File photo of an oil rig
A Nigerian court has forced the chief executive officer of Seplat Energy Plc to step down temporarily over allegations of unfair treatment of local staff.
Seplat received an order from the Federal High Court in Abuja, restraining its Chief Executive Officer Roger Brown from participating in the running of the company for seven days, the company said in a statement Friday. “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 of Seplat Energy,” it said.
Chief Operating Officer Samson Ezugworie has been appointed to run the company while Brown is suspended. “The order allows the chairman and all independent non-executive directors of Seplat to remain active in the company,” in line with Nigerian laws, the company said.
Seplat will challenge the court order. “These allegations are a spurious and vindictive reaction to the Board’s enforcement of corporate governance standards,” it said. The energy company’s shares declined 2.4% to 111 pence as of 1.35 p.m. in London on Friday.
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