The Supreme Court yesterday in Abuja gave an injunction against Seplat Petroleum Development Company and Chevron Nigeria Limited, ordering that they henceforth stop activities relating to the transactions involving oil assets, in Oil Mining Leases ( OMLs) 52,53 and 55 pending when the hearing of the appeal brought against the two companies by Britannia-U, an indigenous oil company is heard.
The hearing of the appeal has been fixed for October 6th, 2015 by the court.
Presiding in the matter, Justice Ibrahim Tanko,
specifically extracted an undertaking from the lawyers representing
Seplat and Chevron Nigeria Limited, before he gave the injunction
against the companies.
The extraction of the undertaking from the counsels to the respondents became necessary when Ricky Tarfa, counsel to the appellant, Britannia-U, insisted that in spite of the previous court prouncement, the
respondents still went ahead to engage in some transactional activities
negating the admonition of the parties that they not take steps which
would overreach the appeal, or the assets in dispute.
Justice Ibrahim Tanko said the appeal was ripe for hearing but for the fact that it was coming close to the end of judicial year, during which judges would proceed on annual vacation.
Tanko added that it was decided two weeks ago, that the court would not take on any appeal case until after the vacation.
He however asked Dodo Damian, for an undertaking, should the court not be able to take on the case before they resumed from vacation.
In response to the judge, Damian said the
shared purchase agreement between the first and the second respondents
had been signed since November29, 2013.
Following this, the judge directed that all parties should maintain the status quo ante, on all the blocks, pending the hearing of the appeal, which would come up on October 6, 2015 and in particular, in view of the appellants motion pending for mandatory restorative order.
“None of the parties should do anything detrimental to the assets”, he said.
Dodo Damian (SAN) representing Seplat, however assured the court that he would not encourage his client to be lawless, adding that he would always strive to uphold the integrity of the court and the law profession. “The dignity of the authority of the court is paramount in my mind at all times”, he said.
He however insisted that his client had already concluded the acquisition as at December 6 (2013) before Britannia –U commenced the suit at the trial court.
According to him, the share purchase agreement (SPA) was completed on 29 November 2013 while the application for the consent of the minister of Petroleum was dated 2nd December, 2013 but was received in the office of the Minister on the 6th of the same month.
The
submission of Dodo Damian, which the counsel to Chevron Nigeria
Limited, Uche Nwokedi (SAN) also adopted, was however countered by Ricky
Tarfa (SAN) by referring the court to the letter written by Dodo Damian
on 30th July, 2014 where he pleaded with the honourable Minister of
Petroleum Resources to proceed and approve the divestment, on the ground
that the transaction should not be suspended until the appeal before
the Supreme court is heard.
In the letter, Dodo had noted that it would take between seven to eight years before the Supreme Court could hear the appeal.
As the court was not satisfied with the assurances given by the respondent’s counsel, it then made an order restraining the parties from taking any steps concerning the assets, and that parties should maintain status quo ante, pending the hearing of the appeal.
The matter was consequently adjourned to the October 6 this year, for definite hearing of the appeal.
Brittania-U had dragged both Seplat and Chevron to court over the lack of transparency that had attended the sales of the OMLS which the company bid for and paid the highest amount, but which Chevron decided to give to Seplat.
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