Financial Energy Review
by James Ikenna…………….
Seplat Petroleum Development Company Plc (SEPLAT) has confirmed that Mr. Austin Avuru has retired as the CEO of the Company. Mr. Avuru will remain on the Board as a Non-Executive Director.
According to Seplat in the interest of full transparency and corporate governance best practice, the Company providing full discusure of his retirement including his benefits.
A statement from Seplat said that the remuneration Committee of the Company has confirmed that Mr. Avuru will be considered a Good Leaver on his retirement, and the following arrangements will apply in respect of his remuneration:
Mr. Avuru will receive a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020. In line with Nigerian market practice, certain benefits around security and travel continue to operate for an appropriate period thereafter
Furthermore, in respect of the 2020 financial year, Seplat said among others things that Avuru will receive a pro-rata bonus to reflect his time as CEO during the financial year, subject to achievement of performance conditions at the end of the year. “Any bonus will be awarded in cash and will be paid on the normal payment date” they said.
Meanwhile, Roger Brown, the new Chief Executive Officer (CEO) of Seplat has resumed work.
According the company’s management Brown resumed duty August 1, 2020 as he is expected to lead Seplat into the next phase of the Company’s growth aspirations following the retirement of the founding CEO Austin Avuru on July 31, 2020 after 10 years.
Brown joined Seplat in 2013 as the CFO and played a key role in the successful dual listing of the Company in 2014 on both the London and Nigerian Stock Exchanges. Similarly, since joining SEPLAT, he has played significant roles in various asset acquisitions by the Company as well as implementing the company’s financial business model.
