Lekoil Nigeria Limited has announced that it has reached an agreement with Lekoil Cayman to terminate all legal proceedings and settle all claims.
The oil and gas exploration and production company with a focus on Nigeria and West Africa announced that it has reached an agreement with Lekoil Limited (“Lekoil Cayman”), a Cayman Islands litigation asset company with an investment in assets of oil and gas in Nigeria, to terminate all legal proceedings and resolve all claims made by or between the parties.
This is according to a statement published by the company and signed by the firm’s head of media and communication, Lanre Odukoya.
The parties have been in dispute since early 2020 in relation to various matters, including Lekoil Cayman’s rights under the shareholders agreement in respect of the Company, the various intercompany loans made by Lekoil Cayman to Lekoil Nigeria and its related entities. .
The agreement covers all disputes that arose between Lekoil Nigeria Limited, Lekoil Cayman and Mr. Lekan Akinyanmi regarding the management of Lekoil Cayman and related entities, ownership interests, liabilities and contractual and non-contractual rights and obligations of the parties.
To resolve the differences, Lekoil Nigeria Limited, Lekoil Cayman and Mr. Akinyanmi, among others, have agreed and signed a liquidation deed to release and settle all relevant claims, withdraw legal proceedings, deliver certain shares and other transactions, as well as Agree on a new framework for your future relationship.
Part of the agreement reached will require Lekoil Cayman to change its name and stop using the “Lekoil” name or brand in connection with its continuing business. Lekoil Cayman also agreed with Savannah Energy to cancel the Option Agreement with Savannah Energy.
In addition, the shareholder agreement between Lekoil Nigeria and Lekoil Cayman will be terminated.
Commenting on the landmark deal, Lekoil Nigeria Limited Chairman Ms. Aisha Muhammed-Oyebode said: “We are satisfied with the friendly resolution of the problems. This agreement illustrates the tenacity and commitment of all parties to deliver long-term shareholder value..”
She added that, “I thank the members of the Lekoil Nigeria Board of Directors as well as our partners for their understanding and support during the difficult period we have witnessed in the past two years. We remain optimistic about the future and are confident that brighter years are ahead..”
In the meantime, it is worth adding that the implementation of the arrangements will require the approval of Lekoil Cayman shareholders.
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