The Board of Seplat Energy has announced 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,” Seplat Energy said in a statement today.
Avuru was a former MD of Seplat and major shareholder.
Avuru earlier this year transferred 19,760,794 ordinary shares held by Platform Petroleum Limited (an entity in which Mr. Austin Avuru has an equity interest) to various beneficiaries who are Shareholders of Platform Petroleum Limited and they are therefore no longer considered to be connected persons.
Amongst these beneficiaries, Professional Support Limited (an entity wholly controlled by Mr. Avuru), received a total of 7,422,770 ordinary shares.
Following these transfers, Platform Petroleum now holds 318,738 shares (0.05%), and Professional Support holds 48,649,952 shares (8.26%) of Seplat’s Issued Share Capital of 588,444,561. Consequently, Avuru now holds nil direct interest and an indirect interest of 48,968,690 ordinary shares (8.32%) of N0.50k in Seplat.