Justice Nicholas Oweibo of the Federal High Court, sitting in Lagos, has set aside an ex-parte order obtained by Duport Energy Limited in a suit it filed over the control of a leading energy developing company, Duport Midstream Company Limited & others while ruling on an application filed by Duport Midstream’s legal representative, Chief Bolaji Ayorinde (SAN).
Justice Oweibo held that Duport Energy obtained the order by misrepresentation of material facts in the case in the suit filed against Duport Midstream Company Limited & others.
Duport Energy as an 18 per cent shareholder had filed the case in collaboration with others allegedly to take over the control of Duport Midstream Company Limited through its minority shareholding.
It was alleged in line with the bid to take over management control, minority directors became 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.
As a result, Duport Energy Limited sought to prevent the removal of its allegedly disruptive nominated directors and filed a suit despite its awareness and those of its directors that there is an existing suit at the instance of Duport Midstream Company Limited on the same subject matter.
In the initial case, Suit No. FHC/L/CS/729/2023 between Duport Midstream Company Limited v. Duport Energy Limited & 4 Ors., Duport Midstream Company Limited, 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 the capacity of 2500 barrels with potential for expansion to 10,000 barrels per day and 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.
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.
Duport Midstream Company Limited has advised stakeholders and the public to remain calm as everything is being done to ensure that the fortunes of the company remain unaffected.
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