Prof. Fabian Ajogwu, the Senior Advocate of Nigeria (SAN), who has served as an independent non-Executive Director of Seplat Energy Plc, has called it quits with the company.
Ajogwu’s resignation may not be unconnected with what he called “external interference’’ with the affairs of the company.
The 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 of the company listed on both the London and Nigerian Stock Exchanges, Persecondnews learnt.
Ajogwu, a foremost Professor of Corporate Governance, had also 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, it was learnt.
A 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.”
On March 3, 2023, the Federal Government had revoked the visa, resident permit, and work permit of Roger Brown, chief executive officer of Seplat, following allegations bordering on racism by aggrieved stakeholders of the company.
Brown had stepped down from his position after an ex-parte order that stopped him from functioning as the CEO of the organization.
The government also filed a four-count charge against Seplat Energy at a Federal High Court in Abuja over an alleged breach of extant provisions of the Immigration Act, 2015.
Also charged were Brown, Basil Omiyi, the board chairman; Edith Onwuchekwa, company secretary/legal counsel as well as independent directors — Fabian Ajogwu, Rabiu Bello, Emma Fitzgerald, Charles Okeahalam, and Bashirat Odunewu.
The defendants were accused of conspiring among themselves to allow Brown to accept employment as chief executive officer at Seplat Energy Plc “without the consent of the Comptroller-General of Immigration”.
On April 20, 2023, Omiyi had said by the `notice of withdrawal’ all the proceedings in the charge had been withdrawn and that the federal high court, Lagos, had also vacated the ex parte interim orders against himself, Seplat, and Brown.
Meanwhile, a civil society and good governance advocacy group — Make a Difference Initiative (MADI) – has urged the Federal Government not to succumb to the pressure to discontinue the suit filed against Seplat and Brown. (PSN)
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