Seplat Energy yesterday announced that the Court of Appeal sitting in Abuja, has suspended the ex parte Interim Orders granted on May 11, restraining its principal officers 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 Eenergy Plc v. Juliet Ebere Nwadi Gbaka & 15 ORS, which came up for hearing at the Court of Appeal, Abuja, yesterday, and served on the Company on 12 May 2023.
The Court subsequently adjourned pending applications to May 30 for hearing of the Motion on Notice.
A statement signed by Seplat Chairman, Basil Omiyi, said: “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.”
He added that “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 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).
