- Advertisement -spot_img
33.2 C
Lagos
HomeCompany NewsSeplat Energy sues ex-chairman Orjiako over misrepresentation, cancels consultancy agreement

Seplat Energy sues ex-chairman Orjiako over misrepresentation, cancels consultancy agreement

- Advertisement -spot_img

Seplat Energy PLC said Thursday that it has taken legal action against its former chairman after terminating a consultancy agreement with its wholly-owned subsidiary and its cofounder with immediate effect.

The Nigeria-focused energy company said the termination follows repeated warnings about breaches of a material nature such as “unilaterally making significant commitments.” on Seplat’s letterhead without prior board authority or knowledge.”

The company said that under the consultancy agreement, Bryant Orjiako, acting through Amaze Ltd., was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the board.

The company has commenced legal action against Orjiako and Amaze Ltd. at the Federal High Court in Abuja, Nigeria.

READ ALSO: Nigerian artist nurtures children to preserve use of local talking drum

“This course of action was necessary to protect the company and its shareholders, directors, and officers from potential and increasing liability arising from the conduct of the consultants, Dr. Orjiako and Amaze Limited.”

In the case filed by Seplat at the Federal High Court, it was alleged that Orjiako misrepresented himself.

In the suit, Orjiako was also accused of acting unilaterally when, “without the consent of the firm’s board of directors”, he communicated with the federal government about a $300 million business transaction.

Orjiako served the company as chairman and stepped down in May 2022.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img