Business

Appeal Court Orders Opening Of Seplat’s Corporate Head Office

The Court of Appeal sitting in Lagos, South-West Nigeria, has suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court that led to the sealing of Seplat’s Corporate Head Office.

On 2nd December 2020, the building which is located at 16A Temple Road, Ikoyi, Lagos, was sealed in connection with a court case concerning an outstanding loan to Access Bank Plc by Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to Seplat.

Seplat had noted 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 the bank.

Appeal Court Orders Opening Of Seplat's Corporate Head Office
Seplat

The Appeal Court suspended the order on Friday and upheld Seplat’s application.

Reacting, Seplat said the decision by the Court of Appeal demonstrates the strength of its case.

“Seplat will continue to vigorously defend itself against its unmerited inclusion in the court action by Access Bank Plc,” it said.

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