RE: Fired Lekoil boss tells board he plans to stick around7 Jun 2021 10:51
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?!
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