ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home National

Court commence hearing in suit involving Obasanjo’s ex-aide May 11

2nd March 2021
in National
0
Court commence hearing in suit involving Obasanjo's ex-aide May 11

Prof Anthony Adegbulugbe

0
SHARES
82
VIEWS
Share on FacebookShare on Twitter

From Godwin Tsa, Abuja

The Abuja division of the Federal High Court will on May 11 commence definite hearing in a suit involving Prof Anthony Adegbulugbe, a former Special Adviser on Energy in the President Olusegun Obasanjo administration, and others.

Justice Ijeoma Ojukwu fixed the date after all pending preliminary issues relating to the substantive matters had been regularised by counsel to parties to the suit.

Adegbulugbe, the Chairman, Green Energy International Limited, and two directors, Dr Bunu Alibe and Mr Ayodele Olojede, are in court on matters relating to the ownership and running of affairs of the oil company.

The company is the plaintiff in the suit, with Alibe and Olojede the 1st and 2nd defendants, respectively.

At the resumed sitting, the two defendants, through their counsel, Alade Agbabiaka, SAN, sought for an order of the court to discharge the exparte order granted in favour of the plaintiff on Nov 4, 2020 which compelled them to attend an Annual General Meeting (AGM) of the company slated for Nov 12 which they did not attend.

The defendants, while arguing their motion seeking to discharge the order, averred that they did not attend the AGM because its notice ran foul of the Companies and Allied Matters Act (CAMA) which requires 21 days notice before the meeting can be convened by the company.

They further told the court that the exparte order infringed on their fundamental rights to freedom of association, adding that the order was obtained by the plaintiff by concealing material facts before the court.

They urged the court to vacate the exparte order against them in the interest of justice.

But counsel to the plaintiff, Benbella Anachebe, SAN, opposed the application on the ground that the exparte order complained against had no life again.

He argued that the order was to last for 14 days and that the 14 days had since expired.

In her ruling, Justice Ojukwu held that the exparte order had become an academic exercise, adding that delving into it would amount to premature incursion into the substantive matter.

The judge then fixed May 11 for definite hearing of the substantive matter.

Adegbulugbe, in the suit, is praying the court for a declaration that the two directors, Alibe and Olojede, with 22.6% shares cannot impose their will on the majority shareholders who approved and sanctioned agreements reached with third party entities for the benefit of the company.

The complainant also wants the court to restrain the two directors from doing anything inimical to the interest of the firm but use internal mechanism in resolving any dispute.

However, in their counter affidavits, the two directors claim that Adegbulugbe usurped the function of the Managing Director of the firm and had been taking unilateral decisions that were against the objectives of the company.

The two defendants averred that the former Obasanjo’s aide had engaged in alleged infractions by involving multinational companies in the operations of the company without their input.

Amongst others, they contended that Adegbulugbe brought third parties under the guise of increasing production of the Otakikpo Marginal Oil Field from 5,600 bpd to 30,000 bpd.

Contrary to the claim of the chairman that the two directors have only 22.6 % shares in the company, the defendants asserted that they are owners of 25 % shares.

The first defendant, in particular, stated that as plaintiff’s Director-Technical, he should have been in charge of all technical matters.

He disclosed that the second defendant and himself were directly instrumental to the award of an oil mining license by the Federal Government of Nigeria to the plaintiff to operate the Otakikpo Marginal Oil Field (OML 11).

‘That the 2nd Defendant and myself undertook the task of applying for and securing said license because Prof. Anthony Adegbulugbe was unable to do so firstly because he did not have the relevant contacts needed to secure the marginal oil field license and secondly because as a public official then serving in government as Energy Advisor to the administration of Chief Olusegun Obasanjo, then President of the Federal Republic of Nigeria, he was precluded from doing so for reasons of conflict of interest.

‘That after joining us on the plaintiff’s board as a co-director, Prof Anthony Adegbulugbe, unilaterally usurped the position of Chairman, Board of Directors without the Board electing him to that position contrary to the provisions of Section 289(4) of the Companies and Allied Matters Act 2020,’ they averred.

