-AGM 2022, in line with the shareholders’ approved remuneration policies and fully disclosed in the company’s directors’ remuneration report for 2022.”
