Business
Seplat CEO, Roger Brown, steps down over allegations of racism
Seplat Energy says Roger Brown, its chief executive officer (CEO), has stepped down from his position.
In a statement on Friday, signed by Basil Omiyi, the board chairman of Seplat, the company said the decision followed the court order of a federal high court in Lagos.
Yesterday, we reported that the court had restrained Brown from carrying out his official duties pending the determination of a suit filed against him and other respondents by aggrieved stakeholders of the company over allegations of racism, favouring of expatriate workers, discrimination against Nigerians, and breach of good governance.
The court restrained Brown as well as his proxies, privies, and agents from continuing to participate in the “day-to-day running and management of Seplat Energy or in any manner whatsoever pending the determination of [the] hearing and determination of the petitioners’ motion on notice for interlocutory injunction”.
In response to the court ruling, Seplat said Brown has delegated his authority to Samson Ezugworie, the chief operating officer of the company.
According to the statement, Ezugworie will continue to act as CEO during the period that Brown is required to step back from his executive duties.
“Seplat Energy Plc reports that on March 9, 2023, it was served with court processes and ex-parte interim order of the honourable 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 seven days],” the statement reads.
“The interim orders are premised on allegations of unfair, prejudicial, and offensive acts by the chairman, CEO and all of the independent non-executive directors (INEDs) of Seplat Energy.
“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.”
‘NIGERIANS HAVE BEEN APPOINTED TO SEPLAT’S MOST IMPORTANT POSITIONS’
Seplat had on Thursday, described the allegations against Brown as a “spurious and vindictive reaction” to the enforcement of corporate governance standards in the company by its board.
Reiterating its position, the firm refuted the allegations, noting that since Brown became CEO in 2020, Nigerian nationals have been appointed to the “company’s most important positions”.
These positions include chairman, senior independent non-executive director, chief financial officer and chief operating officer, it said.
“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 said.
“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 ffficer, 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.”
The company added that it will continue to maintain its operational excellence and act in line with the best corporate governance standards.
Meanwhile, Rauf Aregbesola, minister of interior, had revoked the work permit, visa, and residence permit of Brown following a petition sent to the minister of interior (against Brown) by employees of Seplat.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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