Seplat Appeals, Requesting Court to Vacate The Interim Order Suspending its Directors
Seplat Energy Plc, a local energy firm, has requested the Court of Appeal to overturn Justice Inyang Ekwo’s decision from the Federal High Court in Abuja that granted the company and several of its officials an ex parte interim order.
The board chairman, the designated independent non-executive directors, the chief operating officer, and the company secretary were prohibited from acting in whatever capacity as Seplat Energy officers or managing the company’s affairs after Justice Ekwo granted the temporary ex parte order.
However, Seplat requests that the Appellate Court grant its appeal in its Notice of Appeal, which was submitted to the Federal High Court’s registry.
However, Seplat is requesting that the Appellate Court grant the appeal and vacate the judgment of the lower court rendered on May 11, 2023 in its Notice of Appeal filed at the Federal High Court registry.
In addition, Seplat claims that by giving the order despite having outstanding applications before it, the lower court committed a legal error and caused great unfairness.
The corporation claimed that because the court lacked jurisdiction over the matter, the order had a negative impact on it and was an abuse of the legal system.
The interim orders were obtained by three shareholders who collectively own around 161 shares (or about 0.00027%) out of the more than 500 million issued shares of the firm, according to Seplat’s external counsel, Senior Advocate of Nigeria, Bode Olanipekun.
The Companies and Allied Matters Act (CAMA) has unique processes for the removal of directors of a business, but Olanipekun pointed out that in this case, Seplat’s directors were not removed on the basis of CAMA.
He pleaded with all parties to let the legal process play out.