Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
GOING UP!
Really?
Good luck
Please beware...!
This Company 'Owns' NOTHING!
This is Lekoil Cayman.
It was set up as an investment vehicle for Lekoil Nigeria - a totally separate company.
Lekoil Nigeria owns all the assets
Metallon have sold out for a reason......
What a mess - and what now for the many shareholders of Lekoil Cayman?
What Akinyanmi and Lekoil Nigeria are basically saying is - Do what you want, Lekoil Cayman is merely the investment and funding vehicle for Lekoil Nigeria.
As a 40% shareholder in Lekoil Nigeria, Lekoil Cayman has no power or authority, and no claim to the ownership or management of the assets.
During his stewardship, Akinyanmi has bought the assets of Afren, without undertaking the correct regulatory agreements, then tried taking the Nigerian Govt to court when they rightly disputed the purchase.
As well as his extremely inflated salary and share options, he has miked the Company for a $1.5m loan, with no intent or attempt at any repayment.
He has then spaffed $400k on fees for a scam loan - too focused on rolling his own loan into the agreement to see the true fraud?
We have subsequently defaulted on our loan to Shell - which brings into question some of the other licenses....
How can this guy been seen as anything like fit to be involved?
What now for shareholder in Lekoil?
On the whole this looked so good. Great licences, pumping oil and great potential for a vast increase in the amount produced
It would now appear we too have been scammed, as we have no right or claim to any of the licences, which are held through Lekoil Nigeria, a seperate entity, to which we only have a 40% share!
What a mess, and another African fraud!
The issue with the Metallon could have been so easily prevented by simply getting on, and developing the assets. The shareprice would have reflected the develpoment, and there would have been no way Metallon could afford to take the position they have.
But no, Akinyanmi was too focused on milking his proverbial fatted calf and living his champagne lifestyle.
If he could not be bothered to develop the assets with the full backing of all shareholders and boards - how can he do it now, with the management and structure of the Companies in such a mess?
Who would now invest or fund development of the complete farce?!
https://orientalnewsng.com/metallon-renews-attempt-to-take-over-lekoil-nigeria-assets/
Nigeria Board Expresses Confidence In CEO Yemisi Izuora
Metallon Corporation Limited, of South African has renewed attempt to take over the assets of Lekoil Nigeria Limited.
News sources point to an announcement by Lekoil Cayman where some Board changes were made, including the removal of Mr. Lekan Akinyanmi as CEO.
This development is a continuation of a witch hunt which has as its ultimate goal, the takeover of oil and gas assets under the control and preview of Lekoil Nigeria Limited.
The assets in question belong solely to Lekoil Nigeria while Lekoil Cayman is just a simple investor relations vehicle.
Sources close to Lekoil Nigeria Limited Board confirm that the Aisha Oyebode led board has reiterated confidence in the leadership of Mr. Akinyanmi who remains on the board of Lekoil Nigeria as Chief Executive Officer (CEO).
In 2020, Metallon Corporation Limited, a south African company, mopped up 15 per cent of Lekoil Cayman shares in a bid to stealthily gain control of the Nigerian based assets of Lekoil Nigeria Limited. However, the Nigerian Code of Corporate Governance forbids a person (or group of persons) who is not a serving director of a company from exercising any influence or dominance over the Board and/or management of a Nigerian company.
Lekoil Nigeria Limited is an affiliate of Lekoil Cayman and therefore has an independent, separate board. The respective Boards of Lekoil Nigeria Limited and its subsidiaries are fully vested with powers to administer their affairs.
Lekoil Nigeria Limited had stated repeatedly that the Board is fully aware of her obligations to shareholders, noting that none of the obligations allow the company to relinquish its management, control or administration to Lekoil Cayman or any other party.
In spite of the changes at Lekoil Cayman, our sources confirm that the leadership of Lekoil Nigeria remains focused and resolute about defending Nigeria’s national assets.
Agreed - The upside potential is huge, if we could only get somene at the helm that has the best interests of Lekoil at heart.
