The Court of Appeal in Abuja, Monday, 15 May, 2023, suspended the ex parte Interim Orders granted on Thursday, 11 May, 2023 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. JULIET EBERE NWADI GBAKA & 15 ORS which came up at the Court of Appeal, Abuja for hearing Monday, 15 May, 2023.
The Appellant/Applicant had moved a motion exparte dated and filed Friday, 12 May, 2023 to suspend the ruling of the lower Court presided by Hon. Justice I. E. Ekwo made last Thursday.
The Court consequently adjourned the matter to 30th May 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.
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 Stay of Execution of the Orders.
The statement signed by the Chairman, Mr. Basil Omiyi, reads: “Seplat Energy remains confident that the courts will appropriately address the frivolous litigations 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 unending litigations on it.