Home » Seplat ends contract with Nigerian energy magnate over breaches endangering its $3.5 billion in assets

Seplat ends contract with Nigerian energy magnate over breaches endangering its $3.5 billion in assets

by Omokolade Ajayi
Ambrosie Bryant Orjiako

Seplat Energy Plc, the largest publicly listed energy company in Nigeria, has terminated its consultancy contract with Nigerian energy magnate Ambrosie Bryant Orjiako due to repeated breaches that could deplete its $3.5 billion in assets.

Orjiako, who co-founded Seplat Energy with Austin Avuru in 2009 through a partnership between Shebah Petroleum Development Company and Platform Petroleum Joint Ventures, is acknowledged for transforming Seplat into one of Nigeria’s most prosperous indigenous oil and gas enterprises.

Following his retirement from the board on May 18, 2022, the Nigerian energy magnate continued to aid Seplat with critical external stakeholder engagements under the conditions of a strategic agreement that went into effect following his resignation as the group’s chairman last year.

After only a year into the contract, Seplat parted ways with the Nigerian energy magnate due to multiple material corporate governance breaches, including making significant commitments on behalf of Seplat unilaterally and using the company’s letterhead to communicate such commitments without prior approval from the Board.

Seplat’s recent decision to part ways with Orjiako comes after the board of directors authorized a contract suspension in February due to the recurring breaches that jeopardized the company’s assets. The energy company explained that it made the difficult decision to safeguard both the company and its directors from potential liabilities.

Seplat Energy has been in the spotlight lately due to allegations against its former CEO Roger Brown, including claims of racism, resulting in the Nigerian Ministry of Interior revoking his work and residency permits.

Despite the denial of these accusations, Brown was compelled to temporarily step down from his CEO role as a result of a court injunction that prohibited him from performing his duties until the conclusion of a lawsuit filed by some displeased stakeholders.

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