Appeal court suspends enforcement of Interim Orders against Seplat, Officers
Seplat Energy announced on Monday that the Court of Appeal of Nigeria, sitting in Abuja, has suspended the ex parte Interim Orders granted on 11 May 2023.
The interim order was granted by the Justice I.E. Ekwo of the Federal High Court, Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others, and served on the Company on 12 May 2023. The Court subsequently adjourned pending applications to 30 May 2023 for hearing.
The Interim Orders were made pursuant to a petition which was the third in a series of duplicative petitions filed by minority shareholders between March and April 2023. The Interim Orders primarily restrained the Board Chairman, named Independent Non-Executive Directors, the Chief Operating Officer and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the Company, and directed the Securities & Exchange Commission to appoint suitable persons to run the affairs of the Company.
According to the the company’s board chairman, Basil Omiyi, Seplat Energy remains confident that the courts will appropriately address the frivolous litigations brought by a combination of 13 minority shareholders holding less than 800 shares out of 589 million shares (or 0.0001% of the Company’s issued shares).
This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).
In a statement, NNPC said the resolution would free up approximately 300,000 b/d of crude and condensate to be exported and that it would help Nigeria reach 1.8 million b/d of crude output by the end of 2023.