Lekoil Nigeria Limited has asked the court to punish Savannah Energy for contempt of court for proceeding with the Extraordinary General Meeting held on Thursday, 7th April 2022 despite an injunction issued by the court, and for encouraging the general public to discountenance the ‘BOUGHT’ court injunction.
Chief Wole Olanipekun (SAN) appeared for Lekoil Nigeria Limited in the application filed by the company against Savannah Energy Plc, a subsidiary of Savannah Energy Plc at the Federal High Court of Nigeria in Lagos, yesterday.
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.
The presiding judge, Justice Yellin Bogoro adjourned the hearing of the application by the plaintiff, Lekoil Nigeria, to 20th June. She ruled that, upon closure of the suit, the application challenging the court’s jurisdiction by Lekoil Cayman Limited would be entertained.
Joined by a number of third parties, including Lekoil Oil and Gas Investments Limited, Mayfair Assets and Trust Limited, Lekoil 276 Limited, and Lekoil Exploration and Production Nigeria Limited, Lekoil Nigeria Limited was granted an injunction by the Federal High Court against Lekoil Limited and Savannah Energy Investments Limited, restraining 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 had sought the injunction further to the announcement of 28th February 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 EGM to hold on Thursday, 7th April 2022. Both companies proceeded with the EGM as scheduled, acting in defiance of the court injunction.
On that day, shareholders of Lekoil Limited, the Nigerian subsidiary of Lekoil Cayman, overwhelming approved the company’s option agreement entered into with Savannah Energy Investments.
Commenting on the ongoing legal dispute between Lekoil Nigeria and Lekoil Cayman jointly with its Nigerian subsidiary, Lekoil Limited, Lekoil Limited’s Interim Executive Chairman, Anthony Hawkins said: ‘The voting also puts into context the recent actions of Mr (Olalekan) Akinyanmi and Lekoil Nigeria as they attempt to stifle the smooth running of the company”.