Article Summary
- The Federal High Court, sitting in Lagos, has struck out the Petition commenced on 8th March 2023 by Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye, and Robert Ibekwe in Suit No. FHC/L/CP/402/2023.
- The Petition led to ex parte Interim Orders that ordered Mr. Roger Brown to step aside as the CEO of the Company. However, the Court later vacated the Orders on 6th April 2023.
- The Petitioners inexplicably delayed service of the Discontinuance Notice on Seplat and its Officers until yesterday and today, respectively.
Seplat Energy has announced that the Federal High Court, sitting in Lagos, has struck out the Petition commenced on 8th March 2023 by Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye, and Robert Ibekwe in Suit No. FHC/L/CP/402/2023 – Moses Igbrude & 4 others V. Seplat & 2 others.
This was contained in the company statement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.
According to Seplat, as previously announced, the Petition led to ex-parte interim orders that ordered Mr. Roger Brown to step aside as the CEO of the company. However, the court later vacated the orders on 6th April 2023.
- “At today’s hearing, it came to the knowledge of the Court that the Petitioners had prepared a Notice of Discontinuance dated 13th April 2023 and filed on 18th April 2023.
- The Petitioners inexplicably delayed service of the Discontinuance Notice on Seplat and its Officers until yesterday and today, respectively.
- The Court, therefore, struck out the Petition and ordered the Petitioners to pay costs to Mr. Roger Brown in the amount of N1 million,” Seplat stated.
Seplat noted that the judicial outcome follows yesterday’s suspension by the Court of Appeal of the ex parte interim orders granted by the Federal High Court (Abuja) in Suit No. FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others.
- “The Moses Igbrude Petition was the first in the successive line of petitions commenced against Seplat Energy between March and April 2023 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).
- The Moses Igbrude Petition also introduced the onslaught of false and orchestrated allegations against the Company, its CEO, and its Directors/Officers, which formed the basis of the actions taken by the Ministry of Interior and the criminal charge brought against Seplat Energy and its Officers, which was promptly withdrawn by the Nigeria Immigration Service while the Company and its Officers were entirely discharged by the Federal High Court (Abuja) in April 2023,” Seplat said.
The statement signed by Mr. Basil Omiyi, Board Chairman reiterates the company’s confidence in the Nigerian Judiciary as it continues its systematic resolution of these orchestrated and frivolous litigations, which are aimed at disrupting the smooth operations of the Company.
What you should know
Seplat Energy yesterday said it was aware of certain media publications that the Federal High Court, per Hon. Justice I. E. Ekwo, sitting in Abuja in suit number FHC/ABJ/CS/626/2023 – Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others granted ex parte Interim Orders against Seplat Energy and some of its Officers.
The Interim Orders, which are yet to be served on the Company or any of the affected Officers, primarily restrain the Board Chairman, the 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.
It noted that the Company, as a law-abiding entity, has defended against the Interim Orders by immediately filing an Appeal and a Motion for a 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 said.
