Fabian Ajogwu Resigns From Seplat’s Board, Cites ‘External Forces Derailing Company’s Progress’

0
294

Fabian Ajogwu has resigned from the board of Seplat Energy Plc.

Since 2021, the senior advocate of Nigeria (SAN) has served as an independent non-executive director of the oil and gas company listed on both the London and Nigerian Stock Exchanges.

A source familiar with the matter said Ajogwu’s resignation may be connected with external interference with the affairs of the company.

Fabian Ajogwu Resigns From Seplat’s Board, Cites ‘External Forces Derailing Company’s Progress’

The source said recent events and deliberate external interference have allegedly prevented Ajogwu from continuing the discharge of his fiduciary and statutory duties as an independent non-executive director to the highest standards of corporate governance.

“Ajogwu, a foremost Professor of Corporate Governance and Senior Advocate of Nigeria (SAN), cited unwholesome conduct by some people external to Seplat, but nonetheless resolved to negatively distract the Board of Seplat thereby militating against the smooth operations of the company,” the source said.

“His arrival on the board in July 2021 saw him bring the benefit of corporate governance experience from his works and teachings, including the benefit of having drafted Nigeria’s pioneer code of corporate governance, chaired NCC telecoms Code and assisted with the National Code of Corporate Governance as a member.

“It is understood that he will remain a Board member until October 2023.”