The Nigerian Corporate Affairs Commission (CAC) has decided not to participate in the forthcoming Annual General Meeting (AGM) of Seplat Energy PLC due to an order from Justice Inyang Ekwo of the Federal High Court.
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Seplat had scheduled its AGM for Wednesday, May 10, 2023, and issued statements reassuring that it would hold despite the April 28, 2023 order against the company, its CEO, Board Chairman, Independent Non-Executive Directors, and the Corporate Affairs Commission.
The Registrar-General of the CAC declined to attend the AGM or give effect to any resolution passed at the meeting due to a letter addressed to the company’s chairman.
The letter signed by Mr. Lugman 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.”
Recall that a Federal High Court in Abuja had stopped Seplat Energy PLC from holding its planned Annual General Meeting (AGM), slated for May 10, 2023.
This was stated in a ruling made by Justice Inyang Ekwo in the suit brought by the Petitioners/Applicants – Boniface Okezie, Bon. Bright Nwabuogwu, John Isesele, Okonkwo Timothy, and Augustine Ezechukwu, 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.
It was implied that the AGM could not take place until the next adjourned date of the suit, which is May 31, 2023.
The ruling was given 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 further ordered that all the parties to the suits should be appropriately served before the matter could be heard after learning that some of the respondents had not yet been notified.
The Petitioners’ attorney, Onuoha, informed the court that the matter was time-sensitive and asked for a court order preventing Seplat and the other Respondents from going beyond the scope of the Petitioners’ claims.
“In the 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 had stated.
Emphasising the order to maintain the current status of the situation pending the adjourned date, Justice Ekwo had stated: “Chief Olanipekun (Counsel for 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.”
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