Seplat Energy Plc announced on Wednesday the decision of Dr. A.B.C. Orjiako to step down as chairman of the company and from its Board of Directors.
The company said in a statement that Orjiako notified the board of his decision on Wednesday.
It said in order to facilitate an orderly transition, he would remain as chairman until the next Annual General Meeting in May 2022, when an independent chairperson would takeover.
The resignation comes after Orjiako, alongside Shebah Exploration and Production Company Limited and eight other firms, was named in a suit instituted by Zenith Bank Plc.
Seplat Energy Plc and others were given an administrative mandate not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Orjiako.
Zenith Bank alleged that the two firms and Orjiako together owed it $78,426,578.64 and had been taking steps to sell off their assets, preventing recovery.
Commenting on his resignation from Seplat, Orjiako said, “The past 12 years of Seplat Energy’s existence have been phenomenal for me. As chairman, I am proud that the board, management and entire staff of Seplat Energy were able to achieve several enviable milestones and exceptional successes, notably the acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants and the dual listing on both the Nigerian and London Stock Exchanges, a first by a Nigerian company.
“While there were challenges along the way, we overcame these by the special grace of God, the outstanding performance and professionalism of each member of the board and management and the sterling efforts of our staff. I will continue to give my utmost energy and commitment to the company until I step down from the board at the next AGM.”