Not sure I agree with the reverence of San Leon - with Oisin Fanning at the helm, out of the frying pan and into the fire?
What is it with AIM listed oil companies? ~The vast majority seem to be run be narcissistic crooks!
Certainly created more activity than we have seen for the past year!
Akinyanmi going can only be a positive!
Lets get a new CEO, finance sorted and start drilling these amazing assets
David Sefton - God forbid!
So Akinyanmi is out! Good Riddance. What a fool. He had an absolute gilt edged opportunity to make a small fortune here! But no, he was more interested in emptying the cookie jar, and lining his pockets with quick grabs. What a fool.
The issue now lies with the group structure, as Lekoil is major shareholder of Lekoil Nigeria - where the assets are held.
This could get messy, as Akinyanmi is well connected in Nigeria, and will not go lightly.
He will now be on a mission to poison the the chalice....
The buying certainly continues....
Would suggest something is happening finally, and those in the know are taking positions!
Just need Akinyanmi to earn his coin, instead of throwing his toys out of the pram!
A lot of decent size buys clicking through this morning...
Bargain hunters or people in the know...???
RNS Options awards......
"...were issued on 30 October 2020 ..."!!!!!
So the options were awarded in October - and it takes until mid May to notify the markets.
Another example of the complete and utter contempt this company shows for shareholders!
It would appear that Metalon have their own internal issues to resolve before progressing any developoments at LEK.
It would also appear that they are being blocked by the fact that they have bought in to Lekoil, but have no rights or influence over Lekoil Nigeria.
Bit of a stalemate - and with the total cretin Akinyanmi we have as CEO, who's only interest is in feathering his own nest through loans and infglated salary - I cant see this going anywhere anytime soon.
We nned some fresh blood on the BoD, with the Companies best interests at heart.
If they got their fingers out- and developed some assets, there is no way the shareprice would be in the gutter, and that would prevent any further takeover thoughts!
https://leadership.ng/mass-board-resignation-hits-lekoil/
Mr. Michael Ajukwu and Mark Simmonds have stepped down as non-executive directors of Lekoil Ltd, an oil and gas exploration and production in Nigeria.
Both resigned on Wednesday in what Industry observers see as major internal crises.
Ajukwu was made chair only in January, and following his exit, Anthony Hawkins will step up to interim chair until a permanent replacement is found, report by MorningStar indicates.
In resigning, Lekoil said, Ajukwu noted that, “a fundamental misalignment of objectives amongst the shareholders of Lekoil Nigeria” and said he believes new directors are required to address the issue.
Lekoil appointed two new non-executive directors. Marco D’Attanasio is chief investment officer at London-based investment management firm Hadron Capital and is on the board of London-listed cryptocurrency miner Argo Blockchain PLC. Al Tindall is senior counsel at Hardwick Law Firm LLC in the US.
Apparent crises hitting South African mining company, Metallon Corporation has derailed its attempt to takeover Lekoil Limited
At the moment, two out of its three board appointees have resigned in quick succession.
Mr. Michael Ajukwu who was appointed chairman of the AIM listed Lekoil Limited in January 2021 by Metallon Corporation, as well as George Maxwell have both thrown in the towel.
Following a decline in the price of Lekoil Limited shares in 2020, Metallon which has unsuccessfully conducted mining business in Zimbabwe and South Africa mopped up 15 per cent of the company’s shares, thereby, becoming the majority stakeholder in a veiled bid to assume control of Lekoil Nigeria Limited (an affiliate company), its subsidiaries and assets.
However, the impracticability of Lekoil Limited or its board affirming or taking control of Lekoil Nigeria or its subsidiaries has become more obvious.
According to its shareholders agreement, Lekoil Limited is a minority shareholder in Lekoil Nigeria and thus Lekoil Limited cannot generally compel Lekoil Nigeria to follow a particular course of action.
Based on the relevant Nigerian laws and extant agreements between Lekoil Nigeria and its respective shareholders, Lekoil Nigeria and its subsidiaries remain directly responsible (to the exclusion of any third parties) for their governance.