Federal High Court strikes out Igbrude Petition

Seplat Energy PLC

16 May 2023

 

Seplat Energy Plc

("Seplat Energy" or the "Company")

Federal High Court strikes out the Moses Igbrude Petition

Lagos and London - 16 May 2023: Seplat Energy is pleased to announce that, today, the Federal High Court, sitting in Lagos, has struck out the Petition commenced on 8^th March 2023 by Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye and Robert Ibekwe in Suit No. FHC/L/CP/402/2023 - Moses Igbrude & 4 others V. Seplat & 2 others. As previously announced, the Petition led to ex parte Interim Orders that ordered Mr. Roger Brown to step aside as the CEO of the Company. However, the Court later vacated the Orders on 6^th April 2023.

At today's hearing, it came to the knowledge of the Court that the Petitioners had prepared a Notice of Discontinuance dated 13^th April 2023 and filed on 18^th April 2023. The Petitioners inexplicably delayed service of the Discontinuance Notice on Seplat and its Officers until yesterday and today, respectively. The Court therefore struck out the Petition and ordered the Petitioners to pay costs to Mr. Roger Brown in the amount of N1 million.

This judicial outcome follows yesterday's suspension by the Court of Appeal of the ex parte Interim Orders granted by the Federal High Court (Abuja) in Suit No. FHC/ABJ/CS/626/2023 - Juliet Gbaka & 2 others v. Seplat Energy Plc & 13 others.

The Moses Igbrude Petition was the first in the successive line of petitions commenced against Seplat Energy between March and April 2023 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). The Moses Igbrude Petition also introduced the onslaught of false and orchestrated allegations against the Company, its CEO and its Directors/Officers, which formed the basis of the actions taken by the Ministry of Interior and the criminal charge brought against Seplat Energy and its Officers, which was promptly withdrawn by the Nigeria Immigration Service while the Company and its Officers were entirely discharged by the Federal High Court (Abuja) in April 2023.

Seplat Energy reiterates its confidence in the Nigerian Judiciary as it continues its systematic resolution of these orchestrated and frivolous litigations, which are aimed at disrupting the smooth operations of the Company.

This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer's Rule).

Responsibility for publication

This announcement has been authorised for publication by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

Signed:

Mr. Basil Omiyi CON

Board Chairman

  Enquiries:

Edith Onwuchekwa, Director Legal/Company Secretary	[phone]

FTI Consulting
Ben Brewerton / Christopher Laing	[phone] [e-mail]
Citigroup Global Markets Limited
Tom Reid / Luke Spells	[phone]
Investec Bank plc
Chris Sim / Charles Craven / Jarrett Silver	[phone]

Notes to editors

Seplat Energy Plc is Nigeria's leading indigenous energy company. It is listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of the London Stock Exchange (LSE: SEPL).

Seplat Energy is pursuing a Nigeria-focused growth strategy through participation in asset divestments by international oil companies, farm-in opportunities, and future licensing rounds. The Company is a leading supplier of gas to the domestic power generation market. For further information please refer to the Company website,  http://seplatenergy.com/

 

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