An Appeal Court sitting in Lagos Friday ordered the reopening of the Corporate Head Office of Seplat Petroleum following seven weeks of sealing by a High Court ruling instituted by Acess Bank Plc.
The appellate Court suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court sealing the office situated in a building located at 16A Temple Road, Ikoyi, Lagos, a building which is not owned by Seplat. The Court suspended the Order, upholding Seplat’s application.
Recall that on 2nd December 2020, the building in which Seplat’s Corporate Head Office is located was sealed in connection with a court case concerning an outstanding loan to Access Bank Plc by Cardinal Drilling Services Limited (“Cardinal Drilling”).
Cardinal Drilling Services Limited is a third-party providing drilling service to Seplat. Seplat is not a party to the loan agreement, security agreement or guarantees made by or on behalf of Cardinal Drilling to Access Bank Plc., and did not provide any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank Plc.
According to a statement by Seplat, it noted that decision by the Court of Appeal demonstrated the strength of Seplat’s case.
Adding that, “Seplat will continue to vigorously defend itself against its unmerited inclusion in the court action by Access Bank Plc.”
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