Metallon renews attempt to takeover Lekoil Nigeria assets

 In news

The Corporate news circle is rife with a story that Metallon Corporation Limited, a South African company has renewed her tantrums to take over the assets of Lekoil Nigeria Limited.

This is in line with an announcement by Lekoil Cayman where some Board changes were made, including the removal of Mr. Lekan Akinyanmi as CEO.

This development is a continuation of a witch hunt which has as its ultimate goal, the takeover of oil and gas assets under the control and preview of Lekoil Nigeria Limited. The assets in question belong solely to Lekoil Nigeria while Lekoil Cayman is just a simple investor relations vehicle.
Sources close to Lekoil Nigeria Limited Board confirm that the Aisha Oyebode led board has reiterated confidence in the leadership of Mr. Akinyanmi who remains on the board of Lekoil Nigeria as Chief Executive Officer (CEO).

In 2020, Metallon Corporation Limited, a south African company, mopped up 15% of Lekoil Cayman shares in a bid to stealthily gain control of the Nigerian based assets of Lekoil Nigeria Limited. However, the Nigerian Code of Corporate Governance forbids a person (or group of persons) who is not a serving director of a company from exercising any influence or dominance over the Board and/or management of a Nigerian company.

Lekoil Nigeria Limited is an affiliate of Lekoil Cayman and therefore has an independent, separate board. The respective Boards of Lekoil Nigeria Limited and its subsidiaries are fully vested with powers to administer their affairs.

Lekoil Nigeria Limited had stated repeatedly that the Board is fully aware of her obligations to shareholders, noting that none of the obligations allow the company to relinquish its management, control or administration to Lekoil Cayman or any other party.

In spite of the changes at Lekoil Cayman, our sources confirm that the leadership of Lekoil Nigeria remains focused and resolute about defending Nigeria’s national assets.

Source: Vanguard


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