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Monday, March 1, 2021

Seplat Head Office Sealed Over Access Bank Court Case

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On 2nd December 2020, the building in which SEPLAT Corporate Headquarters is located, at 16A Temple Road, Ikoyi, Lagos, was sealed in connection with a court case by Access Bank.

Access Bank brought the case against Cardinal Drilling Services Limited, a third party providing drilling services to SEPLAT.

Cardinal Drilling reportedly has outstanding loan obligations to Access Bank.

However, SEPLAT says it is neither a shareholder in Cardinal Drilling, nor has outstanding loan obligations or guarantees to Access Bank and did not at any time make any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank.

“SEPLAT strongly believes that there is no merit or justification for this action against it and has taken prompt legal action to vacate the court order pursuant to which the building was sealed,” Seplat said in a statement.

“This action was taken by Access Bank without any prior notice to SEPLAT, as required under Nigerian law. SEPLAT will vigorously defend against this improper action to the full extent of the law and will seek all appropriate legal remedies.”

Seplat Petroleum Development Company Plc is an indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Main Market of the London Stock Exchange (LSE) and Nigerian Stock Exchange (NSE).

Its earnings had been negatively hit recently by a slump in oil demand due to the coronavirus pandemic.

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