In a statement signed by the Board chairman, Basil Omiyi, on Thursday, the company said that the consultancy agreement with the firm has also been terminated.
The company accused the co-founder through Amaze Limited of “unilaterally making significant commitments on Seplat’s letterhead without prior Board authority or knowledge.”
It was also revealed that repeated warnings had been disregarded resulting in a suspension of the agreement in February 2023.
Part of the statement read, “Seplat Energy Plc announces the termination with immediate effect of the Consultancy Agreement between the Company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited.
“The termination follows the suspension of the Consultancy Agreement on 13 February 2023, as unanimously approved by the Board of Directors, following repeated warnings about breaches of a material nature, such as unilaterally making significant commitments on Seplat’s letterhead without prior Board authority or knowledge.”
According to the statement, the consultancy agreement involved Dr. Orjiako providing “defined assistance with certain external stakeholder engagements.”
The company said it has commenced legal action against Dr Orjiako and Amaze Limited at the Federal High Court in Abuja.
Seplat says it took the decision to protect the Company and its shareholders, directors, and officers from potential and increasing liability from Orjiako’s conduct.
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