The Court of Appeal sitting in Abuja has suspended the ex parte Interim Orders on Seplat Energy and its officials.
Justice Inyang Ekwo of the Federal High Court, Abuja in the suit FHC/ABJ/CS/626/2023 brought by Juliet Gbaka & 2 others on behalf of 13 minority shareholders, had on 11 May 2023 granted an interim order on the company.
The order which is the third in a series of duplicative petitions filed by minority shareholders between March and April 2023, directed the Securities & Exchange Commission to appoint suitable persons to run the affairs of the Company while it restrained the Board Chairman, 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 Court subsequently adjourned pending applications to 30 May 2023 for a hearing.
Basil Omiyi in a statement however said Seplat Energy remains confident that the courts will appropriately address the frivolous litigations brought 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).
Comments are closed.