SEPLAT Reacts to Sealing of Corporate Building in Lagos

Seplat Petroleum Development Company Plc (“Seplat” or the “Company”) has reacted to a court order which was effected on 2nd December 2020 leading to the sealed off of its building and Corporate Headquarters located at 16A Temple Road, Ikoyi, Lagos.

The building was sealed in connection with a court case by Access Bank against Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to SEPLAT.

The indigenous oil company said it was brought to its notice that Cardinal Drilling has outstanding loan obligations to Access Bank.

However, SEPLAT 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.

The company 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. 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.

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