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Business News

Seplat exonerates self from $114m court judgement against Chairman

The management and Board of Seplat Petroleum Development Plc have quickly exonerated itself from a recent court judgement involving its Chairman, Mr A. B.C Orjiako.

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A B C Orjiako, Seplat settles misunderstanding with Eland Oil stakeholders over acquisition

The management and Board of Seplat Petroleum Development Company Plc have quickly exonerated itself from a recent court judgement involving its Chairman, Mr A. B.C Orjiako.

A statement signed by the company’s Secretary and issued late Wednesday (October 17th) to the Nigerian Stock Exchange said Seplat’s attention had been drawn to recent media publications regarding the court judgement. The statement went further to stress that the oil company is not a party to the court case and would, therefore, like to dissociate itself.

Why is Seplat distancing itself?

The court judgement, though involving Seplat’s Chairman of Board, does not have anything to do with Seplat itself. Instead, two other separate companies are involved namely- Allene Limited and Shebah Exploration & Production Company Limited. Consequently, Seplat thought it wise to set the records straight in order to avoid any form of confusion.

Moreover, Seplat Petroleum Development Plc is required by Rule 17.10 of the NSE’s RuleBook to make this announcement in the event of this kind of situation.

“SEPLAT is not a party to the litigation. The Company will monitor the progress of this suit and issue further communication on the matter as appropriate. This announcement is being made by the Company in accordance with Rule 17.10, Rulebook of the Nigerian Stock Exchange, 2015 (Issuers Rule).” -Seplat

Here’s the Backstory

Recall that a Federal High Court in Ikoyi, Lagos recently ordered Dr Orjiako and the other defendants mentioned above to pay three banks – Diamond Bank Plc, African Export-Import Bank, and Skye Bank Plc – the sum of $114 million.

This was was an enforcement of judgement earlier delivered by the High Court of Justice Queen’s Bench Division and upheld by the Supreme Court of the United Kingdom.

The $114 million is the outstanding and accrued interest of a credit facility granted to the defendants in 2011.

Seplat Petroleum Development Company Plc is a leading oil company in the upstream sector. The company is listed on both the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). The company’s stock on the NSE is currently trading at N615.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Corporate Press Releases

NSE to commemorate IWD 2021, host 7th Annual Ring the Bell for Gender Equality

NSE will join securities exchanges all over the world to commemorate International Women’s Day 2021.

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NSE prepares to launch West Africa’s first Exchange-traded derivatives

The Nigerian Stock Exchange (NSE or The Exchange) will join securities exchanges all over the world to commemorate International Women’s Day 2021 and host its 7th Annual Ring the Bell for Gender Equality on Monday, 8 March 2021.

In collaboration with Sustainable Stock Exchanges (SSE) Initiative, United Nations (UN) Women, United Nations Global Compact (UNGC) and International Finance Corporation (IFC), the event will hold virtually building on the global theme, #ChooseToChallenge and will culminate in a digital Closing Gong Ceremony. Members of the stockbroking community, analysts, regulators, media and other interested participants can register via the link: http://bit.ly/nse-iwd-2021

Consistent with The Exchange’s objectives to accelerate progress and impact on the advancement of women across all spheres of life, the event will feature discussions that highlight the business case to challenge the norm. Confirmed speakers at the event include, Otunba Abimbola Ogunbanjo, President, National Council, NSE; Mrs. Catherine Nwakaego Echeozo, 2nd Vice President, National Council, NSE; Mrs. Fatimah Bintah Bello–Ismail, Ordinary Member, National Council, NSE; Mrs. Erelu Angela Adebayo, Ordinary Member, National Council, NSE; Mrs. Opunimi Akinkugbe, Founder, Director, Bestman Games; Mr. Oscar N. Onyema, OON, Chief Executive Officer (CEO), NSE; Ms. Tinuade Awe, Executive Director, Regulation, NSE; Mr. Bola Adeeko, Divisional Head, Shared Services, NSE; Mr. Kevin Njiraini, Regional Director, Southern Africa & Nigeria, International Finance Corporation (IFC).

Others are Mrs. Oluwasoromidayo George, Chairperson, United Nations Global Compact (UNGC) Network Nigeria; Mr. Lansana Wonneh, United Nations (UN) Women Deputy Representative, Nigeria and ECOWAS; Mr. Patrick Akinwuntan, Managing Director/Regional Executive, Ecobank Nigeria; Ms. Ivana Osagie, Founder, Professional Women Roundtable (PWR); and Ms. Eme Esien Lore, Nigeria Country Manager, IFC.

The webinar will also feature a special focus on the peer-to-peer learning programme under the Nigeria2Equal programme, a three-year project towards which the IFC will collaborate with the NSE to reduce employment and entrepreneurship gaps in Nigeria through the private sector.

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Coronavirus

COVID-19: Dr Cyprian Ngon is first Nigerian to receive vaccine

Dr Cyprian Ngon has made history by becoming the first Nigeria to receive the COVID-19 vaccine in Nigeria.

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Dr Cyprian Ngon has made history by becoming the first Nigeria to receive the COVID-19 vaccine in Nigeria.

Dr Ngon led the first set of health workers including Nurse Faith E. Eragbai, Dr. Nuru Joseph and Dr. Thairu Yunusa to receive the vaccine at the flag-off ceremony for COVID-19 vaccination in Nigeria, which held on Friday, March 5, 2021 at the National Hospital Abuja.

Present at the ceremony is a host of dignitaries including; the Secretary to the Government of the Federation and Chairman, Presidential Task Force (PTF) on COVID-19, Mr Boss Mustapha, Director-General of the National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib.

In case you missed it

  • The first batch of the COVAX Astrazeneca/Oxford vaccines arrived in Nigeria on Tuesday, March 2021 via the Nnamdi Azikiwe International Airport in Abuja.
  • Nairametrics reported that the Federal Government announced the President Muhammadu Buhari and Vice-President Yemi Osinbajo will receive shots of AstraZeneca/Oxford COVID-19 vaccines on Saturday to demonstrate vaccine safety to the public.
  • Last month during a PTF COVID-19 briefing Dr Faisal revealed plans by the National Primary Health Care Development Agency (NPHCDA) to vaccinate 109 million Nigerians in 2 years.

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