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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Ezugworie is now acting CEO, Seplat Energy


Seplat Energy Plc has appointed Samson Ezugworie as its acting Chief Executive Officer CEO .

By this, Ezugworie will hold sway as the company’s helmsman pending the period Mr Roger Brown,the embattled former CEO,is required to step back from his executive duties as directed by a Nigerian Court.

He was the company’s Chief Operating Officer, before his present appointment,a statement said.

In a The statement which was issued by its board chairman, Mr Basil Omiyi, the company was last week ( March 9,2023) served with court processes and ex-parte Interim Order of the Hon Justice C. J. Aneke of the Federal High Court, Lagos, Nigeria, restraining the Chief Executive Officer, Mr. Roger Brown from participating in the running of the Company for a period of 7 days.

The interim orders, according to the statement,  are based on allegations of unfair, prejudicial, and offensive acts by the Chairman, CEO, and all of the Independent Non-Executive Directors (INEDs) of Seplat Energy.

It also said the allegations include that the CEO organised a site visit for a number of its major shareholders to the Company’s operations, cancelled some catering and landscaping contracts, and introduced a new job performance rating.

It added:“The Board believes these allegations are a spurious and vindictive reaction to the Board’s enforcement of corporate governance standards and a determination to continue to uphold their fiduciary duties and loyalty to the Company. The Board of Seplat Energy has unanimously passed a vote of confidence in Mr Brown as the CEO.

“Seplat Energy refutes the allegations and notes that since Mr. Brown became CEO in 2020, Nigerian nationals have been appointed to the company’s most important positions, including Chairman, Senior Independent Non Executive Director, Chief Financial Officer, and Chief Operating officer.

“The order allows the Chairman, Mr. Basil Omiyi, and all the INEDs of Seplat Energy to continue running the affairs of the Company on the basis that it is in accordance with Nigerian law. Mr. Brown has delegated authority to Mr. Samson Ezugworie, Chief Operating Officer, to act as CEO during the period that he is required to step back from his executive duties.

“The injunction was filed by Messrs. Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye, and Robert Ibekwe, who purport to have shares in Seplat Energy Plc. Seplat will follow the due processes of law in responding to the allegations before the courts. At the same time, the company will continue to maintain its operational excellence and act in line with the best corporate governance standards”

 

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