Austin Avuru, a non-executive director of Seplat Energy Plc, has resigned from the company’s board.
The news comes nearly two months after the company announced the termination of Avuru’s appointment to the same position.
The board had approved the termination due to “breach of the company’s corporate governance policies and his fiduciary duties,” according to the statement.
In response to the statement, Avuru, through his lawyers Perchstone and Graeys, stated that Seplat Energy Plc’s allegations were intended to “damage his hard-earned reputation.”
The law firm also urged the public to disregard Seplat’s publication.
However, in an unexpected turn of events on Wednesday, Edith Onwuchekwa, director, legal and company secretary at Seplat, stated that the resignation took effect on March 1.
“His replacement will be nominated to the Board in accordance with the provisions of the Company’s Memorandum and Articles of Association,” the statement says.
“The Board wishes to express its heartfelt gratitude to Mr. Avuru for his founding role and contribution to SEPLAT Energy over the past decade.”
Austin Avuru, a Seplat co-founder, retired as CEO on July 31, 2020, but remained on the board as a non-executive director.