General News
Lekoil Expresses Commitment to the Interest of its Shareholders
Lekoil Limited (“LEKOIL”) has requested its shareholders to disregard the recent statement issued by Lekoil Nigeria and contact it if they have any queries about its operations.
In a statement titled ‘Litigation Summary and Response to Lekoil Nigeria announcement’ released, LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, described Lekoil Nigeria’s suits against it in Nigeria, the United Kingdom, New Jersey, and the Cayman Islands as obstructionist.
LEKOIL reiterated that it would not be intimidated by the actions of Lekoil Nigeria and its Chief Executive Officer, Mr Lekan Akinyanmi, adding that their action has the “strategic objective of blocking the Company’s legitimate activities and thereby reducing shareholder value.”
Anthony Hawkins, the Company’s Interim Executive Chairman, explained: “The litigations brought by Mr. Akinyanmi (funded by Lekoil Nigeria), along with Mr. Akinyanmi’s refusal to repay his CEO loan, make clear that Mr. Akinyanmi, supported by Lekoil Nigeria, is determined to try to frustrate the proper operations of the Company as approved by the majority of its shareholders.
“These legal claims have been instigated and pursued despite the fact that Lekoil Nigeria’s offer to purchase shares in the Company was not accepted by the vast majority of the Company’s shareholders; the Savannah Energy Transaction was supported by the Company’s major institutional shareholders, representing approximately 42% of the Company’s then current issued share capital; the entry into the Option Agreement with Savannah Energy was supported by 82% of shareholders at the Extraordinary General Meeting held on April 7 2022 (the Option Agreement being an integral part of the Savannah Transaction); and the issuance of additional shares in the Company was supported by 70% of shareholders at the Extraordinary General Meeting held on April 7 2022.”
Hawkins added that the Company has taken professional advice in the Cayman Islands and Nigeria and will continue to act in the best interests of all shareholders and not be intimidated by the actions of Mr. Akinyanmi and Lekoil Nigeria.
Akinyanmi, a former investment banker based in the United States, founded Lekoil and incorporated it in December 2010 with a holding structure. Lekoil Nigeria emerged as its principal subsidiary before others.
LEKOIL stated that the Company is a party to the following legal proceedings:
- A claim by Mr Akinyanmi, in the Superior Court of New Jersey, alleging breach of contract in the termination of his employment contract, as further set out in the RNS by the Company dated 24 September 2021.
The Company is challenging the jurisdiction of the New Jersey court to hear the claim. Following this judgment, the Company will pursue the recovery of the CEO loan in the appropriate jurisdiction.
- A claim by Mr Akinyanmi, in the Grand Court of the Cayman Islands, seeking a declaration (amongst others) that the “Share Allotment Resolutions” passed at the Company’s AGM on 21 December 2021 were ultra vires and void. This would have the effect of challenging the issuance of shares in the Company pursuant to various convertible facility agreements and the contractor shares scheme.
Ancillary to this claim was an ex-parte injunction that, as announced on 11 March 2022, was discharged by the Grand Court. The Company notes that, following the discharge of the ex-parte injunction, Mr. Akinyanmi has not taken any further active steps in these proceedings but has instead presented a winding up petition, as described immediately below.
The Company also notes that, as part of the proceedings, it was made aware that the Board of Lekoil Nigeria had resolved to “continue to provide financial support to the CEO [Mr. Akinyanmi], and to pay the legal fees incurred in his ongoing legal proceedings in jurisdictions including Cayman Islands, United Kingdom, and United States.”
- A contributory’s petition against the Company filed by Mr. Akinyanmi in the Grand Court of the Cayman Islands seeking the winding up of the Company on “just and equitable” grounds, as notified by the Company on 7 April 2022.
In essence, Mr. Akinyanmi is seeking to have official liquidators appointed to wind up the Company or, alternatively, the entitlement to purchase the shares of all other registered shareholders of the Company at a value to be determined by the Grand Court.
- An ex-parte injunction granted by the Nigerian Federal High Court on 4 April 2022 upon the application of Lekoil Nigeria and certain of its subsidiaries (the “Plaintiff’s) against the Company and Savannah Energy Investments Limited (“Savannah”), seeking 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 “Nigerian Injunction”). The Nigerian Injunction has subsequently been supplemented by an application for a mandatory injunction in respect of the resolutions passed at the Extraordinary General Meeting of the Company held on 7 April 2022.
Dr Saeed Olorunnisola, interim Dean of the Faculty of Agriculture at Al-Hikmah University in Ilorin, Kwara State, has urged the federal and state governments to prohibit the use of smartphones in secondary and tertiary schools.
Olorunnisola stated that the prohibition will help students concentrate in class.