The defendants stated that Adegbulugbe’s usurpation of the position of the Chairman of the Board and combining same with the position of the Chief Executive Officer of the Plaintiff is contrary to the provisions of Part A, Section 2(2.7) of the Nigerian Code of Corporate Governance 2018.

This, they said, provides that ‘the positions of the Chairman of the Board and the Managing Director/Chief Executive Officer (MD/CEO) of the company should be separate such that no person can combine the two positions.’

They prayed the court to protect them as executive directors and as bonafide minority shareholders of the company.

The management crisis is said to be threatening the daily production of targeted 30,000 barrel of crude oil.

Tags: Ayodele OlojedeDr Bunu Alibelawsuitsmay 11President Olusegun ObasanjoProf Anthony Adegbulugbe
David

David

Sun News Online team

Related Posts

TUC restates commitment to workers’ welfare
National

TUC threatens drastic action against FG

28th July 2022
Family sues Obasanjo’s brother, wife for trespass
National

Akwa Ibom CJ jails human rights lawyer, Effiong, for contempt

28th July 2022
Strike: Enough is enough, Buhari tells ASUU
National

Those around Buhari should ask him to resign –NEF spokesman

28th July 2022
Next Post
Wealthy Nigerians should assist the poor - Ayo Arise

Wealthy Nigerians should assist the poor - Ayo Arise

Council polls: Don't compromise for any reason, PDP tells RSIEC

Council polls: Don't compromise for any reason, PDP tells RSIEC

AfCFTA: We must take hard decisions to explore - NESG

AfCFTA: We must take hard decisions to explore - NESG

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Reps probe INEC over implementation of Electoral Act

2023: INEC’ll uphold ballot’s integrity –Yakubu

Those around Buhari should ask him to resign –NEF spokesman

FG dragged to court over NYSC scheme

Okowa, Datti And Shettima: What running mates bring to tickets

The trouble with ethno-religious politics

Trending

TUC restates commitment to workers’ welfare
National

TUC threatens drastic action against FG

28th July 2022
0

By Bimbola Oyesola Trade Union Congress (TUC) has directed the Federal Government to immediately bring an end...

Family sues Obasanjo’s brother, wife for trespass

Akwa Ibom CJ jails human rights lawyer, Effiong, for contempt

28th July 2022
Letter to Independent National Electoral Commission (1)

If Nigeria fails…

28th July 2022
$500m Chinese loan: Reps  grill Amaechi over railway contracts, summon Ahmed, Pantami

Reps probe INEC over implementation of Electoral Act

28th July 2022
We’re ready for election –INEC

2023: INEC’ll uphold ballot’s integrity –Yakubu

28th July 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • TUC threatens drastic action against FG
  • Akwa Ibom CJ jails human rights lawyer, Effiong, for contempt
  • If Nigeria fails…
  • Reps probe INEC over implementation of Electoral Act
  • 2023: INEC’ll uphold ballot’s integrity –Yakubu
  • Those around Buhari should ask him to resign –NEF spokesman
  • FG dragged to court over NYSC scheme
  • Okowa, Datti And Shettima: What running mates bring to tickets
  • The trouble with ethno-religious politics
  • Army probes killing of Guards Brigade soldiers, beefs up security in FCT
  • 2 killed, 3 policemen injured as armed robbers attack bullion van in Abia
  • FEC approves 2023-2025 MTEF/FSP, sets new parameters
  • Soldiers kill bandit, nab notorious kidnapper, vandals in Plateau, Zamfara
  • Road to 2023: PDP’s bumpy ride to 2023 polls
  • Govs call for review of water bill
  • Takeover of DisCos long overdue
  • CAN’s rejection of Muslim-Muslim ticket godly –Dogara
  • Naira crashes to N710/$1
  • The voting population in Nigeria and peter Obi’s movement (2)
  • NOC says Amusan, Brume enjoy scholarship grants

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.