HighlightTrending Story

Step down now, CSO tells over-stayed Seplat Energy’s Chair, Omiyi

208

Mr Basil Omiyi, has been asked to step down as the Board Chairman of Seplat Energy Plc in the wake of crises rocking the company, a civil society and good governance advocacy group — Make a Difference Initiative (MADI) – has demanded.

MADI said the refusal by Omiyi to step down as the board chairman has triggered the crises rocking the organization.

Mr Lemmy Ughegbe, the Executive Director of the group, who made the call in a statement obtained by Persecondnews, demanded an investigation by the federal government of claims made by aggrieved Nigerian employees that Roger Brown, the former Chief Executive Officer and some interests in the company were plotting to acquire Seplat through the capital market, using some South Africans as fronts.

It will be recalled that Brown had stepped down as CEO following an order of a Federal High Court sitting in Lagos.

Aggrieved stakeholders of the company had filed a suit over allegations of racism, favouring of expatriate workers, discrimination against Nigerians, and breach of good governance.

MADI accused Omiyi of violating the provisions of the Nigerian Code of Corporate Governance 2018 on the tenure of directors.

Section 12 (10) of the Code states that the tenure for independent non-executive directors should not exceed three terms of three years each.

MADI also alerted to alleged efforts by Seplat leadership to coerce its Nigerian employees into passing a vote of confidence in both Brown and Omiyi.

“Omiyi and another board member, Charles Okeahalam, have refused to resign despite overstaying their maximum of nine years allowed by the said code.

“Grapevine has it that in a letter dated 30th January 2023, institutional shareholders of Seplat pointed out that Omiyi and Okeahalam had exceeded their tenure and called for their resignation.

“We also have it on good authority that while some major stakeholders kicked against Mr Omiyi’s choice as the company’s secretary, having done his maximum of nine years, it was later agreed that he serves for one year to enable the company to conclude the search for the replacement of Dr ABC Orjiako, who stepped down.

“Today, he is in his tenth year and still wants to carry on even when Section 12.10 of the Nigerian Code of Corporate Governance specifically prescribes that the tenure for independent non-executive directors (INEDs) should not exceed three terms of three years each.

“We call on the Nigerian government to revisit the allegation by Nigerian workers that Mr Brown and Omiyi are bent on acquiring the Nigerian company through the capital market using some South African fronts. And that is what all this sit-tight syndrome and condonement of the CEO’s excesses is all about,’’ the statement said.

Describing Seplat Energy as a strategic national asset, MADI said it should not under any circumstance be allowed to slip out of the hands of Nigeria into the hands of foreigners.

“If the founders of Seplat had to vacate their positions when far minor issues arose around them, then MADI does not understand why employees of Seplat, Mr Brown and Mr Omiyi, should not bow out honourably or be sacked,’’ it said.

Leave a comment

Related Articles

N5bn Intervention Palliative Impacting Lives Of Residents, says Akinmade

The N5 billion Ogun State Intervention Palliative meant to cushion the impact...

Defence Headquarters releases identities of Army commander, three other officers, 13 soldiers murdered in Delta

The Defence Headquarters (DHQ) has revealed the identities of the Nigerian Army...

Gunmen storm palace, abduct, kill traditional ruler in Bauchi

Gunmen suspected to be kidnappers have kidnapped and killed the traditional ruler...

Release data of Nigerian users to EFCC, court orders Binance

A Federal High Court in Abuja has ordered the cryptocurrency trading platform,...

Child, maternal mortality: Rotary International donates $2m to Nigeria

In a bid to tackle the pressing issue of child and maternal...

Nollywood veteran actor Amaechi Muonagor appeals for support amid health challenges

Nollywood icon Ameachi Muonagor has reached out to the public, pleading for...

FG approves N12.7bln for mass metering of army barracks nationwide

The Federal Government says it has released N12.7 billion to provide electricity...

Heirs Holdings tells story of transformational investment in Africa, launches its first-ever TV commercial

Heirs Holdings has launched its first-ever television commercial (TVC), showcasing the company’s...

Internet disruption: FG plans talks with Ghana, others to protect undersea cables

Following the damage to the undersea cables last week, the federal government...

Sports Minister advocates Nigeria’s hosting of the Commonwealth Games in 2030

Nigeria’s Minister of Sports Development, Sen. John Enoh, has called for the...

The States And The Blackout Nation

Many Nigerians believe that restructuring the country or devolving powers from the...

NDLEA Nab Hairstylist, Dispatch Rider For Allegedly Selling Drug-Laced Chin-Chin To Students, At Parties

The National Drug Law Enforcement Agency (NDLEA) has detained a 20-year-old hair...

Delta military killings: ‘Cowardly’ perpetrators won’t go unpunished, says Tinubu

President Bola Tinubu has condemned the killings of some Army officers and...

Editor of FirstNews, online platform, abducted from Lagos home by gunmen in military uniforms

Segun Olatunji, the Editor of FirstNews and the former Chief of the...

Ogun Govt. begins distribution of food items

In order to cushion the effect of the current economic hardship in...

How K1 maltreated, seized my international passports—former drummer Kunle Ayanlowo

Former drummer Kunle Ayanlowo has come forward with troubling allegations of maltreatment...

Senate disowns report on exposing fraud in refineries’ rehabilitation

The Senate has dismissed media reports credited to it that it will...

Champions League Q/F: Arsenal face tough test against Bayern Munich, Manchester City play Real Madrid

The 2023–2024 UEFA Champions League quarter-finals draw has just been concluded at...

Ex-Rep. Oyebamiji bags 16-month prison sentence

A former member of the House of Representatives, Folaranmi Oyebamiji, was sentenced...