Court of Appeal orders Seplat Corporate Head-office to open for business

Seplat Petroleum Development Company Plc has announced that the Court of Appeal sitting in Lagos Friday suspended the Order of interlocutory injunctions made by the Lagos Federal High Court that led to the sealing of Seplat’s Corporate Head Office situated in a building located at 16A Temple Road, Ikoyi, Lagos(a building which is not owned by Seplat).

According to a statement signed by Seplat Company Secretary, Mrs Edith Onwuchekwa, the Court suspended the Order, upholding Seplat’s application.

It recalled that on December2, 2020,the building in which Seplat’s Corporate Head Office is located was sealed in connection with a court case concerning an outstanding loan to AccessBankPlc by Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to Seplat.

The statement claimed that Seplat was not a party to the loan agreement, security agreement or guarantees made by or on behalf of Cardinal Drilling to Access Bank Plc., and did not provide any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank Plc.

Onwuchekwa stated that Friday’s decision by the Court of Appeal demonstrates the strength of Seplat’s case. Seplat will continue to vigorously defend itself against its unmerited inclusion in the court action by Access Bank Plc.