Thursday, September 18, 2025
24.2 C
Lagos

Seplat: Fabian Ajogwu Exits Board, Decries External Influence

Apparently displeased by the concerted efforts by some forces outside Seplat Energy Plc to derail the company’s steady progress, a non-executive director of the Company Prof. Fabian Ajogwu has resigned from the Board of the leading indigenous oil and gas firm.

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.

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.

Reacting to this development, some oil and gas industry watchers are of the view that the exit of Nigeria’s first Professor of Corporate Governance is a negative for the company, and for Nigeria’s oil and gas industry, which relies so heavily on expatriate workers and foreign investment.

To some industry watchers, the framing of the Chief Executive Officer (CEO) Roger Brown, as a ‘racist’ without any due process of court or fair hearing, and “the unwarranted charge was filed against Seplat and its Directors by the Nigeria Immigration Service on April 6, 2023, and withdrawn hours later on the same date by a notice of discontinuance of the same dated April 6, 2023 was an ugly development.

According to them, “efforts by these same forces to mislead agencies of the federal government and the courts, to frustrate the lawful business of Seplat, destroy shareholders’ investments and harass and intimidate independent non-executive directors on baseless allegations were a great set back.

On April 20, 2023, reports officially came out that the Nigerian government, through its Immigration Service, discontinued the case filed against the company and its directors.

It is gathered that a “notice of withdrawal/discontinuance of the action” dated and filed in part on 6th April 2023, was issued by the Director Legal Services of the Nigeria Immigration Service and stated in part that “the claimant hereby discontinues all the proceedings in this charge against the above-named defendants,” Seplat Energy said.

Analysts expect the civil suits pending against the company to also end sooner than later without any doubt. The unnecessary battle waged against Seplat and its board could derail its enormous gains over the past with a stellar operational and financial performance in the last financial year.

The attacks against Seplat and its Board have been designed to intimidate them for doing the right thing and upholding corporate governance. Since the attacks on independent non-executive directors, the company’s shares have sharply declined.

Analysts believe that over one-sixth of the market cap of this dual-listed entity has been wiped off over the past month of these concerted attacks. The share price dropped from GBP1.25 to GBP0.98.

For Nigeria’s first Professor of Corporate Governance, his resignation would appear to signify that there should be no adulteration of goods with any sprinkling of ethical compromises.

It is hoped that the forces behind these attacks would realise that the company has multiple stakeholders, including shareholders, creditors, employees, communities, etc, that would also suffer the consequences of their actions.

Nigeria’s reputation will suffer too. The latest analysis by the Nigerian Exchange Limited (NGX) finds that foreign investors inflow into Nigeria’s stock market dropped dramatically to N53.71billion in the first quarter of (Q1) 2023 from N128.91 billion reported in Q1 2022.

The report, entitled “Domestic & Foreign Portfolio Participation in Equity Trading”, pointed to political tension, high inflationary pressure and scarcity of foreign exchange as reasons for the fall in investment in Nigerian companies’ shares.

We should not be adding weaponisation of the courts and baseless claims of racism to the reasons that foreign investors stay away from Nigeria.

 

spot_img
spot_img

Hot this week

Designing the Future: Arc Christian Benimana, Prof Taibat Lawanson to Headline Ecobank Design and Build 2025

Ecobank Nigeria has announced that celebrated architect Arc. Christian...

Sovereign Trust Insurance Wins Enactus Catalyst Award

From L-R: Victor Akinfala, Head Partnerships & Special Projects,...

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

Universal Insurance MD/CEO, Jeff Duru, Bags CIBN Associate Membership

  Dr. Jeff Duru Managing Director/CEO Universal Insurance Plc The Managing Director/CEO of...

Sterling One Foundation CEO, Olapeju Ibekwe, Joins Board of UN Global Compact Network Nigeria Ahead of UNGA 80

    Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation,...

Topics

$1tn Economy: CBN, BOI, UBA, NDIC Set for FICAN 2024 Conference

The Nigeria Deposit Insurance Corporation (NDIC), the Central Bank...

Stanbic IBTC: More Winners Emerge in Reward4Saving Promo

Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC...

Entrepreneurs, Customers Relive Experience at Polaris Bank Sponsored Fashion Souk

Polaris Bank, Nigeria's premier digital retail Bank, showcased its...

Nigeria Missing in Global Quality of Living Ranking

Despite increased political and financial volatility in South Africa,...

Stanbic IBTC to Connect with Youths at Africa NXT

As part of its commitment to youth development, Stanbic...

The Indonesia Executions

Last week, Indonesia stood its ground on its declared war on hard drugs through the firing squad execution of eight convicted drug offenders despite global appeals for clemency. The eight-4 Nigerians, 2 Australians, 1 Brazilian and 1 Indonesian paid the ultimate price for daring to challenge the Death-For-Drug-Dealers- Law in Indonesia. For months, the international media followed the death penalty on the convicted drug dealers and the ensuing campaign to free them from violent death.

Transcorp Reports N135bn Total Revenue, N47bn Profit in 2022

  Transnational Corporation Plc (Transcorp) has released its financial results...

Coping in Nigeria’s High-Inflation Economy

 By Elvis Eromosele Economists say inflation is a persistent rise...
spot_img

Related Articles

Popular Categories

spot_imgspot_img