Society Gists

Twelve years later on the saddle as co-founder and pioneer chairman of Seplat Energy Plc, Dr. A.B.C. Orjiako has announced his decision to step down from the company’s board of directors.

In a statement Wednesday in Lagos, Orjiako will remain as Chairman until the next Annual General Meeting in May 2022, when an independent chairperson will take over.

“The past 12 years at Seplat Energy have been exhilarating for me. As a chairman, I am proud that the board, management and entire staff of Seplat Energy were able to achieve several enviable milestones and exceptional successes,” Orjiako stated.

He added; “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.”

The board of Seplat Energy, however, thanked Orjiako for his strategic vision, drive and limitless energy to create Nigeria’s leading indigenous independent energy company.

“On behalf of all members of the board, I would like to thank Dr A.B.C. Orjiako for his immense contribution as a co-founder and Chair of Seplat Energy since inception. He has been chairman during both exciting and challenging times, and his dedication has been constant throughout,” said Mr. Basil Omiyi, Senior Independent Director of Seplat Energy.

“The board and management look forward to working with him during the transition period and we will miss his insight, expertise and leadership when he finally steps down in May,” he added.

According to Omiyi, the decision of Orjiako to step down and be replaced by an independent chairperson was a testament to the strong corporate governance and best practices he instilled in the board.

He also noted that Orjiako took the company through a number of acquisitions and serves as the driving force behind Seplat Energy becoming the first and only Nigerian corporate organisation to have a dual listing on the Nigerian Stock Exchange and the Main Board of the London Stock Exchange in 2014.

Meanwhile, P.M.EXPRESS learnt that the Oil mogul has been hugging negative spokes of the limelight in the past few years which is rubbing badly on Seplat Energy Plc as a corporate entity.

There have been swindling allegations to the tune of over N600 billion involving its OML partner, NPDC. Seplat had denied all allegations even though NPDC had pleaded guilty. There’s also a series of ill news and bad PR involving its Chairman, Orjiako, including one where AMCON had instructed that his assets be seized.

For some time now, the businessman has been battling with some creditors who are worried over his huge debt portfolio until recently he finally got shamed by some of the Nigerian banks over these unpaid loans. Though Seplat said its Chairman’s decision to step down was voluntary, it’s however difficult for industry watchers to acquiesce as those negative reports are already unfurling into a bleak blossom for the energy company

There have been several cases in various courts between London and Nigeria since 2014 in relation to the inconclusive drilling campaign in Ukpokiti oil field, offshore the Niger Delta.

The latest initiated by Zenith Bank Plc in October 2021, it was learnt, led to Orjiako’s eventual resignation from Seplat Board. This came eight days after Zenith Bank received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting any business with Orjiako and two other firms —Shebah Exploration & Production Company Limited, and Shebah Petroleum Development Company Limited.

Justice Yellin Bogoro of the Federal High Court, Lagos made the interim order while granting ex-parte Mareva application filed by Zenith Bank Plc through its counsel, Mr. Kemi Balogun (SAN), in the case of an alleged $78,426,578.64 debt against Orjiako, Shebah Exploration & Production Company Limited and 7 others, with an additional 29 cited parties.

The restriction arose from a loan facility granted to Cardinal Drilling, and Kalu Nwosu, the former Managing Director of Cardinal Drilling by Zenith Bank back in 2014 to carry out a drilling campaign in OML 108. The case took a bad turn when Neimeth International Pharmaceuticals Plc suspended all transactions with the embattled businessman on November 12.