Bankrupt FTX mulls reopening as recovered assets hit $7.3bn

From Abubakar Yunusa Abuja

Bankrupt cryptocurrency exchange, FTX, is considering reopening at some point in the future, its lawyers from Sullivan & Cromwell, said during a court hearing on Wednesday.

According to Coindesk, the lead attorney for FTX, Andy Dietderich, also told the court that they’ve recovered $7.3 billion in liquid assets from the defunct exchange, up from $1.9 billion reported in January.

The bankruptcy hearing was at a court in Delaware, United States of America.

Reports said that one potential option discussed was to let FTX’s creditors convert a portion of their holdings to a stake in a reopened exchange.

Dietderich said, “There are possibilities that customers could have the option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward.”

“There are as many opinions on this, I think, as there are professionals involved in this case. And that’s a lot.”

Following the news, FTX’s FTT token more than doubled in price.

FTX had collapsed last November and its ex-leader, Sam Bankman-Fried, was indicted on allegations of fraud and conspiracy for allegedly stealing billions in FTX customer funds to plug losses at his hedge fund, Alameda Research, conspiring to violate campaign finance laws and bribing Chinese authorities. He pleaded not guilty to the charges.

Seplat Energy reacts to lawsuit as Nigerian Government alleges breach of immigration law

From Abubakar Yunusa, Abuja

Nigeria’s biggest oil and gas company by market value, Seplat Energy, said Thursday there is a court action initiated by the Nigerian government alleging a breach of immigration law by the company and some of its directors.

“The suit is in relation to the immigration status of Mr. Roger Brown and the withdrawal of his immigration visa by the Ministry of Interior,” the oil driller said in the statement.

The lawsuit is the latest phase of the clash between Seplat Energy’s CEO Roger Brown and some stakeholders.

Earlier this year, concerned parties petitioned Rauf Aregbesola, Nigeria’s minister of interior, stating allegations of favouritism, racism, discrimination and breach of corporate governance against Mr Brown, a British citizen.

On 3 March, the minister had sent a letter to Chairman Basil Omiyi, informing him of the withdrawal of the CEO’s work permit as well as his visa and residence permit including a petition from a lawyer to the Seplat employees who made the allegations.

A week later, a Federal High Court in Lagos gave an interim order forbidding Mr Brown from management activities in Seplat Energy, granting the prayer of petitioners including Moses Igbrude, Ajani Abidoye, Sarat Kudaisi, Robert Ibekwe and Kenneth Nnabike.

The court also forbade the company’s chairman and all independent non-executive directors from running the company “in an illegal, unfairly, prejudicial and oppressive manner pending the hearing and determination of the petitioners’ motion on notice for interlocutory injunction.”

Seplat Energy said last week the court had repealed the orders initially issued against its CEO and its chairman.

“The Company maintains that the petition lacks proper basis and is premised on false allegations,” Seplat Energy said in a statement issued after the court ruling.

The first count alleged that Seplat Energy, its CEO, its chairman, Company Secretary

Edith Onwuchekwa and directors including Charles Okehalam, Fabian Ajogwu, Rabiu Bello, Bashirat Odunewu and Emma Fitgerald (all of them defendants) conspired among themselves to allow Mr Brown accept employment as the CEO without the consent of the comptroller general of immigration.

The documents added that the action contravened Section 36 (1)(a) and 71 of the Immigration Act 2015 and is punishable under Section 36 (2) and Section 71 (a) of the Immigration Act 2015.

According to the second count, the defendants allegedly conspired to “allow Mr Roger Brown take over business as Chief Executive Officer of Seplat Energy PLC without the consent of the Minister of Interior, contrary to Section 36 (1) (b) and punishable under Section 36 (2) and Section 105 of the Immigration Act 2015.”

The third count alleged that the defendants “did instigate, encourage, connive, by neglect on your part, allow Mr. Roger Thompson Brown, a nonNigerian to accept employment as Chief Executive Officer of Seplat Energy PLC even after withdrawal of his immigration documents.”

The action contravened Sections 36, 71 and 105 of the Immigration Act 2015 and is punishable under Sections 36(2) 105(1) of the Immigration Act 2015, it added.

The fourth count stated that the defendants allegedly failed to apply to the comptroller general of Immigration for his permission before employing him both as the CEO and the chief finance officer of the company contrary to Section 38(1) of the Immigration Act 2015 and punishable under Section 38(5) of the Immigration Act 2015.

Seplat said in the Thursday statement that it “continues to follow the rule of law and uphold high standards of corporate governance.”

The company added that it “remains confident that it has provided all of the required documentation to the Ministry of Interior and the judicial process will address the circumstances appropriately.”