The court based its order on allegations around various actions taken by Brown. He organised a site visit for shareholders, cancelled some landscape and catering contracts and introduced a new job performance rating.
One of Nigeria’s largest independent oil and gas producers spent more than $450 million on goods and services provided by companies linked to its two founders over 12 years, most of it after the firm publicly listed in London and Lagos in 2014.
Former Seplat Energy executive Austin Avuru appears to be clashing with his old company in the pursuit of ExxonMobil’s mature onshore Nigerian assets.
Austin Avuru has retired from his position as CEO of Seplat Petroleum, paving the way for Roger Brown, current CFO, to take the top spot.
Seplat fell to a loss in the first half of the year as oil prices roughly halved, from $65.16 per barrel in the first half of 2019 to $35.94.
Seplat Petroleum’s revenue fell to $130 million in the first quarter, down 18%, with the company blaming an under lift of oil and lower prices.
Seplat Petroleum’s revenue fell 6.5% in 2019 while cash flow from operations fell 32.7%, but the company was keen to highlight its resilience to the current macroeconomic shock.
Nigeria’s Seplat Petroleum has completed its acquisition of Eland Oil and Gas, which owns assets in Nigeria’s Niger Delta.
Seplat Petroleum’s production slipped during the first nine months of 2019 versus the same period in 2018, although profit increased substantially.