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Drama as court delays judgment in Seplat AGM suit
The anticipated judgement in the suit against Seplat Energy by one of its shareholders in a Lagos Federal High Court today over the alleged failure to hold this year’s Annual General Meeting (AGM) was halted due to an application filed to participate in the litigation.
The court presided over by Justice Chukwuejekwu Aneke set May 5 for judgement in the suit against Seplat, after the parties filed their motions.
However, when the court was about to read the judgement, Mr. Abiodun Layonu (SAN) appeared and informed the court of his clients’ motion to join the Seplat suit as defendants in the matter.
The senior lawyer informed the court that his clients were already involved in another suit on the same matter before the Abuja division of the court, and that the presiding judge, Justice Inyang Ekwo, had ordered that the parties maintain the status quo and the’res’ be preserved until the suit was resolved.
He also informed the court that his clients learned about the Lagos litigation from the media on Monday.
Mr. Hyginus Nnaemeka Nnubia, a shareholder who is also a lawyer, told the court that the court’s duty was to give judgement in the matter and that the application to join was aimed to halt the court’s judgement in the Seplat suit.
Barrister Nnubia told the court that his claim was filed on March 23, 2023, while the complaint in Abuja was filed on April 13, 2023, and that the petitioners wanting to join the litigation were attempting to halt the court’s judgement.
He urged the court to dismiss the application for forum shopping and court abuse.
After hearing from the parties, Justice Aneke delayed the case until June 21 to rule on the application to join the suit.
Barrister Nnubia petitioned the court in his originating summons in suit dated FHC/L/CS/484/2023 for an order compelling the defendant to hold its 2023 Annual General Meeting in May 2023, or at any other time within the time specified by the Companies and Allied Matters Act, 20720.
He further requested that the court order the company’s officers to account at the defendant’s Annual General Meeting by providing audited financial accounts and declaring dividends to shareholders when earnings allow.
The Applicant further requested the following reliefs: “whether, in light of section 237 (1) of the Companies and Allied Matters Act, 2020, the defendant is not statutorily required to hold its Annual General Meeting each year, in addition to any other meeting?”
