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HomeBusinessSeplat Energy's majority shareholders rally behind half-year results amid allegations

Seplat Energy’s majority shareholders rally behind half-year results amid allegations

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A prominent consortium of major shareholders in Nigeria’s indigenous oil firm, Seplat Energy, has defended the integrity of the company’s half-year results, dismissing allegations.

The influential group, known as Eagle Eye shareholders of Seplat Energy, voiced unwavering confidence in the accuracy of the reported stellar performance and expressed full trust in the management’s competence to steer the organization toward sustained growth.

The stance of the Eagle Eye shareholders comes as a response to recent claims made by a minority faction of shareholders against the dual-listed firm’s half-year results for the period ending June 2023.

In an official statement, the Eagle Eye shareholders labeled the joint press conference led by the leader of the Independent Shareholders Association of Nigeria (ISAN), Moses Igbrude and the Executive Director of Make A Difference Initiative (MADI), Lemmy Ughegbe as a platform for recycling outdated and erroneous accusations against Seplat.

The shareholders criticized this action as a continuation of a series of baseless claims and ill-conceived legal actions targeting Seplat Energy and its Chief Executive Officer, Roger Brown.

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The Eagle Eye group highlighted their representation of the majority shareholders of Seplat Energy and expressed dismay at this renewed media offensive. They noted that the initial allegations, driven by Igbrude’s claims, resulted in regrettable actions taken by government agencies, which were subsequently withdrawn and dismissed by the Nigerian Immigration Service and the Federal High Court.

The contentious issue centers around Seplat’s reported legal fees of $19.4 million and a demand for a probe and board reconstitution. The group found it ironic that Igbrude, whose initial petition triggered the allegations, continues to spearhead baseless claims.

Furthermore, the Eagle Eye shareholders criticized the attempt to undermine Seplat’s achievements by a minority faction holding less than 0.0001 percent of the company’s issued shares.

Seplat’s half-year results showcased strong cash generation of $259 million, operational excellence, and safety records, reflecting the company’s resilience in the face of distractions caused by unsubstantiated allegations.

The Eagle Eye shareholders voiced unwavering confidence in Seplat Energy’s Board and Management, reaffirming the company’s position as a top-performing entity contributing significantly to Nigeria’s economic landscape.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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