Seplat’s AGM Mired in Controversy as CAC Pulls Out, Cites Court Order

The planned Annual General Meeting (AGM) of Seplat Energy Plc is under threat as the Corporate Affairs Commission (CAC) has pulled out of the indigenous energy giant, citing an order made by Justice Inyang Ekwo of the Federal High Court, Abuja, restraining the present directors from conducting the exercise pending the resolution of the issues.

This is as the Board Chairman of Seplat Energy Plc, Mr. Basil Omiyi, yesterday disclosed that the company would hold its scheduled AGM today, in compliance with the final and binding judgment of an Abuja Federal High Court.

Omiyi, in a statement stated that in due compliance with the Law and the Judgment, its AGM would hold today at 11:00 am, as expressly ordered by the Federal High Court of Nigeria.

According to him, the announcement on the AGM, “is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule)”.

But in a letter addressed to Omiyi yesterday entitled, “Re” Obedience of Court order of the Federal High Court with Respect to Suit No: FHC/PET/8/2023, Restraining Seplat Energy Plc and Its Directors from organising an Annual General Meeting of the Company”, the CAC declared it would neither attend the AGM nor give effect to its resolutions.

The letter signed by Mr. Luqman Salman for the Registrar-General, the CAC, read in part: “We refer to the previous correspondences between us, you and the law firm of 21st Century Chambers (representing some of your shareholders), on the above subject matter.

“The Commission, having given detailed and thorough consideration to all the issues raised in the petition that was received from 21st Century Chambers on behalf of some shareholders of your company and your responses thereto.

“As you may be aware, the Commission is the 10th Respondent in Suit No: FHC/ABJ/PET/8/2023 between Boniface Okezie & 4 Ors Vs. Seplat Energy PLC & 9 Ors. As you may also be aware, the court had on the 28th April 2023 ordered that parties should not tamper with the res until issues are resolved.

“In view of the order of the court referred to above, the Commission, being a party to the suit is under the obligation to obey the order. The Commission will therefore neither attend the AGM nor give cognisance to any resolution that may arise therefrom.”