LEKOIL has announced that Lekoil Nigeria Limited and its subsidiaries, Lekoil Oil & Gas Investments Ltd, Mayfair Assets & Trusts Ltd, Lekoil 276 Ltd and Lekoil Exploration and Production Ltd (the “Plaintiffs”)) have notified the Company of an ex-parte injunction granted by the Federal Court of Nigeria, Lagos Division, to restrain: (i) the transfer of interests in the Plaintiffs; (ii) altering  the beneficial and/or equity rights of the Company in the Plaintiffs; and (iii) altering (or taking steps to alter) the Company’s ownership, equity, share capital structure, rights or interest in the assets of the Plaintiffs.  The Company will take appropriate legal advice so it can assess its position and notes that the application was made, and the order was granted, without the Company having the opportunity to state its.

Lekoil in a recent disclosure notes that further to the announcement of 6 April 2022 related to the Nigeria court process, it has received a winding up petition for the Company filed by Mr. Akinyanmi (the “Petition”).  The Petition is based on alleged “oppressive conduct” by the Company, its directors and certain shareholders in “seeking to engineer a takeover of the Company” and in breaching certain intercompany financing and management agreements.

The Company will take appropriate legal advice so it can defend the claim. Further announcements will be made as appropriate.

“The Company will take the appropriate legal steps to defend the Company from the Petition, which it considers unmerited and without foundation. We note that Mr. Akinyanmi’s previous ex-parte injunction, which addressed similar issues, was discharged by the Cayman Court and that Mr. Akinyami has not, to date, progressed further with that claim.  This winding up petition, also by Mr. Akinyanmi, is at odds with the public statements of Lekoil Nigeria (of which he is CEO) that it wishes to act in the best interests of shareholders.  Instead, by way of this petition, Mr. Akinyanmi wishes to wind up the Company, the effect of which would clearly be detrimental to the Company’s shareholders.  As such, the Company will vigorously defend the claim, 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,”Anthony Hawkins, the Company’s Interim Executive Chairman commented.