Justice Akintayo Aluko of a Federal High Court, Ikoyi, Lagos, has restrained Duport Midstream Company Ltd, from taking any step towards removing the directors of the Platform Capital Investment Partners.
The court in an Enrolment Order dated January 3, 2024, made an Order of Interlocutory Injunction restraining the 1st Defendant (Duport Midstream Company Ltd) either by itself or through its agents, servants, privies, representatives or any person or whosoever is acting on its behalf from taking any steps towards removing the directors of the 1st Defendant nominated to its board of directors by the 2nd Defendant pending the hearing and determination of a suit filed by Dr Ponmile Osibo.
Justice Akintayo made the Order upon hearing a Motion Exparte dated December 3, 2023, moved by the counsel to the Applicant, Olayinka Olajuwon who moved in terms praying the court to grant the reliefs sought as endorsed on the motion paper.
The court also heard submissions of Adegoke Oshobi, (SAN) for the 1st Defendant/ Respondent, and Chief BOLAJI Ayorinde (SAN) for the 2nd Defendant respectively.
Consequently, upon reading the affidavit in support of the motion paper sworn to by Dr Ponmile Osibo, and moved by his lawyer, the court granted the following reliefs: “An Order of Interlocutory Injunction restraining the 1st Defendant/Respondent either by itself or through its agents, servants, privies, representatives or any person or whosoever is acting on its behalf from taking any steps towards removing the directors of the 1st Defendant/ Respondent nominated to its board of directors by the 2nd Defendant/ Respondent pending the hearing and determination of this suit.
“An order of Interlocutory Injunction restraining the 1st Defendant/ Respondent from entertaining any request other than that of the members or directors of the 2nd Defendant/Respondent to remove or commence any process for the removal of the 2nd Defendant/Respondent’s nominated directors on the board of directors of the 1st Defendant/ Respondent pending the hearing and determination of this suit,” the judge had declared.
However, the court directed the Plaintiff to file an undertaking to indemnify the Defendants.
The case has been adjourned to January 29, 2024 for mention.
Duport Midstream Company Limited had at its extraordinary general meeting announced the removal of its founder, Dr Akintoye Akindele and two others as directors in the company.
Also removed alongside Akindele are Mr Oluwatoyin Ogundipe, and Mr Cherif Abdallah, who all currently represent Platform as directors in the company.
The company also announced the appointments of new directors in their place, namely, Ms Seyi Wiloughby, Ms Adetola Adegbayi, and Mr Ayo Fakolade.
A statement issued by the company and signed by Mrs Oghogho Makinde, reads: “By instrument dated 25 August 2023, I, Mrs Oghogho Makinde was appointed the receiver/manager of Platform Capital Investment Partner Limited (“Platform”), a shareholder in Duport Midstream Company Limited (“the Company”),
“Pursuant to clause 810 of the Shareholders’ Agreement, which gives a shareholder who nominates a director the right to remove such director and to nominate for appointment another director in his place, | write to request the removal of Dr Akintoye Akindele, Mr Oluwatoyin Ogundipe, and Mr Cherif Abdallah, who all currently represent Platform as directors in the company, and for the appointment of new directors in their place.
“In accordance with sections 261 and 288 of the Companies and Allied Matters Act 2020 (“CAMA”), I hereby give you special notice of my intention to move, at the next general meeting of the company, the following ordinary resolutions being resolutions for the removal of directors of the company and nomination for appointment of new directors of Duport Midstream Company Limited.
“Draft Resolution resolved that {a) Dr Akintoye Akindele, Mr Oluwatoyin Ogundipe, and Mr Cherif Abdallah, be removed and are hereby removed as directors of Duport Midstream Company Limited as nominees of Platform on the board of the Company.
“Resolved that {a) Ms Seyi Wiloughby, Ms Adetola Adegbayi and Mr Ayo Fakolade be nominated for appointment as new directors in place of the removed directors as nominees of Platform on the board of the company.”
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