Lekoil Ltd - Cayman-incorporated oil and gas exploration and production company focused on Nigeria and West Africa - Lekoil Nigeria Ltd states that Superior Court of New Jersey says Lekoil owns money to former Chief Executive Officer & company founder Olalekan Akinyanmi. Lekoil Nigeria refers to document MER-L-001733-21 at the Superior Court of New Jersey.
"Lekoil Cayman owes Olalekan Akinyanmi monies according to his wrongful termination suit and unpaid compensation and not the other way around. Olalekan Akinyanmi does not owe any sums to Lekoil Cayman," says Akinyami's new company. "In light of this deliberate misrepresentation, we urge the board of Lekoil Cayman to endeavour to stick to the facts and truth in future releases and in compliance with all regulatory authorities to which they may be bound."
In June 2021, Lekoil fired Akinyanmi, alleging its former CEO of a corporate governance breach. In September 2021, firm said it has not received USD394,581 in loan payment from Akinyanmi. In January 2022, an English court said in a final order that Lekoil has to pay GBP85,500 to Akinyanmi. The courts had declined to accept jurisdiction over a lawsuit brought by Lekoil against Akinyanmi for the recovery of USD1.5 million relating to a director loan. Payment was due on February 8.
Current stock price: 1.05 pence
12-month change: down 4.5%
By Tom Budszus; tombudszus@alliancenews.com
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