Port Harcourt — Indorama-Eleme Petrochemicals Limited has suspended the payment of dividends to her host communities, following legal issues bothering on the management of the 7.5percent equity shares of the host communities by Elano Investments Limited.
Elano Investments Limited is the company managing the 7.5 percent equity shares accruable to host communities of Indorama Eleme Petrochemicals Company Limited, in Rivers State.
Recall that some members of the host communities led by, Mr. Aforji Igwe, had hitheto sought legal redress to stop Elano Investments Limited from managing the 7.5 shares of Indorama Petrochemicals’ host communities, over alleged misappropriation of funds.
The matter which has been adjudicated at the Federal High Court in Port Harcourt, up to the Court of Appeals, is currently before the Supreme Court.
Confirming the development, the management of Elano Investments Limited, has also announced the suspension of its community development projects effective 1st June 2021 till further notice.
Head of Media, Elano Investments Limited, Mr Udeme Obot, said suspension of the projects was necessitated by the non-payment of dividends to the host communities by Indorama, following Aforji Igwe’s appeal to the Supreme Court in Appeal No. SC/CV/374/2021.
Obot on behalf of the management assured the people that services and operations in the community development programmes will resume as soon as the appeals are determined in the Supreme Court.
He also stated that Elano Investments Limited remains committed to the development of the host communities and the wellbeing of the people.
“The management of Elano Investments Limited, the vompany managing the 7.5 percent shares of host communities of Indorama Eleme Petrochemicals Company Limited, announces the temporary suspension of its community development projects effective 1st June 2021 till further notice.
“The affected projects are part of the company’s mandate to implement community development programmes for the host communities in the core areas of education, health insurance, security, Infrastructure development, estate and cash payments to individual members of the host communities.
“The company wishes to bring to the notice of members of the host communities that the community development projects and schemes have to be suspended due to Aforji Igwe’s appeal to the Supreme Court in Appeal No. SC/CV/374/2021, that has necessitated the non-payment of dividends to the Host Communities by Indorama Eleme Petrochemical Limited.
“The company appeals to members of the public, particularly beneficiaries of the Health Insurance Scheme, to bear with it and remain calm while the court matters are over.”