SEPLAT distances self from court judgement involving Chairman

Nigerian oil & gas company SEPLAT Petroleum Development Co PLC said it is not party to a USD114 million court judgement involving the chair of the SEPLAT board.

SEPLAT said it has been “made aware” of media publications on the enforcement of the judgement made against SEPLAT Chairman Ambrosie Orjiako, as well as against Shebah Exploration & Production Co Ltd and Allene Ltd. In addition to his chairmanship of SEPLAT, Orjiako is also president of Shebah Exploration.

Nigerian newspaper The Guardian reported on Tuesday that a federal high court sitting in Lagos had ordered that a total of USD114.2 million be paid to African Export-Import Bank, Diamond Bank PLC, and Skye Bank PLC in payment of interest on a loan granted to the defendants in 2011.

Source: LSE



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