Written by Godfrey AKON

Seplat’s head office reopens as court suspends sealing order

An indigenous oil firm, Seplat, says it is reopening its head office in Lagos following a decision of the Court of Appeal which suspended an earlier court order sealing it.

Seplat, in a statement, said the Appeal Court sitting in Lagos suspended the Order of Interlocutory Injunctions earlier issued by the Federal High Court in Lagos which led to the sealing of its corporate head office in 16A Temple Road, Ikoyi, Lagos.

According to the oil firm, on December 2, 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 Access Bank Plc by Cardinal Drilling Services Limited, a third-party providing drilling services to Seplat.

Seplat washed its hands off the case, noting that it is 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.

“Today’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,” the company said.

 

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