Seplat Energy Plc has terminated the appointment of Mr. Austin Avuru as a Non- Executive Director due to breaches of the company’s corporate governance policies and his fiduciary duties. According to a statement signed by Dr. Chioma Nwachuku, Director, External Affairs & Sustainability, Seplat Energy Plc, the board has called for his resignation as a Director of Seplat Energy.
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. Avuru, a co-founder of Seplat, was appointed Chief Executive Officer on May 1, 2010. He obtained a degree in Geology from the University of Nigeria, Nsukka, in 1980 and a post-graduate diploma in Petroleum Engineering from the University of Ibadan, Nigeria, in 1992. Prior to joining Seplat, Avuru had spent 12 years at NNPC, beginning in 1980, where he held various positions, including wellsite geologist, production seismologist and reservoir engineer. In 1992, he joined Allied Energy Resources in Nigeria, a pioneer deepwater operator, where he worked for the next ten years as exploration manager and technical manager.
In 2002, Mr. established Platform Petroleum Limited and held the role of managing director until 2010 when he left to take up the position of CEO at Seplat. He is also a director at MPI, which is listed on NYSE Euronext Paris. Avuru has served the oil and gas industry in various capacities, including as technical coordinator for the review of the industry’s memorandum of understanding, membership of the ministerial committee on the restructuring of the DPR and his role as a consultant to the Senate committee on petroleum resources between 2000 and 2003. He also chaired the technical sub-committee that drafted the policy blueprint, which then formed the basis of the Nigerian Content Act of 2010.