Business
Court adjourns ruling on request to vacate order barring Roger Brown as Seplat’s CEO
A federal high court in Lagos has adjourned ruling on an application seeking the vacation of an interim ex-parte order restraining Roger Brown from identifying himself as the chief executive officer (CEO) of Seplat Energy Plc.
The court could not also rule on the application to set aside the order restraining Basil Omiyi, Seplat’s board chairman, and all non-executive directors under him from “continuing to run the affairs of Seplat in an illegal, unfair, prejudicial, and oppressive manner pending the hearing and determination of the petitioner’s motion on notice for interlocutory injunction”.
On Thursday, Chukwuejekwu Aneke, the presiding judge, informed parties that the ruling was not ready.
Therefore, Aneke sought consent of counsel to the petitioner and the respondents to deliver the ruling at a later date.
The court adjourned the case till April 6 to rule on all pending applications seeking to vacate the ex-parte order, based on the lawyers’ consent.
TheCable had reported that a federal high court restrained Brown from carrying out his official duties pending the determination of a suit instituted against him.
Some aggrieved stakeholders of the company had accused Brown of racism, favouring of expatriate workers, discrimination against Nigerians, and breach of good governance.
Moses Igbrude, Sarat Kudaisi, Kenneth Nnabike, Ajani Abidoye, and Robert Ibekwe are the defendants in suit no. FHC/L/402/2023 against the respondents, which are Seplat Energy, Brown, and Basil Omiyi, chairman of the company’s board of directors.
Meanwhile, following a separate ex parte application, Aneke equally granted leave to the petitioners to serve the petition, any order of court, and all other processes to be issued subsequently in the matter on Brown and Omiyi “by pasting (sic) in the premises of Seplat Energy located at Ikoyi, Lagos”.
In accordance to the court order, Brown stepped down, delegating his official responsibilities to Samson Ezugworie, chief operating officer of the company.
SEPLAT CHALLENGES SUIT
Following the court order on March 23, Seplat through its counsel, Bode Olanipekun, senior advocate of Nigeria (SAN), challenged the interim orders, arguing that they were granted against persons that were not parties to the suit.
Olanipekun said the interim orders of the court had elapsed by the passage of time.
He added that if counsel to the petitioners admits that the interim orders had expired and needs the formal orders of the court to be set aside, the coast would be clear for him to make any further application.
Matthew Burkaa, SAN, on behalf of Brown, aligned with the submissions of Olanipekun.
Aneke, after listening to arguments of all lawyers, agreed with respondents as well as petitioners that the joinder application was not ripe for hearing.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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