Seplat Energy has terminated its consultancy agreement with its founder, ABC Orjiako, due to alleged breaches of a material nature, and filed a lawsuit against Orjiako and his company, Amaze, seeking an injunction to prevent them from representing Seplat any further.
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The company has accused Orjiako of making significant commitments on Seplat’s letterhead without prior board authority or knowledge. The lawsuit claims that Orjiako made an offer worth $300 million to the Minister of State for Petroleum Resources in a letter dated December 22, 2022. Seplat has asked for 5 billion naira ($110 million) in compensation for deceit and false representation.
Seplat CEO Roger Brown was accused of violating immigration laws and forced out of Nigeria, which led to complaints to the Ministry of the Interior. Orjiako had been contracted to provide assistance with certain external stakeholder engagements following his retirement from the board in May 2022, and Seplat paid to Amaze $1.45 million in 2022. Orjiako holds just over 6% of Seplat’s equity.
