Court Halts Sale of Texaco
A Federal High Court in Lagos yesterday granted an interim injunction restraining the Chevron Group from divesting 60 per cent of its stake from Texaco Nigeria Plc.
Justice Lambo Akanbi, who gave the order, restrained Chevron Oil Nigeria Plc and Chevron Nigeria Holdings Limited respondents and any of their agents from bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the Chevron group pending the hearing and determination of the motion on notice in the suit.
The court also granted leave to serve on the respondents the originating processes in this suit and all subsequent processes, orders, rulings and notices by substituted means.
It also granted the plaintiff an order deeming such service to be proper service.
The order was sequel to an ex-parte motion brought by Zenon Petroleum and Gas Limited, which currently owns 19 per cent equity stake in Texaco Plc against Chevron Oil Nigeria Plc, Chevron Africa Holdings Limited and Chevron Global Energy Incorporation.
Other respondents in the case are Securities and Exchange Commission, Nigerian Stock Exchange, Corporate Affairs Commission, BNP Paribas, African Petroleum Plc, Habitat Oil and Gas, Oando Plc, and Acorn Oil and Gas Limited.
The petitioner had approached the court for "an order of interim injunction restraining the respondent either by themselves, agents or other representatives whomsoever acting for them and or on their behalf form bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the 2nd Respondents in the 1st Respondent pending the hearing and determination of the Motion on Notice in the suit.
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The bid winner was expected to be announced first week of August before the resort to court by Zenon Petroleum and Gas, which had acquired 19 per cent of the companies’ shares on the floor of the Stock Exchange.
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