Seplat Board Terminates Avuru’s Appointment as Non-Executive Director

Seplat Board Terminates Avuru’s Appointment as Non-Executive Director

Seplat Energy Kayode Tokede

Seplat Energy Plc on Thursday December 23 notified the Nigerian Exchange Limited (NGX) that its Board has terminated the contract of appointment of Austin Avuru as a Non-Executive Director.

Seplat Energy told the NGX that Avuru’s appointment was terminated on December 22, 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.”

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 Premium Board of the Nigerian Exchange Limited and the Main Market of the London Stock Exchange (LSE).

Seplat said it pursues a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds

According to the corporate announcement on the directorate change released at the NGX, “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.”

Meanwhile,the stock market of Nigerian Exchange Limited (NGX) yesterday witnessed sell pressure for the third-consecutive day trading, dropping by 0.03 per cent as Julius Berger Plc, MTN Nigeria Communications (MTNN) Plc, FBN Holdings (FBNH) Plc, Zenith Bank Plc and United Capital Plc dropped in prices.

The NGX All-Share Index dropped by 13.74 basis points or 0.03 per cent, to close at 42,230.48 points from 42,244.22 basis points it opened for trading.

Consequently, the overall market capitalisation value lost N7 billion to close at N22.043 trillion from N22.050 trillion the stock market opened for trading yesterday.

However, the market sentiment closed positive as 14 stocks gained relative to 11 decliners. Union Bank of Nigeria (UBN) recorded the highest price gain of 9.78 per cent to close at N5.05, per share. Royal Exchange followed with a gain of 7.14 per cent to close at 75 kobo, while Mutual Benefits Assurance up by 6.67 per cent to close at 32 kobo, per share.Eterna appreciated by six per cent to close at N5.30, while Oando rose by 5.26 per cent to close at N4.60, per share. On the other hand, julius Berger led the losers’ chart by 9.88 per cent to close at N22.35, per share. UACN Property Development […]

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