The Board of Seplat Energy on Wednesday announced the decision to terminate the contract of the appointment of Austin Avuru as a Non-Executive Director.
Seplat Energy’s Director, External Affairs & Sustainability/
Chioma Nwachuku, who made the announcement in a statement said the termination was effective from December 22, 2021.
Nwachuku said the disclosure was contained in a notification to the Nigerian Exchange Limited titled, ‘Change on the Board of Seplat Energy Plc’, and signed by its Director, Legal/Company Secretary, Edith Onwuchekwa.
The statement reads: “The Board of Seplat Energy announces that it terminated the contract of appointment of Mr. Austin Avuru as a Non-Executive Director on 22nd December 2021, 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.
“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, the Founder and Executive Chairman of AA Holdings,was Managing Director of Platform Petroleum Limited.
In 2010, he became the pioneer CEO of Seplat Limited, as co-founder.
On July 31, 2020, Avuru retired as the Chief Executive Officer of Seplat Energy Plc, but remained on the board as a non-Executive Director.