A court in Abuja ordered Seplat Energy Plc to hold its Annual General Meeting. The decision was made in response to the lawsuit FHC/ABJ/PET/7/2023. Seplat Energy confirms that its Annual General Meeting will take place on May 10, 2023, in compliance with the law and the judgment of the Federal High Court of Nigeria.
The judgment bans the current and former directors, shareholders, and officers of Seplat Energy Plc from canceling or postponing the Annual General Meeting of the Energy Company. A shareholder, Hyginus Nnubia, had sued the company for its failure to hold the 2023 Annual General Meeting.
Also Read: BON rejects the planned sale of 600 MHz Spectrum by NCC
Legal practitioner Hyginus Nnubia, a shareholder of Seplat Energy Plc, has sued the company in a Lagos Federal High Court, alleging it has not held the 2023 Annual General Meeting. Nnubia seeks an order to have the Annual General Meeting held in May 2023 or within the time allowed by the Companies and Allied Matters Act, 20720.
The applicant asked the court to order the company’s officers to present financial statements and declare dividends at the Annual General Meeting for record keeping. They also questioned the company’s obligation to hold an AGM and the officers’ obligation to present financial statements. Lastly, the applicant also asked the court to restrain any further interference with the company’s management and operations from the annual general meeting.
The lawyer requested that the court declare Seplat Energy responsible for holding an Annual General Meeting and preventing interference during the meeting. The court orders the defendant to pay N10m in costs. The defendant regularly holds AGMs by May, even during COVID. “Usually, the AGM date is set and noticed by March each year. The AGMs for 2019-2022 were held on May 16th, 2019, May 28th, 2020, May 20th, 2021, and May 18th, 2022.”
