A Federal High Court sitting in Abuja has dismissed a motion by two directors of an oil and gas company, Green Energy International Limited, that sought to discharge an ex parte order of the court granted in favour of the company, which ordered the directors of the company to attend a board meeting and Annual General Meeting to resolve their disagreement over a $300m dollar foreign direct investment loan meant for the expansion of company’s operations.
According to a statement from the company on Friday, the two directors, Messrs Ayodele Olojede and Dr Bunu Alibe, who are minority shareholders sought to truncate the loan financing agreement by seeking the stoppage of its facilitation. This was despite approval of the board and majority shareholders, who said they were not properly briefed.
The company, therefore, approached the court asking for an order of court to compel the two directors to explore the internal mechanisms to express their misgivings and resolve their differences with the majority shareholders, rather than externalising the dispute with a view to obstructing the operations of the company and vandalising its reputation.
In its ruling on the application for order discharging the ex parte order granted on November 4, 2020, argued by their counsel A. Agbabiaka SAN, the court said the application by the defendant applicant had become academic and spent, as the order had been implemented by the plaintiff by holding the said meeting as required without any breach of peace.
