A Federal High Court in Lagos has granted tier-1 lender, Zenith Bank Plc, interim Mareva injunction orders against Sheba Exploration and Production, a company associated with Seplat Energy, mandating the latter and other related parties not to deal with the assets or transfer funds to Sheba Exploration, a firm in which Seplat Energy holds a significant stake.
Seplat Energy, in a regulatory filing to the Nigerian Exchange (NGX), said the interim orders in the Mareva injunction granted as a result of an action brought by Zenith Bank against Sheba relates to a loan obtained eight years ago.
However, sources said the loan obtained by Sheba Exploration from Zenith Bank has been non-performing despite several discussions between both parties.
The interim orders by the Federal High Court in Lagos give an administrative mandate not to deal with the assets of or transfer funds to Shebah Exploration & Production Company Limited by its significant shareholder, Seplat Energy.
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The filing by the oil company also stated that the order has no impact on Seplat’s operations with regards to the injunctions on the loans obtained by Shebah Exploration from Zenith Bank in 2014.
“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 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,” the statement reads.