Lekoil Nigeria asks court to punish Savannah Energy for contempt

Lekoil Nigeria Limited has asked the court to punish Savannah Energy for contempt of court for proceeding with the Extraordinary General Meeting held on April 7, 2022 despite an injunction issued by the court and for encouraging the general public to discountenance the “BOUGHT” court injunction.

Wole Olanipekun (SAN), appeared for Lekoil Nigeria Limited in the application filed against Savannah Energy Plc.

The suit against the company, a subsidiary of Savannah Energy Plc, was filed 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, 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.

You may recall that Lekoil Nigeria Limited, joined by a number of third parties, including Lekoil Oil & Gas Investments Limited, Mayfair Assets and Trust Limited, Lekoil 276 Limited and Lekoil Exploration and 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 to hold on April 7, 2022.

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