• Tuesday, February 27, 2024
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Court orders Seplat Energy to hold AGM

Efficient use of judicial resources in resolving civil cases – Part I

Seplat Energy Plc has announced that the Federal High Court, has delivered a final and binding Judgment, ordering the Company to hold its annual general meeting (AGM) on May 10, 2023.

The order was made per A.R. Mohammed J, sitting in Abuja in Suit number FHC/ABJ/PET/7/2023 – Akinnifesi & Adelaja V. Seplat Energy Plc today May 9, 2023.

According to a statement signed by Basil Omiyi, Seplat’s Board Chairman, the judgment further restrains any current or former directors, shareholders and officers of the Company from cancelling or postponing the AGM as announced to the public.

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Earlier this week, Omiyi rejected all claims stated in the petitions, which were nearly identical in wording to a separate petition filed at the Federal High Court in Lagos.

He regarded it as part of a coordinated effort to harm the company as a result of its attempts to improve corporate governance by removing related party transactions and implementing other governance initiatives.

Boniface Okezie, Bright Nwabuogwu, John Isesele, Okonkwo Timothy, and Augustine Ezechukwu (Petitioners/Applicants) filed the case before Justice Inyang Ekwo.

This was filed against Roger Brown, the CEO of Seplat Energy, Basil Omiyi, as well as the company’s Independent Non-Executive Directors, Charles Okeahialam, Fabian Ajogwu, Rabiu Bello, Bashirat Odenewu, Emma Fitzgerald, and the Corporate Affairs Commission (CAC).

“Seplat Energy therefore states that, in due compliance with the Law and the Judgement, its AGM will hold on May 10, 2023 at 11:00am, as expressly ordered by the Federal High Court of Nigeria,” the statement read.

According to the statement, this announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).