Seplat Issues Statement on Court Order Restraining CEO from Running Company

Mr. Samson Ezugworie, Chief Operating Officer, Seplat Energy Plc, has been confirmed as the acting Chief Executive Officer, following an order of the Federal High Court in Lagos restraining Mr. Roger Brown, the company’s embattled CEO, from running the company’s affairs pending the outcome of the suit filed against him by some disgruntled employees and stakeholders.

This was confirmed in a statement issued and signed by Chairman, Mr. Basil Omiyi, Chairman Board of Directors of Seplat.

In the statement, Seplat Energy Plc was served with court proceedings and an ex-parte Temporary Order of the Hon Judge C. J. Aneke of the Federal High Court, Lagos, barring the CEO, Mr. Roger Brown, from engaging in the operation of the Company for a period of seven days.

Basil stated that Mr. Brown has delegated power to Mr. Samson Ezugworie, Chief Operational Officer, to serve as acting CEO for the period in which he is required to step down from his executive duties.

Basil said, “The interim orders are premised on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy.

“Seplat refutes the allegations & notes that since Mr. Brown became CEO in 2020, Nigerian nationals have been appointed to the company’s most important positions, including Chairman, Senior Independent Non-Executive Director, Chief Financial Officer & Chief Operating officer.

“The Board believes these allegations are a spurious and vindictive reaction to the Board’s enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company.

He further confirmed that the Board of Seplat Energy has unanimously passed a vote of confidence in Mr. Brown as the CEO.

He further stated that the Court judgment authorizes him and all of Seplat Energy’s Independent Executive Directors (INEDs) to continue running the company’s activities in compliance with Nigerian law.

He further stated that Seplat will react to the charges in court through the proper legal channels, and that the company will continue to maintain operational excellence and act in accordance with the finest corporate governance standards.

The acting CEO is an E&P professional with over 20 years of industry experience in Front End Project Management, Asset Development Leader, Opportunity Maturation & Delivery Leader, Reservoir and Operations Geologist, Seismic acquisition, processing, and interpretation, and Reservoir and Operations Geologist.