Lagos — Some directors and senior executives of Lekoil Cayman have resigned from the company’s board, SweetcrudeReports has learnt.
According to findings, those that tendered their resignations include Tony Hawkins, Aisha Muhammed-Oyebode, Lekan Akinyanmi, and Gloria Iroegbunam.
Chairman of Lekoil Nigeria, Tony Hawkins, resigned as a non-executive Director of Lekoil Cayman, Aisha Oyebode as non-executive of the company, Lekan Akinyanmi, CEO of Lekoil Nigeria resigned as an executive Director of Lekoil Cayman, while Gloria Iroegbunam resigned as Company Secretary of Lekoil Nigeria.
However, all three maintain their current positions at Lekoil Nigeria.
Lekoil Nigeria holds 40 percent equity in Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company.
SweetcrudeReports learnt that the resignations were prompted by the recent behaviour and actions of the Board of Lekoil Cayman against Mr. Akinyanmi, forcing him to vigorously dispute his unilateral termination as CEO of Lekoil Cayman, including all of the statements made by Lekoil Cayman in connection with his employment contract and the loan agreement between him and Lekoil Cayman.
Upon contact, Oyebode told SweetcrudeReports: “The Board of Directors of Lekoil Cayman continues to show a blatant disregard for the shareholder agreement, a legally binding agreement which governs the relationship between Lekoil Cayman and Lekoil Nigeria and which was implemented at the time of Lekoil Cayman’s listing to meet the requirements in Nigerian law in respect of control of indigenous strategic assets.
“The continuous breaches of due process and corporate governance by the Board of Lekoil Cayman has left us with no option but to resign collectively from the Board of Lekoil Cayman. Meanwhile, Lekoil Nigeria has separately written to Lekoil Limited’s advisers and to the AIM authorities requesting them to investigate the behaviour of the current Board of Lekoil Limited.”
She, however, said the Board and management of Lekoil Nigeria remains committed to its vision of developing the company’s assets and assures its stakeholders, partners and colleagues, that the strategic national assets under its purview will be protected by all available legitimate means.
“This in turn will ensure the restoration of value for all shareholders, both in Lekoil Nigeria and Lekoil Cayman”, she added.