The company said in a statement that Orjiako notified the
board of his decision on Wednesday.
It said in order to facilitate an orderly transition, he
would remain as chairman until the next Annual General Meeting in May 2022,
when an independent chairperson would takeover.
The resignation comes after Orjiako, alongside Shebah
Exploration and Production Company Limited and eight other firms, was named in
a suit instituted by Zenith Bank Plc.
Seplat Energy Plc and others were given an administrative
mandate not to deal with the assets of (or transfer funds to) Shebah
Exploration & Production Company Limited, Shebah Petroleum Development
Company Limited and Orjiako.
Zenith Bank alleged that the two firms and Orjiako together
owed it $78,426,578.64 and had been taking steps to sell off their assets,
preventing recovery.
Commenting on his resignation from Seplat, Orjiako said,
“The past 12 years of Seplat Energy’s existence have been phenomenal for me. As
chairman, I am proud that the board, management and entire staff of Seplat
Energy were able to achieve several enviable milestones and exceptional
successes, notably the acquisition of eight oil and gas assets, expansion of
the Oben and development of the ANOH gas plants and the dual listing on both
the Nigerian and London Stock Exchanges, a first by a Nigerian company.
“While there were challenges along the way, we overcame
these by the special grace of God, the outstanding performance and
professionalism of each member of the board and management and the sterling
efforts of our staff. I will continue to give my utmost energy and commitment
to the company until I step down from the board at the next AGM.”.
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