The Court of Appeal in Lagos has ordered the reopening of the h as office of oil and gas firm, Seplat.
The head office was shut over a debt owed Access Bank by Cardinal Drilling Services Limited.
The appeal court upturned an interlocutory injunction granted to the bank by a Federal High Court.
However, Seplat said in a statement that the induction was vacated by the appeal court o January 22, 2021.
It reads: “Seplat announces that the Court of Appeal sitting in Lagos has today suspended the Order of Interlocutory Injunctions made by the Lagos Federal High Court that led to the sealing of Seplat’s Corporate Head Office situated in a building located at 16A Temple Road, Ikoyi, Lagos, a building which is not owned by Seplat.
The Court suspended the Order, upholding Seplat’s application.
On 2nd December 2020, the building in which Seplat’s Corporate Head Office is located was sealed in connection with a court case concerning an outstanding loan to Access Bank Plc by Cardinal Drilling Services Limited (“Cardinal Drilling”), a third-party providing drilling services to Seplat. Seplat is not a party to the loan agreement, security agreement or guarantees made by or on behalf of Cardinal Drilling to Access Bank Plc., and did not provide any commitments or guarantees in respect of Cardinal Drilling’s loan obligations to Access Bank Plc.
Today’s decision by the Court of Appeal demonstrates the strength of Seplat’s case. Seplat will continue to vigorously defend itself against its unmerited inclusion in the court action by Access Bank Plc.”