Akin Kuponiyi
Justice Nicholas Oweibo of the Federal High Court, sitting in Lagos, south west Nigeria has set aside an order obtained by a liability company, Duport Energy Limited over the control of a leading energy developing company Duport Midstream Company Limited
The presiding Judge Nicholas Oweibo court set aside the order while ruling on an application filed and argued by Duport Midstream’s, counsel to Chief Bolaji Ayorinde SAN.
Justice Oweibo declared that Duport Energy obtained the order by misrepresentation of material facts in the case. Duport Energy Limited had in the suit sued Duport Midstream Company Limited & others.
Duport Energy Limited, an18 per cent shareholder in concert with others, was alleged to be aiming at taking over the control of Duport Midstream Company Limited through its minority shareholding.
It was further alleged that in a bid to achieve the aforesaid takeover of the management control of the company the aforesaid minority directors were 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 alleged disruptive nominated directors,
Duport Energy Limited then filed a suit before the court despite its awareness of its directors about the existence of an initial suit at the instance of Duport Midstream Company Limited on the same subject matter.
In the initial case, suit between Duport Midstream Company Limited and Duport Energy Limited and 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 the control of the company from the constituted management through minority shareholders
There are other related cases pending before the court between different parties regarding the same subject matter.
Duport Midstream Company Limited operates an Energy Park in Egbokor, Edo State with the capacity of 2500 barrels per day with 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, 10 Million SCF Compressed Natural Gas Plant, 30,000 MT Refined Product Terminal and a Tier IV Data Centre.
By a Product Sale Agreement, Duport Midstream Company Limited contracted Summit Oil International Limited for supply of crude oil for its operations.
However, the aforesaid Summit Oil International Limited has failed, neglected and refused to perform.thereafter, 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 on the state of the facility.
The orchestrated arrest of Dr. Akintoye Akindele is part of the extra judicial measures being used by those seeking to wrestle control of his business from him, however his legal team are trying all legal means to seeking redress,in order to repose public confidence in the company.