The application, which was presented by the company’s legal counsel, Afe Babalola & Co., on June 11, 2024, requests the court grant leave for discontinuance and to strike out the suit, with the provision to relist it should the settlement process fail. “The applicant humbly urges Your Lordship to grant leave to discontinue this suit and consequently strike it off the court’s cause list,” the motion read.
Managing Director, the settlement agreement, stated: “ shareholders will consent to Seplat providing the Share Sale and Purchase Agreement to NNPC to finalize their transaction. 'NNPC will withdraw all interim orders and the substantive suit against and other defendants. “The parties will jointly discontinue arbitration proceedings upon completion of the transaction.
shareholders and NNPC will align their positions to finalize their respective transactions with Seplat. “NNPC’s legal team highlighted that the discontinuance aligns with Order 24 of the High Court of the Federal Capital Territory Civil Procedure Rules 2018 and is crucial for the settlement’s completion. The court’s decision on the motion will be pivotal in resolving the longstanding dispute, enabling the parties to focus on finalizing the divestment.
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