TheCable

Austin Avuru, pioneer chief executive officer of Seplat Energy, and Bryant (ABC) Orjiako, pioneer chairman of the oil firm, have returned to the negotiation table to settle their rift.

An insider told TheCable that Layi Fatona, vice-chairman of ND-Western E&P Limited, brokered the peace meeting — a move that could make both end their courtroom saga.

Fatona, a senior industry expert, stepped in to arbitrate and “there seems to be a shifting of grounds and settling of the rift between the duelling partners”.

The new development signals a shift in their positions and could lead to a possible out-of-court settlement if Fatona can keep them long enough at the negotiating table.

Cerebral, connected and successful, the two men: geologist/petroleum engineer and orthopaedic surgeon, founded Seplat in 2010, took it public in 2014 in a dual listing on the Nigerian Stock Exchange (now Nigeria Exchange Limited (NGX), and London Stock Exchange (LSE). They nurtured it into one of Nigeria’s most successful independent oil companies.

Seplat Energy is currently regarded as the seventh most valuable stock on the NGX, with a market capitalisation of over N700 billion.

Last year, the two fell apart after the Orjiako-led board of Seplat Energy approved Avuru’s termination, citing “breaches of the company’s corporate governance policies and his fiduciary duties”.

In December 2021, Avuru’s lawyer, Perchstone & Graeys law firm, claimed that the allegations levelled against him by Seplat Energy Plc are aimed at “damaging his hard-earned reputation”.

In August 2022, following a court injunction by an Abuja High Court presided over by Justice SB Belgore stopped Austin Avuru’s planned retirement dinner and launching of books.

Claimants representing his partner, Orijako, had insisted that portions of the books maligned their client and the company. The Abuja court issued the injunction following a motion exparte filed by Tochukwu Peter Tochukwu, Esq. but moved by Nsikan Samuel Ekpeyong, Esq. with Motion No. M/9442/2022, dated July 26, 2002.

Austin Avuru, who retired as CEO of Seplat in August 202, has been waging a legal battle to vacate the injunctions.