Seplat Energy Plc: Court restrains transaction with Chairman, others

Seplat Energy Plc has notified the investing public that a Federal High Court in Lagos gave an ex parte order that mandates them not to transact with its Chairman Dr. A.B.C. Orjiako and two other firms.

In a statement signed by the Company Secretary Mrs. Edith Onwuchekwa, Seplat Energy stated thus:

“Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties”.

“The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014”.

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