From Godwin Tsa, Abuja
A former Special Adviser on Energy in the Olusegun Obasanjo administration, Prof. Anthony Adegbulugbe, and two aggrieved directors of Green Energy International Limited have agreed to settle the oil company’s ownership crisis out of court.
The development was made known yesterday when the matter came up before Justice Bolaji Olajuwon of a Federal High Court, Abuja.
Dr Bunu Alibe and Mr Ayo Olojede had, in a motion on notice marked FHC/ABJ/PET/20/2020, filed by their counsel, Alade Agbabiaka, SAN, listed the company and Adegbulugbe as first and second respondents, respectively.
The plaintiffs had in the suit, which was commenced via a petition, accused Adegbulugbe of a series of corporate misdemeanors, including unilateral usurpation of executive responsibilities, contrary to the provisions of the Companies and Allied Matters Act (CAMA), 2020 and the company’s Articles.
They claimed that they were unlawfully removed by the chairman (Adegbulugbe) of a company they jointly nurtured to fruition.
The applicants averred that such decision was contrary to the provisions of CAMA 2020, and the organisation’s Article of Association.
Adegbulugbe also filed a separate suit against the two directors.
Although the matter was formerly before Justice Ijeoma Ojukwu, the case was, however, reassigned to Justice Olajuwon, following the transfer of Ojukwu to the Calabar division of the court recently.
When the matter was called, Agbabiaka said the parties had agreed to settle the dispute out of court although they were yet to come up with terms of settlement.
The senior lawyer also said that there was a threshold of applications to consolidate on the matters.
The counsel to the respondents, Benbella Anachebe, SAN, however, said that though he was aware that settlement was ongoing among the parties, his client had yet to brief him on details of the development.
He urged the court to give a long adjournment date, so as to be involved in evolving the terms of settlement.
The judge, therefore, advised parties in the suit to work towards settlement of the case before the issue of consolidation of the applications is considered.
Olajuwon adjourned the matter till February 2, 2022, for report on the out-of-court settlement or for continuation of the matter. Adegbulugbe and the two directors of the firm had on February 10, dragged themselves before the court over the ownership of the oil company.