The Lekoil Nigeria and Lekoil Cayman have been engaged in tough Boardroom crisis that has taken them in and out of many Courts across the World
Lekoil Cayman Limited and Savannah Energy Investments Limited, a subsidiary of Savannah Energy PLC, have held an extraordinary general meeting (EGM), an action described by Lekoil Nigeria Limited as a flagrant flouting of an injunction by a Federal Court of Nigeria.
Platforms Africa reports that the two Lekoil entities have been engaged in tough Boardroom crisis that has taken them in and out of many Courts across the World.
Lekoil Nigeria Limited, joined by a number of third-parties including Lekoil Oil & Gas Investments Limited, Mayfair Assets & Trust Limited, Lekoil 276 Limited and Lekoil Exploration & Production Nigeria Limited, was granted an injunction in the Federal High Court of Nigeria against Lekoil Limited and Savannah Energy Investments Limited.
The Court injunction restrains them from taking any steps in furtherance of the transfer of any interests in oil and gas assets of Lekoil Nigeria Limited and the transfer or creation of any interest in Lekoil Nigeria Limited, that will alter the ownership, equity or share capital structure of Lekoil Nigeria Limited.
Lekoil Nigeria sought the injunction further to the announcement of February 28, 2022 by Lekoil Cayman Limited that it had entered into an agreement with Savannah Energy Investments Limited, a subsidiary of Savannah Energy PLC.
Prior to the injunction, Lekoil Cayman and Savannah Energy had scheduled an Extraordinary General Meeting (EGM) to hold on Thursday, April 7, 2022. Rather than respect the rule of law, both companies had acted in defiance to the Nigerian court injunction by going ahead with the EGM as scheduled.
Indeed, Lekoil Cayman proceeded with the EGM where the following resolutions were arrived at:
Approve the Option Agreement entered into with Savannah Energy Investments
Authorise the Directors to issue fully paid ordinary shares up to an aggregate number of 151,755,547
In reaction to the development, Anthony Hawkins, the Company’s Interim Executive Chairman remarked:
“The Company would like to thank its shareholders for approving both resolutions at the EGM. In particular, the vote in favour of entry into the Option Agreement was overwhelmingly endorsed by our shareholders (other than those associated with Lekoil Nigeria) and is a clear validation of the transactions with Savannah Energy. The voting also puts into context the recent actions of Mr. Akinyanmi and Lekoil Nigeria as they attempt to stifle the smooth running of the Company. The Company will continue with the work necessary to have the Company’s shares unsuspended and continue with the steps necessary to recover its investments in the Lekoil Group.”
