Seplat Energy Plc has notified the Nigerian Exchange Limited (NGX) that its Board has terminated the contract of appointment of Austin Avuru as a Non-Executive Director.
In a letter to the NGX, signed by Mrs. Edith Onwuchekwa, the Company Secretary and Director, Legal Services, Seplat Energy stated that Avuru’s appointment was terminated “due to breaches of the Company’s corporate governance policies and his fiduciary duties. The Board has called for his resignation as a Director of Seplat Energy.”
The letter further stated: “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 is the immediate past CEO of the energy company who later joined the Board of Directors.
Seplat Energy Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the…
Source: Vanguard Newspaper