SEPLAT Regains Access To Corporate Head Office As Appeal Court Quash Restraining Order

Seplat Seplat Petroleum Development Company Plc has regained access to its corporate headquarters in Lagos, following the ruling of Court of Appeal sitting in Lagos which suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court that led to the sealing of the office.

Seplat’s Corporate Head Office is situated in a building located at 16A Temple Road, Ikoyi, Lagos, a building which is not owned by Seplat.

The Court suspended the Order on Friday, upholding Seplat’s application.

On 2nd December 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 (“Cardinal Drilling”), a third-party providing drilling services to Seplat.

Seplat 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.