Seplat Saga: How Orjiako, Basil Omiyi Awarded Over $5m Contracts To Companies Linked To Them

Details have emerged of how Seplat Energy Plc’s retired founder A.B.C. Orjiakor, Chairman Basil Omiyi and other top officials awarded companies they control contracts worth over $5.03m (N2.18bn) between 2021 and 2022.

TrackNews found from Seplat’s 2022 Annual Report that the biggest contracts involving the top officials of Seplat were awarded to its founder’s companies.

Barely two weeks ago, Seplat sued its former Chairman and founder Orjiakor for transacting on behalf of the company without the approval of the board after retirement.

The indigenous oil firm announced the termination of the Consultancy Agreement between the Company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited, with immediate effect.

“Under the Consultancy Agreement, Dr. Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the Board after the 2022 Annual General Meeting in May 2022.”

However, TrackNews obtained details of transactions of Orjiako acting through Amaze Limited and Shebah Petroleum Development Company Limited SPDCL (BVI).

Orjiako owns SPDCL (BVI). The former Chairman and members of his family control 6.43 per cent of Seplat Energy Plc.

Between 2021 to 2022, Orjiako was awarded consulting contract through his SPDCL to the tune of $916,500 (N409.8m), while it secured $1.1m (N450m) in 2021 when he was still the chairman.

Amaze Ltd which is controlled by Orjiako was awarded $1.457m (N651.3m) contract after he retired.