A Federal High Court, Abuja has commenced hearing of a suit filed by Global Gas and Refining Limited seeking an order restraining Shell Petroleum Development Company of Nigeria Limited (SPDC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
from selling its onshore assets to Renaissance, a Consortium made up of ND Western Aradel Energy, First E and P, Watersmith, and Petrolin.
In a suit marked, FHC/ABJ/CS/413/2024, the company, through its counsel, Mr. Patrick Ikwueto, SAN seeks the restraining order of the court pending the hearing and the determination of the Appeal and Cross Appeal filed by the parties before the Supreme Court.
The suit followed a protracted dispute over a Gas Processing Agreement (GPA) between the parties and the subsequent arbitration award that has become a subject of appeals.
In its suit, Global Gas is urging the Federal High Court to issue interim orders preventing SPDC from divesting its assets and halting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from approving the sale.
The company argued that allowing the transaction to proceed would jeopardize its ability to enforce any favorable judgment or arbitration award, as the assets in question are integral to the dispute.
Global Gas contends that the divestment would undermine the ongoing proceedings and render any eventual arbitration or judicial relief ineffectual.
When the matter came up on Wednesday, Counsel to the plaintiff, Global Gas, and Refining Limited, Mr Patrick Ikwueto, SAN told the trial Judge, Justice Inyang Ekwo that the matter was earlier slated for report on out-of-court settlement.
He however told the court that the attempt to settle the matter out of Court had failed and prayed the court for a date to commence trial.
Ikwueto also moved an application to join the Minister of Petroleum, who is President Bola Tinubu as a defendant in the suit.
In an affidavit in support of the application for joinder, the plaintiff argued that, by the provisions of the Petroleum Industry Act, 2021, the Petroleum Minister is in the administrative and supervisory capacity for divestment of any asset in the Petroleum Industry.
That, the relief sought by the plaintiff may occasion a restriction on the power of the Minister to give consent for divestment of assets of the SPDC, adding that, except the Minister of Petroleum in added in the suit, they cannot be bound by the order of the court.
The affidavit said the joinder of the Petroleum Minister will avoid the risk of multiple litigation in which the same restraining order/grant of interim measure of protection is sought.
Earlier, Counsel to Webster Global Ventures Limited, Tony Odidia moved an application for his client to be joined as co-claimant in the matter.
After listening to the submissions of parties, Justice Ekwo adjourned till February 19, 2025, for hearing the applications for joinder and trial.
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