Prof. Anthony Adegbulugbe, a former special adviser on energy in the Obasanjo administration, has dragged two directors of Green Energy International Ltd before a Federal High Court in Abuja over the ownership of the oil company.
Adegbulugbe, in a suit with number FHC/ABJ/CS/390/2020, is praying the court for a declaration that the two directors, Bunu Alibe and Ayodele Olojede, cannot impose their will on the grounds that they are minority shareholders with only 22.6 per cent holding in the company.
The suit has been fixed for hearing by Justice Ijeoma Ojukwu for March 2.
In the suit filed on behalf of Adegbulugbe by his lawyer Benbella Anachebe, the complainant also wants the court to restrain the two directors from doing anything inimical to the interest of the firm but use internal mechanism in resolving any dispute.
But in their counter affidavits, the two directors claimed that Adegbulugbe usurped the function of the managing director of the firm and had been taking unilateral decisions that were against the objectives of the company.
The two defendants averred that the former presidential aide had engaged in alleged infractions by involving multinational companies in the operations of the company without their input.
Amongst others, they contended that Adegbulugbe brought third parties under the guise of increasing production of the Otakikpo marginal oil field from 5,600 bpd to 30,000 bpd.
The defendants asserted that they are owners of 25 per cent shares.
The defendants stated that Adegbulugbe’s usurpation of the position of the chairman of the board and combining same with the position of the chief executive officer of the plaintiff was contrary to the provisions of Part A, Section 2(2.7) of the Nigerian Code of Corporate Governance 2018.
Hearing in the suit could not go on as scheduled on Wednesday due to the absence of the trial judge, prompting the matter to be fixed for March 2.
