Seplat Energy Plc has cut ties with founder, A.B.C. Orjiako and Amaze Limited for transacting on behalf of the company without the approval of the board after retirement.
The energy company said it has also commenced legal action against its retired founder and Amaze Ltd.
The company made the disclosure in a filing seen by THE WHISTLER on Thursday and signed by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.
The company said, “Seplat Energy Plc (Seplat Energy or the Company) announces the termination with immediate effect of the Consultancy Agreement between the Company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited.
“Under the Consultancy Agreement, Dr. Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the Board after the 2022 Annual General Meeting in May 2022.”
Orjiako first resigned in November 2021, eight days after Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled founder, Orjiako.
