AGM: Court to pass judgment in legal confrontation against SEPLAT May 5

Barring any last-minute change, Justice Chukwujekwu Aneke of a Federal High Court in Ikoyi, Lagos, will on May 5, 2023, deliver judgment in the suit instituted against SEPLAT Energy Plc by one of its shareholders, Hyginus Nnaemeka Nnubia, over its alleged refusal to hold its 2023 Annual General Meeting (AGM).

In his Originating Summons designated FHC/L/CS/484/2023, Nnubia who is a legal practitioner is asking the court for an order mandating SEPLAT to hold its 2023 AGM in May 2023, or any other time within the time permitted by the Companies and Allied Matters Act.

The counsel is further praying the judge to mandate the company’s officers to render account at the defendant’s AGM by presenting the audited financial statements and declare dividends to the shareholders where the profits permit.

The Applicant also sought the following reliefs: “Whether upon consideration of 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?

“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 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 of an Annual General Meeting and presentation of the audited financial statements to the shareholders.

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

“An order of the Court directing the Defendant to pay the Cost of this action to the tune of N10, 000,000, (Ten Milton Naira Only).”

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