Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Court stops Savannah Energy’s takeover of Lekoil Nigeria

    Court stops Savannah Energy’s takeover of Lekoil Nigeria

    March 3, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Instruments of justice

    OpeOluwani Akintayo

    Lagos — The takeover deal involving Savannah Energy Investments Limited and Lekoil Cayman Limited has suffered a major setback as the Grand Court of the Cayman Islands has granted an injunction to stop proceedings on the convertible facility agreement.

    The Board of Lekoil Nigeria confirmed that the Grand Court has granted the interim injunction which effectively prohibits Lekoil Limited from allotting any shares pursuant to the Agreement with Savannah, among others.

    According to the Court, Lekoil Limited has liberty to bring the matter back before the Court on 24 hours’ notice to Akinyanmi.

    Upon hint of the London-listed oil firm’s move to sell all her stakes, the Chief Executive Officer of Lekoil Nigeria, Olalekan Akinyanmi, had sought an injunction halting the takeover bid with Savannah Energy.

    SweetcrudeReports learnt that Akinyanmi had gone before the court to seek injunction; that until further order of the Court, Lekoil Limited be restrained from issuing or allotting any shares in the Company pursuant to: a convertible facility agreement entered into by the Company on 2 September 2021; a convertible facility and option agreement entered into between the Company and Savannah Energy Investments Limited on 28 February 2022; and a tripartite agreement entered into between the Company and Savannah Energy Investments Limited and others on 28 February 2022.

    This development signals interesting times ahead for concerned parties and keen industry observers as the battle to save shareholders’ investments and restore confidence lingers.

    Follow us on twitter

    Related News

    AEC launches specialized advisory services to support African energy investments

    CEMAC, APPO and CABEF conclude tripartite agreement for the CAPS project

    NCDMB intervenes as Enerog, host communities resolve FTO dispute

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    “We want reparations”, oil-affected Niger Delta victims demand action

    June 13, 2025

    Transocean Coatings establishes affiliate at SIIFZ

    June 13, 2025

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.