Zenith Bank obtains Mareva Injunction restraining Orjiako from Seplat Energy’s accounts and assets.

A Federal High Court sitting in Lagos has issued a Mareva Injunction that temporarily restrains the co-founder of Seplat Energy Plc, Dr Ambrose Bryant Chukwuemeka Orjiako, popularly known as ABC Orjiako, and other firms linked to him, from accessing the accounts and assets of Seplat Energy Plc.

This is according to a statement signed by the Secretary of Seplat Energy Plc, Mrs Edith Onwuchekwa, and filed with the Nigerian Exchange Limited (NGX).

Seplat Energy Plc in the recent press release disclosed that the order has no impact on its operations. It linked the injunction to a court action instituted by Zenith Bank Plc against the aforementioned parties.

Recall that Zenith Bank Plc through its counsel, Mr Kemi Balogun (SAN) had dragged Dr Orjiakor, Shebah Exploration and Production Company Limited, Shebah Petroleum Development Company Limited and about six others before the Federal High Court, over an alleged debt of about $78,426,578.64.

Having accessed the merit of the case, Justice Yellin Bogoro of the Federal High Court in Lagos, issued an interim order restraining Orjiako, and the two firms, as well as their proxies in Nigeria and any jurisdiction worldwide, from receiving and or transferring assets and accounts of Seplat Energy Plc, pending the hearing and determination of the bank’s motion on notice.

What they are saying: A press release issued by the energy giant on the matter reads: ‘’ Seplat Energy has been made aware of the ex parte Interim Orders of Mareva Injunctions which were granted by the Federal High Court sitting in Lagos, Nigeria in a court action instituted by Zenith Bank PLC against Shebah Exploration & Production Company Limited and 8 others, with an additional 29 cited parties.

‘’The Interim Orders give an administrative mandate to Seplat Energy Plc and others not to deal with the assets of (or transfer funds to) Shebah Exploration & Production Company Limited, Shebah Petroleum Development Company Limited and Dr. A.B.C. Orjiako. The order has no impact on the operations of Seplat Energy. We understand the injunction relates to loans made by Zenith Bank PLC to Shebah Exploration & Production Company Limited in 2014.’’

Recall that similar issue played out between the firm and Access Bank Plc in the early parts of this year, after the Bank obtained an initial ex parte order to seal the assets of the energy firm, over the debt of a third party- Cardinal Services Limited.

Shebah Exploration & Production Company is owned by Dr. Orjiako. The company co-founded Seplat Energy Plc, in collaboration with Platform Petroleum Limited.

Seplat Energy Plc reports Q3 earnings of N168.09 million in third quarter 2021

Seplat Energy Plc released its unaudited financial results for the third quarter of the year ended 30th of September 2021.

  • Revenue during the period was N62.23 billion. (+12.10% YoY)
  • Cost of sales for the period was N38.79 billion (+5.55%)
  • Gross profit stood at N23.45 billion. (+24.92% YoY)
  • Operating profit for the period was N19.91 billion. (+81.55% YoY)
  • Profit before tax of N14.40 million was recorded during the period.
  • Loss for the period stood at N222 million (-105.41%)
  • Total assets during the period stood at N1.42 trillion. (+111.17bn YoY)
  • Earnings per share of N13.91 Vs N7.07 YoY.

See full result here

Seplat Energy announces board meeting, closed period ahead of Q3 2021 results.

Seplat Energy has notified its shareholders, the Nigerian Exchange Limited (NGX) and the investing public of its imminent Board of Directors Meeting scheduled to hold on Wednesday, 27th of October, 2021.

According to a statement signed by the company’s secretary, Mrs Edith Onwuchekwa, the meeting will avail the Board members the opportunity to discuss the company’s Q3 2021 financial results.

The details of the meeting are as follows;

  • Date: Wednesday, 27th October 2021
  • Venue: Via Teleconference, Lagos Office
  • Time: 9:00am – 3:00pm

Additional, in line with the provisions of Clause 17:18 of the Nigerian Exchange Limited Listing Rules (as amended), the firm announced that it will be observing its closed period from Thursday 30th of September, 2021 to Friday, 29th of October, 2021 or 24 hours after the release of its financial results.

Accordingly, no Director, Employee, Person Discharging Managerial Responsibility, Adviser(s) of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.


