Court suspends Seplat Energy Co. CEO, directors, secretary

A Federal High Court, Abuja, on Thursday, suspended the managing director, directors and secretary of the Board of Seplat Energy Plc, pending the hearing and determination of motion on notice filed by three aggrieved shareholders.

Justice Inyang Ekwo, in a ruling, also gave an order compelling the Securities and Exchange Commission (SEC) to constitute and appoint suitable persons to run the affairs of the oil company, pending the hearing and determination of the motion on notice filed by the shareholders.

Justice Ekwo further gave an order restraining them, their agents, personal representatives, acting on their behalf or instruction, from operating or functioning as officers of the oil film under any guise, pending the hearing and determination of the motion on notice for interlocutory.

Besides, the judge also gave an order, restraining them from taking any decision or action whatsoever in respect to the day-to-day running of the company, pending the hearing and determination of the motion on notice for interlocutory injunction filed by the shareholders.

“An order is hereby made suspending the 2nd to 10th defendants as directing minds and secretary of the 1st defendant (Seplat), pending the hearing and determination of the motion on notice filed by the applicants,” he declared.

The judge then adjourned the matter until May 23 for motion.

Those affected by the orders are Roger Thompson Brown (the MD); Basil Omiyi (Chairman of the Board of Directors); Emma Fitzgerald, Dr Charles Okeahialam, Prof. Fabian Ajogwu, Rabiu Bello, Mrs Bashirat Odenewu (independent non-executive directors).

Also affected are Mrs Edith Onwuchekwa (Company Secretary) and Samuel Ezeugwuorie (Chief Operating Officer), who are all listed as 2nd to 10th defendants respectively in the suit.

The order followed a motion ex-parte dated May 8 and marked: FHC/ABJ/CS/626/23 moved by counsel for the plaintiffs, Abiodun Layonu, SAN.

The motion, which prayed the court for four orders, had Juliet Ebere Nwadi Gbaka, Margaret Awobusuyi Funmilayo and Clement Akaeme as 1st to 3rd plaintiffs respectively (aggrieved shareholders).

Also joined in the suit are the SEC, Corporate Affairs Commission (CAC), Datamax Registrars Limited and Pricewaterhousecoopers Limited as 11th to 14th defendants respectively.

In their originating summons dated and filed May 8, the aggrieved shareholders alleged that the 2nd to 10th defendants mismanaged and breached the company’s corporate governance documents.

They sought a declaration that by the combined provisions of Article 130 (i) of the Articles of Association of the company and Articles 3.1 (i) and (j) of the Code of Corporate Governance for Public Companies in Nigeria, it was appropriate in the circumstance for the affected persons to resign their appointment.

They also prayed for an order of injunction, directing and mandating the SEC and CAC to disqualify or remove them as directors or officers of the company, appoint suitable persons to run its affairs and conduct an investigation into the affairs of the company for the past 30 months preceding the filing of the suit, among others reliefs.

Supreme reports that Justice Ekwo had, on April 28, restrained the management of the company from holding the Annual General Meeting scheduled for May 10, pending the hearing and determination of the substantive matter in another suit filed by some aggrieved shareholders of the oil company.