Lekoil Nigeria Limited has filed a petition in the Grand Court of Cayman Island Court to request a its “Just and Equitable” winding up to avert value loss by shareholders of the AIM-Listed company.
Lekoil Founder/ Chief Executive Officer (CEO) of Lekoil Nigeria Limited, Mr. Olalekan Akinyanmi filed the petition. The Chairman of Lekoil Nigeria Limited, Mrs. Aisha Muhammed-Oyebode disclosed the new turn of event in a letter she wrote to shareholders of Lekoil Cayman where she addressed the concerns of the shareholders regarding the petition.
She affirmed that recent events have proved her predictions correct as the board of directors of the Company had entered into agreements with Savannah Energy Investments Limited, a wholly owned subsidiary of Savannah PLC, in an attempt to hand over control of the entire assets of the Company to Savannah for £855,000 funding under a convertible funding agreement and $1m funding under an option agreement.
Lekoil Nigeria has only ever sought to protect the interest of shareholders and create long term value for shareholders.
The CEO is ensuring that shareholders do not lose their investments.