The Court of Appeal, Abuja Division yesterday granted a stay of execution of an order suspending the Seplat Energy’s chief executive officer, Roger Brown, and board chairman, Basil Omiyi.
The appellate court granted the stay after entertaining 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, pending the determination of the Motion on Notice for Interlocutory Injunction filed by some aggrieved shareholders of the company.
Justice Ekwo had also ordered the Securities and Exchange Commission (SEC) to immediately appoint suitable persons to run the affairs of the company, pending the determination of the Motion on Notice filed by the applicants.
Dissatisfied with the ruling, Seplat Energy on May 15, 2023 through its lawyers, Damian Dodo (SAN) Bode Olanipekun (SAN) and Audu Anuga (SAN) urged the Appellate court to suspend the interim exparte 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 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 plaintiff first has 100 units of shares whilst the second and third plaintiffs have 31 and 30 units respectively.
According to the deponent ‘’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’s 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,” he stated.
Ruling on the Application the Appellate Court comprising Justices Muhammad Mustapha, (Presided), Justice J. G. Abundaga, and Justice D. Z. Senchi, suspended the enforcement of the ex parte orders granted by the Justice I. E. Ekwo pending the hearing and determination of the motion on notice dated 12th May, 2023 or pending further directives of the court.
The court consequently adjourned the matter to 30th May 2023 for hearing of the Motion on Notice
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