Seplat Energy Plc has announced preparations to begin a search for a new board chairman following the retirement of Mr Basil Omiyi.
Omiyi made the announcement of his resignation as Seplat Energy board chairman in a statement on Tuesday.
He also revealed the resignation of the firm’s Independent Non-Executive Director, Dr. Charles Okeahalam, from the board.
He claims that both retirements will go into effect prior to Seplat Energy’s annual general meeting in May 2024.
Omiyi disclosed that the business had created a Board of Directors Succession Forward Plan to support the transition and organizational change anticipated during the following 12 months.
He added that the business would begin a recruitment process to conduct a search for the incoming chairman of Seplat Energy.
“The independent non-executive directors of the board who qualify to be chairman of the company will also be evaluated as part of that process,” he added.
“The succeeding chairman must already be a director of the firm and will be elected by the other directors with a simple majority, according to the Companies and Allied Matters Act.
Before the end of 2023, we anticipate having finished the hiring procedure; then, the election of the chairman will take place.
The company also disclosed that an Independent Non-executive Director, Professor Fabian Ajogwu, would leave the board on October 21, 2023.
His resignation from the board, according to the company, was motivated by recent intentional outside interferences that prevented him from performing his legal and ethical obligations as an independent non-executive director in accordance with the highest standards of corporate governance that he had drafted and endorsed.
