REG - Seplat Energy PLC - Interim Court Orders

Seplat EnergyAnnouncement

11/05/2023 18:30

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RNS Number : 1716Z  Seplat Energy PLC  11 May 2023

 

 

 

 

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

 

Seplat takes immediate steps to counter Interim Court Orders against its
Officers

 

 

Lagos and London - 11 May 2023: Seplat Energy is 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.

 

The Company, as a law-abiding entity, has defended against the Interim Orders
by immediately filing an Appeal and a Motion for 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 previously announced that:

·      The Federal High Court in Lagos, per Hon. Justice Aneke, in Moses
Igbrude & 4 ors V. Seplat Energy & 2 ors, has vacated the ex parte
Interim Orders that required the Company's CEO to step aside.

·      The Federal High Court in Abuja, per Hon. Justice Ekwo, in
Federal Republic of Nigeria V. Seplat Energy & 8 ors, formally dismissed
the Immigration Charge against the Company and some of its Officers, and fully
discharged all named Officers. This discharge followed the Notice of
Withdrawal/Discharge filed by the Director Legal of the Nigeria Immigration
Service and the Company's cooperation with the immigration authorities.

·      The Federal High Court in Abuja, per Hon. Justice Ekwo, in
Boniface Okezie & 4 ors. V. Seplat Energy & 9 ors, refused to grant to
the Petitioners' request to grant ex parte Interim Orders restraining the
Company from holding its AGM.

 

Seplat Energy remains relentless in its commitment to governance and
operational excellence. The Company will continue to diligently defend against
these deliberate court actions, and remains confident and hopeful that the
courts will appropriately address these unending litigations on the same
subject matter in short order.

 

It is imperative to state again that the company and the affected officers are
yet to be served with any order of the court apart from the media report.

 

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 Mrs. Chioma Afe on
behalf of Seplat Energy PLC.

 

Signed:

 

 

Mrs. Chioma Afe

Communications & External Affairs Directorate

  Enquiries:

 

 

 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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