Seplat Energy Plc, an oil company, has been fined N2 million by a Federal High Court in Abuja for filing a lawsuit against two members of its Statutory Audit Committee (STACO).

The court, presided over by Justice Inyang Ekwo, ordered Seplat Energy to pay the defendants, Chief Anthony Idigbe and Mr. Sunday Nwosu, the sum of N1 million each within 30 days.

The suit was withdrawn by Seplat Energy’s counsel, Emmanuel Agwungwu.

Seplat Energy had initiated the lawsuit against Idigbe, who was the chairman of STACO, and Nwosu, a committee member.

The company sought to set aside all steps taken and decisions made by the committee, claiming they were invalid, null, and void.

Seplat Energy sought an injunction preventing the duo from investigating any issues outside the purview of the Companies and Allied Matters Act (CAMA) and the committee’s Terms of Reference.

During the court proceedings, Agwungwu informed the court of the plaintiff’s motion to discontinue the suit.

However, the defendants’ lawyer, C.I. Enweluzo, requested that the suit be dismissed instead, and sought costs as provided by the law.

Agwungwu stated that the suit had become academic since the defendants were no longer members of the Audit Committee.

The judge, noting that the suit was brought against individuals who were not committee members, decided to grant costs.

Ultimately, Justice Ekwo dismissed the suit and ordered Seplat Energy to pay a N1 million fine each to the two defendants within 30 days.

The lawsuit stemmed from a petition made against Seplat Energy’s CEO, Roger Brown, by a group called Concerned Staff and Stakeholders of Seplat Energy.

The court documents detailed the allegations and subsequent actions taken against Brown.