Seplat ENERGY Plc is a leading indigenous Nigerian energy company with a strategic focus on Nigeria, listed on the Premium Board of the Nigerian Exchange Limited (“NGX “) (NGX:SEPLAT) and the Main Market of the London Stock Exchange (“LSE”) (LSE:SEPL)

Seplat pegs exchange rate for its interim dividend payment at N411.14/$

Seplat Energy Plc, a leading dual listed energy company in Nigeria, has announced that an exchange rate of N411.14/$ will be applicable in the determination of its proposed Q2, 2021 interim dividend of 2.5 cents

According to a disclosure signed by the Chief Financial Officer of the company, Emeka Onwuka and published on the website of the Nigerian Exchange Group Plc (NGX Plc), the rates will be applicable to any shareholder that qualifies for and has elected to receive the dividend payment in Naira of GBP.

The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th August 2021.

Exchange rate

  • 1 USD=411.14 Naira
  • 1 USD=0.7224 GBP

It is important to note that the recent dollar exchange rate announced by the firm for Q2 2021 interim dividend payment, is slightly higher than the Q1 2021 rates by 0.21%, translating to a nominal increase of about 85 kobo.

For more information about the disclosure, click HERE


Seplat Energy Plc appoints two new Directors, as two others resign.

The Board of Seplat Energy Plc. has announced the resignation of Mr. Damian Dodo, SAN and Lord Mark Malloch-Brown from its Company as Independent Non-Executive Directors, after seven years of meritorious services.

In addition, the Board also disclosed that Prof. Fabian Ajogwu and Mr. Bello Rabiu have been appointed as Independent Non-Executive Directors of the Company, with effect from today.

These announcements were made in a notification issued by the Company Secretary, Mrs. Edith Onwuchekwa.

According to the notice, the changes are in line with the corporate governance principle of refreshing the Board intermittently through an appropriate balance of skills and diversity. Additionally, the firm noted that the replacement for Lord Mark Malloch-Brown is still ongoing and would be announced in due course.

Commenting on the retirement of the Directors, the Chairman of the Board, Dr. A.B.C Orjiako said: “Seplat Energy was very privileged to have had such seasoned intellectuals who made significant contributions to the growth of the Company. We remain grateful to Mr. Dodo, SAN and Lord Malloch-Brown for sharing their wealth of knowledge and vast experiences with the Board and the Company and we wish them the best in their future endeavors.”

On the other hand, commenting on the recent appointments, Dr. Orjiako said: “The Board of SEPLAT Energy is pleased to welcome, Prof. Ajogwu and Mr. Rabiu. These two prominent intellectuals bring vast knowledge in important areas such as the energy sector, corporate and business governance, industry regulation, and capital markets. SEPLAT Energy looks forward to the immense contribution they will make towards its continuing global success.”

Profile of the recently appointed Directors

Prof. Fabian Ajogwu is a Senior Advocate of Nigeria and Lagos Business School Professor of Corporate Governance. He is an Alumnus of the Said Business School of Oxford University, and an Alumnus of the Lagos Business School. Professor Ajogwu holds a doctorate in Law from University of Aberdeen, Scotland; an MBA from the IESE Business School, University of Navarra, Barcelona; and Law degrees from the University of Nigeria, and the University of Lagos.

Mr. Bello Rabiu holds a Bachelor’s and Master’s Degrees in Mathematical Statistics from Ahmadu Bello University Zaria, Nigeria and another Master’s Degree in Petroleum Engineering from The Imperial College, London, United Kingdom.

Mr. Rabiu recently retired from the services of Nigerian National Petroleum Corporation (NNPC) in July 2019 after 28 years of service. He retired from NNPC as the Chief Operating Officer/Group Executive Director, Upstream Business Unit and served in various capacities in his over two decades of experience at the firm.


SEPLAT to Host Capital Markets Event at the London Stock Exchange

Seplat Energy Plc, a leading Nigerian energy company dual-listed on The Nigerian Exchange and London Stock Exchange, will host a capital markets event at the London Stock Exchange in London for analysts and investors on Thursday 29th of July at 15:00 London Time.

According to a notice made available on the website of the Nigerian Exchange Group Limited (NGX), the session will focus on providing an update on corporate strategy and opportunities needed to drive Nigeria’s energy transition. The session will be facilitated by representatives of the company.

The firm further announced that spaces will be limited, but the event will be broadcast online and through dial-in facility. Prospective participants, who wish to attend the event in person at the London Stock Exchange, are urged to register their interests on or before 14th of July 2021, by emailing: [email protected]. Places will be confirmed by Monday 19th of July, 2021.

Conversely, interested participants who wish to explore the event online are urged to pre-register using the SparkLive webcast sign-up link: https://www.lsegissuerservices.com/spark/SeplatPetroleumDevelopmentCo/events/dd5b2821-f781-4ab3-b4db-3ef843f98cb0

What you should know:

  • Recall that in a bid to transition into a full-fledged energy solutions company, the Board of Seplat recently announced a change in the company’s name, from Seplat Petroleum Development Company Plc to Seplat Energy Plc.