The outgoing President Muhammadu Buhari, in virtual session on Tuesday flagged off the Wadi-B Drilling Campaign, Chad Basin, Tuba Community, Jere Local Government Area, Borno State, as Mele Kyari, Mele Kyari, Group Chief Executive Officer (GCEO) NNPCL, and Professor Babagana Zulum, Governor of Borno State were on ground to launch the commencement of the drilling exercise.
He disclosed that the company had leveraged its financial autonomy derived from the PIA to work out and execute a payment plan for the cash call debt while balancing its energy security obligations to the nation.
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 his address to shareholders and other stakeholders during meeting, Mr. Basil Omiyi, the Chairman of Board, Seplat Energy, said for the 2022 full year, the Company’s total revenue rose by 29.8 per cent to $951.8m while profit before tax rose by 15.3 per cent to $204.4m.
According to the Group chief executive officer, NNPC, Mele Kyari, the project will promote and integrate the use of gas domestically and generate power for industries which will eventually lead to economic growth and prosperity for the people, not only in Ogun State but also in Nigeria generally.
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.