The Board of Seplat Energy has terminated the contract of appointment of Mr. Austin Avuru, as a non-Executive Director of the company, it said.
Avuru is a co-founder and the first managing director and chief executive officer of Seplat.
In a notice dated December 23, 2021, and signed by the Director, Legal/Company Secretary, Mrs Edith Onwuchekwa, the indigenous oil company said the termination took effect from 22nd December 2021. It cited breaches of Seplat’s corporate governance policies and his fiduciary duties, but did not give details.
“The Board has called for his resignation as a Director of Seplat Energy,” the statement said.
“In line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Limited has been asked to nominate a candidate for his replacement on the Board, and a further announcement will be made in due course.”
Avuru held the position of managing director and chief executive officer of the company for 10 years, until his retirement in 2020.
