Xavier Rolet Resigns Amid Seplat Energy Debt Scandal

Mr. Xavier Rolet, KBE, an independent non-executive director in Seplat Energy Plc, has resigned from his position two days after a Federal High Court in Lagos, Nigeria granted Zenith Bank Plc interim orders of Mareva Injunctions against Shebah Exploration & Production Company Limited (SEPCOL), Shebah Petroleum Development Company Limited, the Chairman of Seplat Energy, Dr. ABC Orjiako and others.

Seplat Energy, in a statement signed by Mrs. Edith Onwuchekwa, Director Legal and Company Secretary on November 9, 2021, had confirmed that the energy company was aware of the ex parte interim orders of Mareva Injunctions granted against SEPCOL, eight others, with an additional 29 cited parties.

The company, therefore, said, “We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.”

However, it claimed the “Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy.”

Dr. A.B.C. Orjiako is the Chairman of Seplat Energy, the same person the injunction mandated the company he oversees not to deal with pending the outcome of the ongoing debt case.

The complexity of the situation might have forced Mr. Xavier Rolet, KBE, an Independent Non-Executive Director, to resign his position in the company to avert catastrophe peradventure it all blow up.

On Friday, Dr. ABC Orjiako, Chairman of Seplat Energy, who commented on the resignation, has this to say “We would like to thank Mr. Rolet for his contributions and the wealth of experience he brought to the Board. He showed great commitment and passion toward Seplat Energy’s journey and our transformational vision. We wish him well in his future endeavours”.

Profile of Xavier Rolet, KBE

Mr. Xavier Rolet, KBE. is an experienced CEO, Co-Founder, and Entrepreneur. Named as one of the 100 Best CEOs in the World in the 2017 Harvard Business Review, Mr. Rolet has demonstrated a history of successful turnarounds in the global financial services industry.

In his decade at the helm of the London Stock Exchange, the LSE’s market valuation rose from £800m to more than £15bn, transforming it into one of the world’s largest exchanges by market capitalization. He is currently the Chairman, Board of Directors at Phosagro PJSC, a member of the Board of Directors of the Saudi Stock Exchange Tadawul as an appointee of the Public Investment Fund, and an Expert Adviser to the Shanghai Institute of Finance for the Real Economy.

He has held various senior positions in the financial services industry throughout his career: CEO of CQS, a global hedge fund; CEO of Banque Lehman Brothers in Paris; co-head of Global Equity & Derivatives Trading at Lehman Brothers New York; Global Head of Risk and Trading at Dresdner Kleinwort Wasserstein; Vice-President, International Equity Risk Arbitrage at Goldman Sachs New York; and co-Head of European Equities Sales and Trading at Goldman Sachs International Ltd in London.

Mr. Rolet received his post-graduate degree in Defense Studies and Economic Intelligence from Institut des Hautes études de défense Nationale (“IHEDN”), an MBA in International Finance from Columbia Business School, and an MSc in Management from Kedge Business School.

Mr. Rolet is an Honorary Knight Commander of the Order of the British Empire (KBE), a Knight of the National Order of the Legion of Honour of France, an Officer of the Royal Sharifian Order of Al-Alawi, and a Member of the Order of Friendship of the Russian Federation.