Shareholder Sues Seplat Over Alleged Refusal To Hold AGM

An aggrieved shareholder of Seplat Energy Plc, Hyginus Nnaemeka Nnubia, has dragged the company before the Federal High Court in Lagos over its alleged refusal to hold the 2023 annual general meeting (AGM) as stipulated by the law.

Nnubia, who is also a lawyer, in his originating summons in the suit numbered FHC/L/CS/484/2023, is asking the court for an order mandating the defendant to hold its 2023 Annual General Meeting in May 2023 or any other time within the time frame permitted by the Companies and Allied Matters Act, 20720.

The applicant is further urging the court to mandate the Company’s officers to render account at the defendant’s annual general meeting by presenting the audited financial statements and also declare dividends to the shareholders where the profits permit.

He also seeking the following reliefs “whether, upon considering section 237 (1) of the Companies and Allied Matters Act, 2020, the defendant is not statutorily obligated to hold its Annual General Meeting each year, in addition to any other meeting?

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“Whether upon consideration of section 238 of the Companies and Allied Matters Act, 2020, the defendant’s officers are not statutorily obligated to render their stewardship account at the defendant’s annual general meeting by presenting the defendant’s financial statements to its shareholders, and declare a dividend to the shareholders where the profits permit?

“Whether the court does not have the inherent powers to restrain any person or persons from interfering or further interfering with the operations and effective management of affairs of the defendant, including but not limited to the holding an annual general meeting and presentation of the audited financial statements to the shareholders,” the applicant stated.

Nnubia is also seeking an order restraining any person or persons (including but not limited to present or former Director(s), Shareholders(s), and Employee(s) of from interfering or accepting such intervention as may be determined or made during the Annual General of the Defendant.

Justice Chukwuejekwu Aneke has fixed May 5 to deliver Judgment on the suit.