Billionaires Seplat Founders, Avuru, Orjiako Settle Rift

By Onyema Dike

Austin Avuru, the founding CEO of Seplat Energy, and Dr. ABC Orjiako, the founding chairman of the oil company, have re-engaged in talks to resolve their disagreement.

According to www.bigpenngr.com, the development followed efforts by a renowned oil executive, Dr. Layi Fatona, Vice Chairman of ND-Western E&P Limited, to mediate a settlement between the two parties in an effort to put an end to the courtroom drama.

Fatona, a close friend and senior industry colleague of the two, intervened to mediate, and according to a reliable source, “there seems to be a shifting of grounds and settling of the rift between the duelling partners.”

This new development signals a shift in their positions and could lead to a possible out-of-court settlement if Dr. Layi Fatona is able to keep them long enough at the negotiating table.

The two intelligent, well-connected, and successful men who founded Seplat in 2010—a geologist/petroleum engineer and an orthopaedic surgeon—grew it into Nigeria’s most prosperous independent oil company before taking it public in 2014 through a dual listing on the NSE and LSE.

Seplat Energy is currently regarded as the seventh most valuable stock on the NGX with a market capitalization in excess of  N700 billion. That figure represents about 2.86% of the Nigerian Stock Exchange equity market.

The two split up in August 2022 as a result of a court order by the Abuja High Court, which was presided over by Justice SB Belgore and prevented Austin Avuru’s planned retirement dinner.

The dinner was supposed to feature the unveiling of three of his books.

Claimants for his business partner ABC Orjiako insisted that some of the books were defamatory of Orjiako and the organization. 

Following a motion exparte filed by Tochukwu Peter Tochukwu, Esq. but moved by Nsikan Samuel Ekpeyong, Esq. with Motion No. M/9442/2022 dated July 26, 2002, the Abuja court issued the injunction. 

The injunctions are being challenged in court by Austin Avuru, who stepped down as CEO of Seplat in August 2021.