The last may not have been heard of the crisis rocking the leadership of Seplat Energy Plc, as the company has filled an appeal countering interim court orders suspending its officers.
A Federal High Court, Abuja, had on Thursday, suspended the managing director, directors and secretary of the Board of Seplat, pending the hearing and determination of motion on notice filed by three aggrieved shareholders.
But Seplat, which said that the interim orders are yet to be served on the company or any of the affected officers, has appealed the interim order and a motion for stay of execution of the orders.
The Communications and External Affairs Directorate, Chioma Afe, said: “The company, as a law-abiding entity, has appealed the interim orders by immediately filing a motion for stay of execution of the orders.
Seplat Energy has been advised by its legal team that the interim orders, which are yet to be served on the company or its officers, cannot be enforced until the court of appeal has heard and determined the appeal and application for stay of execution.
“This petition is a third in the series of duplicative petitions filed by purported minority shareholders between March and April 2023, as part of orchestrated attempts to damage the company in response to its unrelenting efforts to improve corporate governance by eliminating related party transactions and implementing other corporate governance initiatives.
The company previously announced that, “the Federal High Court in Lagos, per Hon. Justice Aneke, in Moses Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated the ex parte Interim Orders that required the Company’s CEO to step aside.”
It had also said that: “The Federal High Court in Abuja, per Hon. Justice Ekwo, in Federal Republic of Nigeria V. Seplat Energy & 8 ors, formally dismissed the Immigration Charge against the Company and some of its Officers, and fully discharged all named Officers. This discharge followed the Notice of Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration Service and the Company’s cooperation with the immigration authorities; and that the Federal High Court in Abuja, per Hon. Justice Ekwo, in Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused to grant to the Petitioners’ request to grant ex parte Interim Orders restraining the Company from holding its AGM.”
Afe said that Seplat remains relentless in its commitment to governance and operational excellence.
“The company will continue to diligently defend against these deliberate court actions, and remains confident and hopeful that the courts will appropriately address these unending litigations on the same subject matter in short order,” she stated.
Recall that Justice Inyang Ekwo, in a ruling on Thursday also gave an order compelling the Securities and Exchange Commission (SEC) to constitute and appoint suitable persons to run the affairs of the oil company, pending the hearing and determination of the motion on notice filed by the shareholders.
The judge adjourned the matter until May 23 for motion.
