A Federal High Court in Ikoyi, Lagos, presided over by Justice Nicholas Oweibo, has set aside an ex parte order obtained by Duport Energy Limited in a suit it initiated over the control of a leading energy company, Duport Midstream Company Limited & others.
The judge arrived at the decision while handing down his ruling on an application filed by the lawyer to Duport Midstream, Chief Bolaji Ayorinde (SAN).
Justice Oweibo held that Duport Energy obtained the order by misrepresentation of material facts in the case. Duport Energy Limited had in its legal offensive dragged Duport Midstream Company Limited & others before the judge.
Duport Energy Limited, an 18 per cent shareholder, in concert with others, is allegedly aiming to take over the control of Duport Midstream Company Limited through its minority shareholding.
It was alleged that in a bid to achieve the aforesaid takeover of management control, the aforesaid minority directors are disruptive by subjecting all decisions regarding the day-to-day running of the company to Board deliberations.
Consequently, Platform Capital Investment Partners Limited, the majority shareholder of Duport Midstream Company Limited with 74 per cent shareholding, sought to remove the disruptive Directors from the Board.
However, Duport Energy Limited sought to prevent the removal of its allegedly disruptive nominated Directors.
Duport Energy Limited filed the aforesaid suit despite its awareness and those of its Directors about the existence of an initial suit at the instance of Duport Midstream Company Limited on the same subject.
In the initial case designated FHC/L/CS/729/2023 between Duport Midstream Company Limited v. Duport Energy Limited & 4 Ors., Duport Midstream Company Limited, complained that through their actions, Duport Energy Limited, Mr Oluwatosin Odusanya, Dr Oladipo Adeniyi, Mrs Mobolaji Kuku and Dr Zulikat Wuraola Abiola are aiming to wrestle control of the company from the constituted management through minority shareholding.
Other related cases include suit No. FHC/L/SC/1235/2023 between Platform Capital Investment Partners Limited and Anor. v. Regents Forte Limited and Anor. and suit No. LD/ADR/5012/2023 between Dr Akintoye Akindele v. Mr Oluwatosin Odusanya.
Duport Midstream Company Limited operates an Energy Park in Egbokor, Edo State, with a capacity of 2500 barrels with the potential for expansion to 10,000 barrels per day.
The Duport Midstream Company Limited Energy Park contains a 5 Megawatts Plant Capacity, a 60 Million SCF Gas Processing Plant, a 10 Million SCF Compressed Natural Gas Plant, a 30,000 MT Refined Product Terminal and a Tier IV Data Centre.
By a Product Sale Agreement, Duport Midstream Company Limited contracted with Summit Oil International Limited for the supply of crude oil for its operations.
However, the aforesaid Summit Oil International Limited has failed, neglected and refused to perform.
Consequently, the management of Duport Midstream Company Limited under the leadership of Dr Akintoye Akindele sought an alternative source of crude supply, and the Duport Midstream Company Limited Energy Park is functional.
The Duport Midstream Company Limited Energy Park is currently operational, having been licensed by all regulatory authorities to carry out the business of refining crude and supplying oil products to downstream oil companies.
The Executive Governor of Edo State, Mr Godwin Obaseki, inspected the Energy Park last year and expressed his satisfaction with the state of the facility.
The orchestrated arrest of Dr Akintoye Akindele is part of the extrajudicial measures being used by those seeking to wrestle control of his business from him.
The public and investors in the various operations of Duport Midstream Company Limited are hereby advised to remain calm as everything is being done to ensure that the fortunes of the company remain unaffected.
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