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Seplat Crisis: Board Terminates Consultancy Arrangement With Co-Founder, ABC Orjiako

ABC Orjiakor
ABC Orjiakor (Credit: The Street Journal)

The crisis in Seplat Energy Plc, seems to be unabating with no end in sight.

On Thursday, March 23, Seplat Energy released a statement terminating the consultancy agreement between the company, a wholly owned subsidiary and Dr. Bryant Orjiako. The statement was signed by Basil Omiyi, the current board chairman of Seplat.

Who is ABC Orjiako?

Ambrosie Bryant Chukwueloka Orjiako, a medical doctor who is also known by his initials (ABC), is a co-founder and former chairman of the company.

Seplat cited repeated breaches of a material nature and unilaterally making significant commitments to the tune of $300 millon on Seplats letterhead without prior board authority or knowledge.

Orjiakor is alledged to have communicated unilaterally with the federal goverment about a $300million business transaction.

TheCable Newspapers is reporting that Seplat had taken Orjiakor and Amaze Limited to court over the alleged breach. The suite was filed at an Abuja High Court with suit no FHC/ABJ/CS/386/2023.

Recall that Orjiakor left the company in May 2022 after spending over 13 years as chairman of the board of Seplat. In the last couple of weeks, the company has been in the news with the termination of the work visa of the CEO of Seplat, Roger Brown, by the federal government of Nigeria for racism.

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