07 February 2015, Lagos — Justice Mohammed Idris of the Federal High Court, Lagos has ordered Shell Petroleum Development Company of Nigeria Ltd; Total E & P Nigeria Ltd and Nigeria Agip Oil Company Ltd to preserve their 45 percent participating interests in Oil Mining Lease (OML) 25.
The Judge made the order after hearing arguments presented by Tayo Oyetibo, (SAN) counsel, to Crestar Integrated Natural Resources Limited which approached the court to complain against the defendants on Wednesday.
The judge ruled: “An order is hereby made restraining the defendants/respondents, whether by themselves, their management, servants, agents, assigns, privies, proxies, fronts, staffers or any other person whatsoever called acting under their authority from proceeding or continuing to negotiate or engage in any transaction or contract calculated or purported to transfer, sell, farm out or otherwise charge, dispose of or divest the defendants/respondents 45 percent participating interest in OML 25 to any person, authority or agency pending the determination of the motion on notice.”
The court also made an order restraining the defendants, their agents, assigns or others acting under their authority from declaring any other bidder apart from the applicant as the preferred bidder for the assignment of the defendants’ 45 percent undivided participating interest in OML 25 pending the determination of the motion on notice.
According to Crestar in its 16 paragraph affidavit in support of the application deposed to by its Managing Director, Adeniyi Olaniyan, OML 25 is jointly owned by NNPC with 55 percent interests and the three defendants with 45 percent interest.
*Tunde Opeseitan – Daily Independent