AGM: Court Orders Seplat Not To Tamper With Res

The planned Annual General Meeting (AGM) by Nigeria’s energy giant, Seplat Energy PLC scheduled for 10th May has suffered a huge setback as the Federal High Court sitting in Abuja has ordered parties to suit number FHC/ABJ/PET/8/2023 not to tamper with the res until issues in the suit are resolved.

The ruling was made by Justice Inyang Ekwo in the suit brought by Boniface Okezie, Bon. Bright Nwabuogwu, John Isesele, Okonkwo Timothy, and Augustine Ezechukwu, Petitioners/Applicants, against Seplat Energy PLC; company CEO, Mr. Roger Brown; Board Chairman, Mr. Basil Omiyi, as well as Independent Non-Executive Directors of the company, Dr. Charles Okeahialam, Prof. Fabian Ajogwu, Rabiu Bello, Mrs. Bashirat Odenewu, Emma Fitzgerald, Mrs. Edit Onwuchekwa (Company Secretary/Legal Adviser), and the Corporate Affairs Commission.

The implication is that the AGM could not go on until the next adjourned date, which is 31st May 2023.

The ruling was handed at the hearing of a Motion on Notice for interlocutory order restraining the directors (INEDs), being the Respondents in the suit, from holding the AGM.

However, the court, upon learning that some of the Respondents were yet to be served, directed that they be served before the matter could be taken.

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The counsel to the petitioners, Onuoha, told the court that the matter brought by his client was time and sought an order restraining Seplat and other Respondents from overreaching the substance of the matter.

“In this circumstance, we apply for an adjournment, but we urge the Court to warn the Respondents because our application is time bound. The 2nd to 9TH Respondents are in the process of convening an AGM. We urge the Court to warn them not to do anything to overreach them”, he stated.

After listening to Kalu Onuoha, the counsel to the petitioners; Wole Olanipekun (SAN), counsel to Seplat; Matthew Burka (SAN), counsel to Roger Brown (who held brief of Dr. Hassan Liman (SAN), the counsel to Rabiu Bello and Emma Fitzgerald, Uzoma Azikiwe (SAN), counsel to Basil Omiyi, O.A. Omonuwa (SAN for Dr. Charles Okeahialam and Prof. Fabian Ajogwu, and Prof. Taiwo Osipita (SAN), representing Mrs. Bashirat Odenewu and Mrs. Edit Onwuchekwa, Justice Ekwo ruled: “Parties are hereby ordered not to tamper with the res until issues are resolved. Case adjourned to 31st May, 2023 for Respondents to show cause.”

 Emphasising the order not to tamper with the res, Justice Ekwo stated: “Chief Olanipekun (counsel to Seplat), when the parties have submitted to Court, it is something you teach always that parties should hold themselves, restrain themselves from doing anything that will affect the res until the issues are resolved.”