Seplat Energy has confirmed that it is currently in discussions with Ambrosie Bryant Chukwueloka (ABC) Orjiako, for a contract with the company after his retirement from the board as the company’s chairman.
Orjiako will step down at the end of the Annual General Meeting on 18 May 2022.
The contract will be about how Orjiako “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”.
Mr. Orjiako, a Medical Doctor by training, is a founder of the company and has been its chairman for 12 years; eight of them spent after the company was listed on the London and Nigeria Stock Exchanges, and four of them prior to the listing (that is, since inception of the board on May 1, 2010).
The company clarifies that “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”.
Seplat Energy explains: “Assuming a contract is subsequently agreed, on signature, the Company will fully disclose the terms in accordance with regulatory requirements”.
Meanwhile, “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”, the statement concludes.
Ooo. Very considerate proposition and technically correct. This proposition will ensure a win- win- win situation.
Brilliant move by Seplat I think. Presents the company a golden opportunity to continue to tap into his expertise particularly his wide managerial skills and business ideas.