Seplat appeals court order barring its officers from their roles

Seplat Energy says it has filed an appeal and a motion to stay the execution of an interim order issued by a Federal High Court restraining its officers from performing their roles, at the instigation of some aggrieved shareholders

In a release issued Thursday, the company said it is yet to be served the order which restrained the Board Chairman, named Independent Non-Executive Directors, the COO and the Company Secretary from operating or functioning as officers of Seplat Energy in any capacity or otherwise conducting the affairs of the Company.

But it was filing for a stay nonetheless because it was law-abiding, the company said in the release signed by Chioma Afe, of the Communications & External Affairs Directorate.

“This petition is a third in the series of duplicative petitions filed by purported minority shareholders between March and April 2023, as part of orchestrated attempts to damage the Company in response to its unrelenting efforts to improve corporate governance by eliminating related party transactions and implementing other corporate governance initiatives,” the company said.

Read also: Dangote refinery will boost Nigeria’s economy – LCCI

Seplat Energy has previously announced that the Federal High Court in Lagos, per Hon. Justice Aneke, in Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated the ex parte Interim Orders that required the Company’s CEO to step aside.

The company has also stated that the Federal High Court in Abuja, per Hon. Justice Ekwo, in Federal Republic of Nigeria V. Seplat Energy & 8 ors, formally dismissed the Immigration Charge against the Company and some of its Officers, and fully discharged all named Officers.

This discharge followed the Notice of Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration Service and the Company’s cooperation with the immigration authorities.

The company has also announced that the Federal High Court in Abuja, per Hon. Justice Ekwo, in Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused to grant to the Petitioners’ request to grant ex parte Interim Orders restraining the Company from holding its AGM.

“Seplat Energy remains relentless in its commitment to governance and operational excellence.

The Company will continue to diligently defend against these deliberate court actions, and remains confident and hopeful that the courts will appropriately address these unending litigations on the same subject matter in short order,” the company said.

Seplat clarified that the release is a reaction by to certain media publications that the Federal High Court, per Hon. Justice I. E. Ekwo, sitting in Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others granted ex parte Interim Orders against Seplat Energy and some of its Officers.