New Telegraph

SEPLAT: Majority Shareholders Uphold Sanctity Of Half-year Results

A group consisting of shareholders with major stake in Nigeria’s indigenous oil giant, Seplat Energy, has vouched for the authenticity, sanctity and correctness of the company’s half-year results, which reported stellar performance. The group, Eagle Eye shareholders of Seplat Energy, also expressed confidence in the management’s capability to deliver superior returns and place the organization on the path of sustainable growth.

The move by Eagle Eye shareholders is coming on the heel of unfounded and infantile allegations by a few shareholders against the dual-listed firm on its half-year results that ended June 2023. In a statement, Eagle Eye shareholders described the purported joint press conference by the leader of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, and one Lemmy Ughegbe said to be the Executive Director of Make A Difference Initiative (MADI) as a platform to regurgitate stale and erroneous allegations against Seplat.

“The exercise is a continuation of the recent onslaught of series of baseless allegations and ill-motivated lawsuits against Seplat Energy and its Chief Executive Officer, Mr. Roger Brown,” it added. The shareholders group emphasised that “as representatives of the majority shareholders of Seplat Energy, we are appalled by this renewed media offensive, after a seeming truce ostensibly occasioned by the reversal suffered in the law courts, by this group of individuals led by Mr. Moses Igbrude but apparently being aided and abetted by a former major shareholder of the company.

“A major plank of the posturing of Igbrude and his co-travelers is the claim that Seplat spent $19.4 million on legal fees and the unconscionable demand for a probe and the sack of the Board. “We consider it a travesty that Mr. Igbrude whose initial sponsored petition introduced the flurry of false and orchestrated allegations against Seplat, its CEO, and its Directors/Officers, still have the temerity to be grandstanding.”

The group further asserted that It is noteworthy that Igbrude’s obvious lies and deception, formed the basis of the initial regrettable actions taken by the Ministry of Interior and the criminal charge brought against Seplat and its officers, which was promptly withdrawn by the Nigerian Immigration Service, while Seplat and its officers were entirely discharged by the Federal High Court (Abuja) in April 2023.

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