The Court of Appeal, Abuja Division Monday granted an ex-parte application filed by Seplat Energy seeking to suspend the ruling of Justice Inyang Ekwo made in Suit No. FHC/ABJ/CS/626/2023.
A three-man panel of the court comprising Justices Muhammad Mustapha, (Presiding), J. G. Abundaga, and D. Z. Senchi, suspended the enforcement of the ex parte orders granted pending the determination of the May 12, motion on notice and or pending further directives of the court.
The court adjourned till May 30 for hearing of the Motion on Notice.
Justice Ekwo, of the Federal High Court, Abuja had in an ex-parte order suspended the firm’s Chief Executive Officer (CEO), Mr. Roger Brown, and Board Chairman, Mr. Basil Omiyi.
The order was to subsist pending the determination of the Motion on Notice for Interlocutory Injunction filed by some aggrieved shareholders of the company.
The lower court also ordered the Securities and Exchange Commission (SEC) to immediately appoint suitable persons to run the firm’s affairs, pending the determination of the Motion on Notice.
Read Also: Seplat to counter interim court orders against its officers
Dissatisfied, Seplat Energy on May 15, 2023 through its team of lawyers led my Mr. D.D Dodo (SAN), Bode Olanipekun (SAN) and Audu Anuga (SAN) urged the appellate court to suspend the interim ex parte orders.
The Appellant in its further Affidavit In Support of the Motion to stay execution of the orders, deposed to by Adoga Moses, a Litigation Clerk, in the employment of Wole Olanipekun & Co, stated that out of the 588,444,561 issued shares of the appellant/applicant, the plaintiffs at the lower court have cumulative shares of 131 units.
He noted that the 1st plaintiff has 100 units of shares whilst the 2nd and 3rd plaintiffs have 31 and 30 units respectively.
According to the deponent ‘’The action of the plaintiffs and the orders granted by the lower court have the implication of diminishing the share value of the applicant which has dual listings on the Nigerian and London Stock exchanges as well as cause panic in the capital market and reduce investor confidence.
“Even before the orders of the lower court were served, same had been given wide publicity across various news outlets.
‘’The applicant is at the risk of irreparable damage to its brand, business, investor equity, contractual and statutory obligations if the orders sought are not granted.
‘’It is in the interest of justice to grant this application and the balance of convenience tilts in favour of the applicant”.