Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Company News

Seplat exonerates self from $114m court judgement against Chairman

Emmanuel Abara Benson by Emmanuel Abara Benson
October 18, 2018
in Company News, General News
A B C Orjiako, Seplat settles misunderstanding with Eland Oil stakeholders over acquisition

A B C Orjiako, Chairman of Seplat Petroleum Development Company Plc

Share on FacebookShare on TwitterShare on Linkedin

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.

Related

Tags: A. B. C OrjiakorAllene LimitedOn the MoneySeplat Petroleum Development Company PlcShebah Exploration & Production Company Limited

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Electricity update: Nigeria’s power supply records marginal decline to 85.56GWh
    • How billionaire Dan Gilbert built the largest home mortgage lender in US
    • CIS elects Fiona Ahimie as first female principal officer

    Follow us on social media:

    Recent News

    Electricity update: Nigeria’s power supply records marginal decline to 85.56GWh

    May 25, 2022
    How billionaire Dan Gilbert built the largest home mortgage lender in US

    How billionaire Dan Gilbert built the largest home mortgage lender in US

    May 25, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com