The Court of Appeal, Abuja Division, on Monday, May 15, granted an ex-parte application filed by Seplat Energy seeking to suspend the ruling of the Federal High Court which suspended the company’s CEO, Roger Brown, and others.
Justice Inyang Ekwo of the Federal High Court sitting in Abuja had in an ex-parte order suspended the Brown and Board Chairman of Seplat Energy, Basil Omiyi, pending the determination of the Motion on Notice for Interlocutory Injunction filed by some aggrieved shareholders of the company.
Justice Ekwo also ordered the Securities and Exchange Commission (SEC) to immediately appoint suitable persons to run the affairs of Seplat, pending the determination of the Motion on Notice filed by the applicants.
Dissatisfied with the ruling, Seplat Energy, on Monday, May 15, by its team of lawyers led my D.D Dodo, SAN, Bode Olanipekun, SAN, and Audu Anuga, SAN, urged the Appeal 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, stated that out of 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 while the 2nd and 3rd plaintiffs have 31 and 30 units, respectively.
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He added that “the cumulative percentage shareholding of the plaintiffs who have obtained disruptive orders against the applicant amounts to 0.00002736 per cent.
“The action of the plaintiffs and the orders granted by the lower court have the implication of diminishing the share value of the applicant who 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. Now shown to me, attached hereto and marked as Exhibits 10, 11, and 12 are copies of news reports with global reach relating to the orders of ex parte injunction granted by the lower court.
“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,” he said
Ruling on the application, a three-member panel of the Appeal Court led by Justice Muhammad Mustapha suspended the enforcement of the ex-parte orders granted by Justice Ekwo pending the hearing and determination of the motion on notice dated May 12, 2023, and or pending further directives of the court.
Justice Mustapha, therefore, adjourned the matter to May 30, 2023, for hearing of the Motion on Notice.
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