Lekoil Nigeria Wants Court Sanction on Savannah Energy For Contempt Over its Extraordinary General Meeting
- It seems the legal tussle between Lekoil Nigeria Limited Savannah Energy will not be ending anytime soon
- In a renewed battle, Lekoil Nigeria Limited has asked the court to punish Savannah Energy for contempt of court for proceeding with the Extraordinary General Meeting
- In February, Lekoil Nigeria joined by a number of third parties secured an injunction restricting Savannah Energy Investments Limited from taking any steps to transfer its assets
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Lekoil Nigeria Limited has requested that the Federal High Court of Nigeria penalise Savannah Energy for contempt after the oil firm proceeded with an Extraordinary General Meeting(EGM) held on Thursday, April 7, 2022.
The two companies have been involved in legal battles, with Lekoil Nigeria Limited obtaining a court injunction against Lekoil Limited and Savannah Energy Investments Limited in February, preventing them from proceeding with the transfer of any interests in Lekoil Nigeria Limited's oil and gas assets.
The Injunction also includes altering 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.
Leadership Newspaper reports that Lekoil Nigeria Limited believes the holding the EGM defy an injunction issued by the court, and also encourages the general public to discountenance the ‘BOUGHT’ court injunction.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
The request of Lekoil Nigeria Limited was filed by its lawyer, Wole Olanipekun (SAN), in an application against Savannah Energy Plc, a subsidiary of Savannah Energy Plc at the Federal High Court of Nigeria in Lagos, on June 1, 2022
Lekoil Cayman Limited, the second defendant in the suit that was filed to halt the EGM challenged the jurisdiction of the court to issue an order on a company without a physical presence or business in Nigeria, Nairametrics also reported.
The presiding judge, Justice Y. Bogoro, adjourned the hearing of the application by the plaintiff, Lekoil Nigeria, to June 20, 2022, and upon closure of the suit, the application challenging the court’s jurisdiction by Lekoil Cayman Limited will be entertained.
Backstory
Lekoil Nigeria joined by a number of third parties including Lekoil Oil & Gas Investments Limited, Mayfair Assets & Trust Limited, Lekoil276 Limited, and Lekoil Exploration & Production Nigeria Limited had sought the injunction further to the announcement on 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.
Nigeria loses 80% of oil production to theft - Pastor Adeboye
Meanwhile, Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), recently claimed that 80% of the country’s oil production is lost to theft.
The revered cleric said this on Sunday, April 3, adding that 90% of oil revenue is used to service debt in Nigeria.
His words:
“More than 80 per cent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."
Source: Legit.ng
