Seplat board terminates Avuru’s appointment as non-executive director

Seplat Energy Plc on Thursday December 23 notified the Nigerian Exchange Limited (NGX) that its Board has terminated the contract of appointment of Austin Avuru as a Non-Executive Director.

Seplat Energy told the NGX that Avuru’s appointment was terminated on December 22, 2021, “due to breaches of the Company’s corporate governance policies and his fiduciary duties. The Board has called for his resignation as a Director of Seplat Energy.”

Avuru is the immediate past CEO of the energy company who later joined the Board of Directors.

Seplat Energy Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Premium Board of the Nigerian Exchange Limited and the Main Market of the London Stock Exchange (LSE).

Seplat said it pursues a Nigeria focused growth strategy and is well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities and future licensing rounds

According to the corporate announcement on the directorate change released at the NGX, “in line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Limited has been asked to nominate a candidate for his replacement on the Board, and a further announcement will be made in due course.”

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Meanwhile,the stock market of Nigerian Exchange Limited (NGX) yesterday witnessed sell pressure for the third-consecutive day trading, dropping by 0.03 per cent as Julius Berger Plc, MTN Nigeria Communications (MTNN) Plc, FBN Holdings (FBNH) Plc, Zenith Bank Plc and United Capital Plc dropped in prices.

The NGX All-Share Index dropped by 13.74 basis points or 0.03 per cent, to close at 42,230.48 points from 42,244.22 basis points it opened for trading.

Consequently, the overall market capitalisation value lost N7 billion to close at N22.043 trillion from N22.050 trillion the stock market opened for trading yesterday.

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However, the market sentiment closed positive as 14 stocks gained relative to 11 decliners. Union Bank of Nigeria (UBN) recorded the highest price gain of 9.78 per cent to close at N5.05, per share. Royal Exchange followed with a gain of 7.14 per cent to close at 75 kobo, while Mutual Benefits Assurance up by 6.67 per cent to close at 32 kobo, per share.

Eterna appreciated by six per cent to close at N5.30, while Oando rose by 5.26 per cent to close at N4.60, per share. On the other hand, julius Berger led the losers’ chart by 9.88 per cent to close at N22.35, per share. UACN Property Development Company (UPDC) followed with a decline of 5.60 per cent to close at N1.18, while Sovereign Trust Insurance lost four per cent to close at 24 kobo, per share.

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FBNH declined 2.50 per cent to close at N11.70, while Honeywell Flour Mills shed 1.43 per cent to close at N3.45, per share.

The total volume traded increased by 5.8 per cent to 211.090 million units, valued at N2.464 billion, and exchanged in 2,815 deals. Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 64.952 million shares valued at N617.023 million. Sovereign Trust Insurance followed with 23.311 million shares worth N5.478 million, while Guaranty Trust Bank Holding Company (GTCO) traded 21.141 million shares valued at N549.567 million.


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