TheCable

Seplat Energy Plc has announced the resignation of Austin Avuru as a non-executive director of its board.

The development is coming about two months after the company announced the termination of Avuru’s appointment from the same role.

It had said the board approved the termination due to “breaches of the company’s corporate governance policies and his fiduciary duties”.

Reacting to the statement, Avuru, through his lawyers, Perchstone and Graeys, had said the allegations levelled against him by Seplat Energy Plc were aimed at “damaging his hard-earned reputation”.

The law firm further urged members of the public to disregard Seplat’s publication.

But in a twist of events on Wednesday, Edith Onwuchekwa, director, legal and company secretary at Seplat, said the resignation came into force on March 1.

“In line with the provisions of the Company’s Memorandum and Articles of Association, his replacement will be nominated to the Board,” the statement reads.

“The Board wishes to sincerely thank Mr. Avuru for his founding role and contribution to SEPLAT Energy for the past decade.”

Austin Avuru, who is a co-founder of Seplat, had retired as CEO of the company on July 31, 2020, but remained on the board as a non-executive director.