Seplat Asks Court to Set Aside Interim Order Suspending Its Directors

Indigenous energy company, Seplat Energy Plc, has asked the Court of Appeal to set aside the judgement of Justice Inyang Ekwo of the Federal High Court Abuja which granted an ex parte interim order against the company and some of its officers.

Justice Ekwo had granted the temporary ex parte order which restrained 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.

However, Seplat in its Notice of Appeal filed at the registry of the Federal High Court is asking the Appellate Court to allow the appeal and set aside the decision of the lower court made on May 11, 2023.

Seplat also says that the lower court erred in law and occasioned grave injustice by granting the order despite pending applications before it.

The company said the order affected it adversely and was an abuse of the court process as it lacks jurisdiction on the issue.

Seplat’s external Counsel, Senior Advocate of Nigeria, Bode Olanipekun, said the interim orders were obtained by three shareholders who cumulatively have about 161 shares (about 0.00027%) out of over 500 million issued shares of the company.

Olanipekun noted that there are special procedures for the removal of directors of a company under the Companies and Allied Matters Act (CAMA) and the same was not the basis for the removal of Seplat’s directors in this instance.

He asked all parties to allow the judicial process to take its course.

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