Key Highlights
- ABC Orjiako denied any wrongdoing in the letter he initiated to the Federal Government to facilitate the consummation of the lingering $1.3 Mobil sales deal.
- The Pioneer Chairman instructed his lawyers to take the necessary legal steps, including seeking appropriate damages.
- Seplat Energy had in Suit No FHC/ABJ/CS/386/2023, which it filed at the Federal High Court Abuja, on March 21, 2023, accused Orjiako of acting unilaterally without the consent of the company’s Board of Directors.
The Co-founder and former Chairman of Seplat Energy Plc, Dr. ABC Orjiako, has denied any wrongdoing in the letter he initiated to the Federal Government to facilitate the consummation of the lingering $1.3 million Mobil sales deal, saying he acted within the scope of his mandate for the benefit of the company.
He made the clarification in Abuja on Friday in a statement by his legal adviser, Senator Ikechukwu Obiorah, stressing that the company was already benefitting from the values created by the letter to the presidency.
Dr. Orjiako also said he had instructed his lawyers to take the necessary legal steps, including seeking appropriate damages from those behind what he described as a mischief.
Seplat Energy’s suit
Seplat Energy had in Suit No FHC/ABJ/CS/386/2023, which it filed at the Federal High Court Abuja, on March 21, 2023, accused Orjiako of acting unilaterally when he communicated with the Federal Government over a business transaction worth over $300 million, allegedly without the consent of the company’s Board of Directors. The company is equally demanding the sum of $5 billion as damages.
ABC Orjiako’s response
But in a reaction entitled “The so-called Law Suit against Dr ABC Orjiako, clarified the situation saying:
- “The attention of Dr ABC Orjiako – the Pioneer Chairman of Seplat Energy Plc – has been drawn to the various malicious newspaper publications, the last being of the so called Law Suit filed by some obviously disgruntled persons claiming to be acting in the interest of the company. He had hitherto refrained from joining them in the unfortunate affray. It has however become necessary to let the public be aware of the mischief of these individuals who have masked their personal interest over that of the wellbeing of Seplat, a company that has earned a notable repute.
- “Dr ABC Orjiako, the Co- founder of SEPLAT under the written authorisation of the Board of Directors of SEPLAT, had the mandate to manage certain specific stakeholders of the company in respect of the transaction which necessitated the subject communication. Due to the misinformation and mischief intended by those publications it has also become necessary to set the record straight.
- “The letter referenced in the publications was written following appropriate discussions and was strictly for and in the best interest of SEPLAT. Also, the authorisation in the said letter expressly identifies Dr Orjiako as the Pioneer Chairman.
- “The public should therefore not lay any credence on the so-called Law Suit and the sensational publications the Suit was filed to achieve. As the Pioneer Chairman and Co-founder of Seplat, Dr Orjiako laboured for over 13 years to ensure the accomplished success story Seplat has become”.
In case you missed it
Seplat Energy recently announced 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.
The termination follows the suspension of the Consultancy Agreement on 13 February 2023, as unanimously approved by the Board of Directors, following repeated warnings about breaches of a material nature, such as unilaterally making significant commitments on Seplat’s letterhead without prior Board authority or knowledge.
This course of action was necessary to protect the Company and its Shareholders, Directors, and Officers from potential and increasing liability arising from the conduct of the Consultants, Dr. Orjiako and Amaze Limited.
The Company has commenced legal action against Dr Orjiako and Amaze Limited at the Federal High Court in Abuja, to seek appropriate legal remedies.
Seplat Energy reiterates its commitment to high standards of corporate governance across all areas of its business. The matter is now sub judice and awaiting resolution by the Court.
This announcement was made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange Limited, 2015.