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HomeCompany NewsAppeal Court sets aside ruling on suspension of Seplat Chairman, other directors

Appeal Court sets aside ruling on suspension of Seplat Chairman, other directors

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The Court of Appeal in Abuja on Monday suspended the ex parte interim orders granted last week restraining the principal officers of Seplat Energy Plc from performing their functions in suit No.: FHC/ABJ/CS/626/2023.

This suspension follows a ruling in the suit CA/ABJ/PRE/CV/534MI/2023 between SEPLAT ENERGY PLC v. Juliette Ebere Nwadi GBAKA and 15 ORS, which came up at the Court of Appeal, Abuja, for hearing on Monday.

The appellant/applicant had moved a motion ex parte dated and filed May 12, 2023, to suspend the ruling of the lower court presided over by I. E. Ekwo made last Thursday.
The Court consequently adjourned the matter to May 30, 2023, for a hearing of the motion on notice.

As previously announced, 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.

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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.

The company, as a law-abiding entity, has defended itself against the interim orders by immediately filing an appeal and a motion for a stay of execution of the orders.

The statement signed by the Chairman, Basil Omiyi, reads: “Seplat Energy remains confident that the courts will appropriately address the frivolous litigation 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).”

Seplat is poised to diligently continue to defend against deliberate court actions and remains confident and hopeful that the courts will appropriately address its unending litigation.

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