The Court of Appeal in Nigeria has suspended the restrictions imposed on Seplat Energy PLC amidst a shareholders’ lawsuit. The court’s decision, announced today, provides a much-needed respite for the energy company as it battles a legal dispute with minority shareholders.
The shareholders’ lawsuit resulted in ex parte Interim Orders, granted on May 11, 2023, by Hon. Justice I.E. Ekwo of the Federal High Court in Abuja. These orders had restrained several key individuals within Seplat Energy, including the Board Chairman, named Independent Non-Executive Directors, the Chief Operating Officer, and the Company Secretary, from carrying out their roles within the company. Furthermore, the orders directed the Securities & Exchange Commission to appoint suitable individuals to manage the affairs of Seplat Energy.
However, with the Court of Appeal’s intervention, the shareholders’ lawsuit restrictions have been suspended, offering a reprieve to Seplat Energy. The court has adjourned the pending applications related to the case to May 30, 2023, for further hearings and deliberation.
Seplat Energy has consistently maintained that the petitions filed by the minority shareholders lack merit and are deemed frivolous. The company emphasizes that the group of 13 shareholders behind the lawsuit collectively holds less than 800 shares, which is a negligible fraction (0.0001%) of the total 589 million shares issued by Seplat Energy. Despite the ongoing legal challenges, Seplat Energy remains confident that the court will appropriately address the matter at hand.
Mr. Basil Omiyi, the Board Chairman of Seplat Energy PLC, expressed his confidence in the legal process and conveyed the company’s commitment to upholding the highest standards of corporate governance while safeguarding the interests of its shareholders.
This latest development comes amidst a series of petitions filed against Seplat Energy between March and April 2023, resulting in a protracted legal battle. While the company contends that these petitions are duplicative in nature, they have introduced uncertainties and challenges for Seplat Energy. However, the company remains committed to cooperating with the legal proceedings and is hopeful for a fair and equitable resolution.
Seplat Energy PLC, an indigenous Nigerian energy company, specializes in the exploration, development, and production of oil and gas resources. The company remains dedicated to its mission of delivering sustainable energy solutions and fostering economic growth within Nigeria.
This announcement by Seplat Energy PLC adheres to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule). The publication has been authorized by Mr. Basil Omiyi, the Independent Chairman of Seplat Energy PLC, on behalf of the entire board.
