Lekoil Nigeria, in which Lekoil Cayman, a Cayman Islands-registered AIM-listed holding company holds a 40 per cent equity holding, has disclosed that a number of its directors and senior executives have resigned with immediate effect from the board of Lekoil Cayman. According to a statement, Aisha Muhammed-Oyebode, chairman of Lekoil Nigeria, has resigned as a non-executive director of Lekoil Cayman, Lekan Akinyanmi, CEO of Lekoil Nigeria, has resigned as an executive director of Lekoil Cayman, Gloria Iroegbunam, company secretary of Lekoil Nigeria, has resigned as company secretary of Lekoil Cayman.
All three will remain in their current positions at Lekoil Nigeria.
The resignations have been prompted by the recent behaviour and actions of the of the board of Lekoil Cayman. In particular, Mr. Akinyanmi vigorously disputes his unilateral termination as CEO of Lekoil Cayman and all of the statements made by Lekoil Cayman in connection with his employment contract and the loan agreement between him and Lekoil Cayman.
Mrs Muhammed-Oyebode said: “the board and management of Lekoil Nigeria remains committed to its vision of developing the company’s assets and we wish to assure our numerous stakeholders, especially our shareholders, partners and colleagues, that the strategic national assets under our purview will be protected by all legitimate means available to us.
“This in turn will ensure the restoration of value for all shareholders, both in Lekoil Nigeria and Lekoil Cayman.”
“The board of directors of Lekoil Cayman continue to show a blatant disregard for the Shareholder Agreement, a legally binding agreement which governs the relationship between Lekoil Cayman and Lekoil Nigeria and which was implemented at the time of Lekoil Cayman’s listing to meet the requirements in Nigerian law in respect of control of indigenous strategic assets,” she pointed out.
Mass Board Resignation Hits Lekoil(Opens in a new browser tab)