Nigeria: Lekoil Nigeria Kicks, As Savannah Energy Defies Court Injunction

Lekoil Nigeria Limited has asked the Federal High Court of Nigeria to punish Savannah Energy for contempt of court for proceeding with the Extraordinary General Meeting despite an injunction issued by the court.

Lekoil also query Savannah Energy for encouraging the general public to discountenance the ‘BOUGHT’ court injunction.

Vanguard gathered that the meeting held on Thursday, April 7, 2022.

However, 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, 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.

The presiding judge, Justice Y. Bogoro, delivered a Bench ruling agreeing with the representations made on behalf of Lekoil Nigeria (the Plaintiff) on hearing only the motion for mandatory injunction – i.e. the contempt suit, against Savannah Energy and Lekoil Cayman.

The court was convinced by the arguments made by Lekoil Nigeria’s counsel that, irrespective of the fact that there were motions challenging its jurisdiction, the Plaintiffs’ motion for mandatory injunction and other orders should be accorded priority. The court adjourned the hearing of the application by the plaintiff, Lekoil Nigeria, to June 20, 2022.

It will be recalled that, 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 by the Federal High Court of Nigeria 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 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.

Both companies proceeded with the EGM as scheduled, acting in defiance of the court injunction.

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