CAC: We’ll not attend, consider resolutions from Seplat AGM

The Corporate Affairs Commission (CAC) says it will not give cognisance to any resolution made at the annual general meeting (AGM) of Seplat Energy Plc.

On Tuesday, Basil Omiyi, the board chairman of the company, had assured that the meeting will take place today in compliance with the final and binding judgment of a federal high court in Abuja.

He said the judgment, delivered by A.R. Mohammed, the presiding judge, in suit number FHC/ABJ/PET/7/2023 (Akinnifesi and Adelaja versus Seplat Energy Plc), also restrained any “current or former directors, shareholders, and officers of the company from canceling or postponing the AGM as announced to the public”.

Meanwhile, in suit number (FHC/ABJ/PET/8/2023), some shareholders had brought a case before a federal high court in Abuja, requesting to restrain the company from holding its AGM on the aforementioned date.

The CAC was named among defendants in the suit instituted by Boniface Okezie, Bright Nwabuogwu, John Isesele, Okonkwo Timothy, and Augustine Ezechukwu (petitioners).

Inyang Ekwo, the presiding judge, had ruled that the “parties are hereby ordered not to tamper with the rest until issues are resolved”.

In a letter dated May 9, 2023 and addressed to Omiyi, the CAC said it would not attend the AGM, citing the court order.

The commission said the resolve was made based on “previous correspondences between us, you, and the law firm of 21st Century Chambers (representing some of your shareholders), on the subject matter”.

The agency said it had given a detailed and thorough consideration to all the issues raised in the petition that was received from the legal firm (on behalf of some shareholders of the company), and Seplat’s responses.

“As you may be aware that the commission is the 10th respondent in suit no: FHC/ABJ/PET/8/2023 between Boniface Okezie and 4 Ors Vs. Seplat Energy Plc & 9 Ors. As you may also be aware that the court had on the 28th April, 2023 ordered that parties should not tamper with the res (sic) until issues are resolved,” the letter reads.

“In view of the order of the court referred 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.”