He stated this during the mission for the eradication of examination malpractice’s (MEEM) second national symposium in Osogbo, Osun State, at the weekend.
Olorunnisola expressed concern about the impact of examination malpractices on education and national development, citing social media as a major impediment to students’ concentration even in secondary schools.
“Social media is causing distraction in secondary schools. Tertiary institutions are the worst. Students don’t care any longer. Some of them are taking photo shot of notes and they will not read them. They are usually on social media.
“What we have right now is a misuse of technology and it must be taken away. We have a university that has banned their undergraduate from using mobile phones,” he said.
Speaking on the need for government to act and assist young learners to concentrate in class, the don said ban on the use of smartphones by a particular university that he did not disclose eventually assisted its students to concentrate more in class.
In his remarks, Prof Buniyameen Abdulkareem, chairman of the MEEM Board of Trustees, stated that the group, a non-governmental organisation founded by the Muslim Students’ Society of Nigeria B-Zone, organised the symposium for policymakers, students, and teachers after realising the need to stem the tide of rising examination malpractices in the country.
General News
Amid Rising Investor Confidence in Nigeria, Woodhall Capital Foundation Trains Captains of Industry
As business confidence in Nigeria rose to the highest level in 14 months signalling a rising demand for their goods and services, Woodhall Capital International Foundation (WCIF), a subsidiary of Woodhall Capital, a leading financial advisory firm, in partnership with Mentor Intro Africa, a premier platform for connecting with the world’s foremost mentors, has commenced the training of a new generation of Captains of Industry through an ongoing 6-week intensive mentorship programme.
Speaking about the programme which commenced with forty shortlisted mentees on Friday March 5 at EbonyLive Studios, Victoria Island, Lagos, the President of Woodhall Capital, Mrs. Mojisola Hunponu-Wusu, noted, “We are very excited to bring together 40 Captains of Industry and share ideas and visions on how to build sustainable businesses in Nigeria.
It’s been a wholesome experience from 9am to 3pm. It’s so heartwarming to have found Captains of Industry who are indigenous to Africa and others who are going global. We shared ideas on how exactly we can accomplish these, the peculiarities of doing business in Nigeria, and the possibilities of Africans building offices around the world. That’s what we have started on Friday.”
Reinforcing what the partnership means to her, the Founder of Mentor Intro Africa, Mrs. Fola Niyi-Duale, remarked, “What we set out to do is to bridge the gap between career professionals and those who have already walked the path.
“It means we created a structured virtual platform where experienced industry leaders can guide, support, and inspire professionals and entrepreneurs on their journey to greatness. This is big because it epitomizes impact and we’re leaving a legacy for people to see and enjoy a future that we may not even be a part of, but we have laid the foundation.”
Both partners reiterated that the mentorship is not for the optics and its impact upon completion would far-reaching.
One of the mentees, Co-founder/Chief Technical Officer, Blue Sands STEM LabsOveral, Kingsley Okechukwu, excitedly said, “I’m glad I got the opportunity to be part of this mentorship. Our first session reinforced the significance of visionary leadership, employee retention, continuous innovation, and strategic positioning in ensuring long-term business success.”
This collaboration between Mentor Intro Africa and Woodhall Capital Foundation brings together visionary leaders, seasoned professionals, and the next generation of changemakers in an empowering initiative designed to bridge mentorship with high-impact leadership.
Together, the partners aim to spotlight industry pioneers, foster meaningful dialogues, and create lasting impact across Africa’s business and professional landscape.
National Space Research and Development Agency (NASRDA) is set to commence the implementation of its space regulation and licensing mandate following the approval of a N20 billion take-off fund by President Bola Tinubu.
Speaking in an interview, Dr. Matthew Adepoju, director-general, NASRDA, emphasised that the agency’s regulatory functions, as outlined in the NASRDA Act (2010), have remained unfulfilled since its establishment in 1999.
To address this, Adepoju submitted a memorandum to President Tinubu advocating for enforcement of space regulation, leading to the recent approval of funds.
Adepoju highlighted the urgency of regulating Nigeria’s space sector to prevent misuse, particularly regarding security-sensitive activities.
The regulatory framework will oversee:
Satellite image providers
Geographic information system operators
Satellite-based telecommunications and broadcasting services
He warned that unregulated geographical data intelligence could be exploited by non-state actors, underscoring the importance of strict oversight.
NASRDA has set up a licensing platform open to public and private sector operators in the space industry.
The regulation will cover Nigeria’s three space segments:
Upstream – Deep space activities
Midstream – Satellites and orbital objects
Downstream – Ground stations and space service users
Although the agency has yet to access the N20 billion fund, Adepoju confirmed that regulatory and licensing functions have commenced.
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