Appeal Court Unseals SEPLAT Lagos Office

The Appeal Court sitting in Lagos has suspended a trial court order obtained by Access bank Plc to seal the building hosting Seplat Petroleum Development Company Plc, 16A Temple Road, Ikoyi.

The court granted SEPLAT’s application on Friday amid a loan arrangement between the bank and Cardinal Drilling Services Limited- “a third-party providing drilling services” to the company.

The Lagos Federal High Court had given the order pending the final determination of the Access bank loan case.

But the Appeal court lifted the order.

SEPLAT had claimed that neither the building nor the drilling company is owned by it, and would be unjust to seal its premises on account of a third party’s misdemeanor.

SERAP’s statement partly reads :

“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.”