Court stops enforcement of interim orders on Seplat CEO,others
By Yusuf Yunus
A Court of Appeal sitting in Abuja,has suspended the ex parte Interim orders granted on 11 May 2023 by the Hon. Justice I.E. Ekwo of the Federal High Court, Abuja restraining the Chief Executive Officer of Seplat Energy Plc and key officers of the company from performing their roles on account of a petition written
The orders were granted in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others, and served on the company on 12 May 2023.
The court has adjourned pending applications to 30 May 2023 for hearing.
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.
It 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 and Exchange Commission to appoint suitable persons to run the affairs of the Company.
The company in a statement on Monday,said it 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).
