Seplat’s British CEO, Roger Brown Steps Down, Hands Over to Nigerian After FG Revokes Visa, Work Permit

• Seplat's British CEO has stepped down from his role following the revocation of his visa and work permit by the Nigerian government.
• The decision to revoke the CEO's visa and work permit follows allegations made by Nigerian workers bordering on racism
• He was initially expected to continue working from UK but a federal high court judgement changed everything

Seplat Energy PLC has announced that its Chief Executive Officer, Roger Brown, a Briton, has stepped down from office.

This follows an order from a Federal High Court in Lagos restraining Brown from parading himself as the firm’s CEO.

The court order was issued following a suit filed against Brown and others by aggrieved stakeholders of the company, who are believed to be Nigerian workers.

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The stakeholders had accused Brown of racism, favoritism for expatriate workers, discrimination against Nigerians, and breach of good governance.

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In a statement made available to Legit.ng, Seplat's board chairman Basil Omiyi announced that Roger Brown had delegated his duties to Samson Ezugwore to act as CEO while the court case continues.

Ezugwore, who is the company's Chief Operating Officer, will hold the position for at least the next 7 days in compliance with the court order, ThisDay reports.

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Brown's allegations before the court include organizing a site visit for several major shareholders, cancelling some catering and landscaping contracts, and introducing a new job performance rating.

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However, the board of Seplat Energy has described these allegations as false, and stated that Nigerians have been appointed to the company's most important positions since Brown became CEO in 2020.

The board also believes that the allegations were made in response to its enforcement of corporate governance standards and its determination to uphold its fiduciary duties to the company.

Part of the statement reads,

"In Mr. Brown's absence, Mr. Samson Ezugwore, the Chief Operating Officer, has been given the authority to act as CEO.

"Seplat Energy will adhere to legal procedures when addressing the allegations in court."

The case against Roger Brown will continue on March 23, 2023.

Six big Nigerian companies borrow over N200bn in 2 months

Meanwhile in another report, Legit.ng revealed that Dangote cement, MTN other big companies raised over N200 billion through commercial papers in 2 months.

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The funds raised from high-net-worth and institutional investors will finance the companies' operations and expansion plans

The successful fundraising indicates a strong investor appetite for investments in Nigerian companies

Source: Legit.ng