Seplat Energy, a leading Nigerian energy company, has responded to recent media publications regarding interim court orders against its officers.
The company has assured investors and the general public that immediate steps have been taken to address the situation.
The Federal High Court, presided over by Hon. Justice I. E. Ekwo, sitting in Abuja, granted ex parte Interim Orders in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others.
These orders primarily restrict the Board Chairman, named Independent Non-Executive Directors, the Chief Operating Officer, and the Company Secretary from functioning in any capacity within Seplat Energy or conducting the affairs of the company.
However, Seplat Energy, known for its commitment to compliance with the law, has taken swift action in response to the interim orders.
The company has filed an appeal and a Motion for Stay of Execution of the Orders, as advised by its legal team.
It’s important to note that the orders have not yet been served on the company or its officers and cannot be enforced until the Court of Appeal hears and determines the appeal and application for a stay of execution.
Seplat Energy views these recent petitions as part of a series of duplicative filings by purported minority shareholders.
These petitions, filed between March and April 2023, seem to be orchestrated attempts to undermine the company due to its ongoing efforts to enhance corporate governance by eliminating related party transactions and implementing other initiatives in this regard.
In previous legal proceedings, Seplat Energy has achieved positive outcomes. The Federal High Court in Lagos, presided over by Hon. Justice Aneke, in Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, vacated the ex parte Interim Orders that had required the company’s CEO to step aside.
Additionally, the Federal High Court in Abuja, presided over by Hon. Justice Ekwo, dismissed the Immigration Charge against Seplat Energy and its officers. All named officers were fully discharged following the Notice of Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration Service, thanks to the company’s cooperation with the immigration authorities.
Moreover, in the case of Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, the Federal High Court in Abuja, presided over by Hon. Justice Ekwo, refused to grant the petitioners’ request for ex parte Interim Orders restraining the company from holding its Annual General Meeting (AGM).
Seplat Energy remains unwavering in its commitment to governance and operational excellence. The company will vigorously defend itself against these court actions and is confident that the courts will address these ongoing litigations expeditiously.
In a statement, Seplat Energy emphasized, “It is imperative to state again that the company and the affected officers are yet to be served with any order of the court apart from the media report.”
The company made this announcement in compliance with Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).
