REG - Seplat Energy PLC - Federal High Court strikes out Igbrude Petition

Seplat EnergyAnnouncement

16/05/2023 14:45

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RNS Number : 6133Z  Seplat Energy PLC  16 May 2023

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

 

Federal High Court strikes out the Moses Igbrude Petition

 

Lagos and London - 16 May 2023: Seplat Energy is pleased to announce that,
today, the Federal High Court, sitting in Lagos, has struck out the Petition
commenced on 8(th) 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. 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 6(th) April 2023.

 

At today's hearing, it came to the knowledge of the Court that the Petitioners
had prepared a Notice of Discontinuance dated 13(th) April 2023 and filed on
18(th) 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.

 

This 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against Seplat Energy and its Officers, which was promptly withdrawn by the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 Energy reiterates its 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.

 

This announcement is made pursuant to Rule 17.10 of the Rulebook of the
Nigerian Exchange, 2015 (Issuer's Rule).

 

Responsibility for publication

This announcement has been authorised for publication by Mr. Basil Omiyi,
Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

 

Signed:

 

Mr. Basil Omiyi CON

Board Chairman

  Enquiries:

 

 Edith Onwuchekwa, Director Legal/Company Secretary  +234 1 277 0400

 

 FTI Consulting
 Ben Brewerton / Christopher Laing            +44 203 727 1000

                                              seplatenergy@fticonsulting.com (mailto:seplatenergy@fticonsulting.com)

 Citigroup Global Markets Limited
 Tom Reid / Luke Spells                       +44 207 986 4000

 Investec Bank plc
 Chris Sim / Charles Craven / Jarrett Silver  +44 207 597 4000

 

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed
on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the
London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through
participation in asset divestments by international oil companies, farm-in
opportunities, and future licensing rounds. The Company is a leading supplier
of gas to the domestic power generation market. For further information please
refer to the Company website,  http://seplatenergy.com/
(http://seplatenergy.com/)

 

 

 

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