Lekoil Limited Announces Litigation Update

Source: www.gulfoilandgas.com 6/14/2022, Location: Africa

LEKOIL, the Cayman Islands litigation asset company with an investment in oil & gas assets in Nigeria, is pleased to provide the following update in respect of the litigation commenced by Mr. Akinyanmi in New Jersey.

As originally announced on 24 September 2021 (and most recently on 5 May 2022), Mr Akinyanmi commenced an action in the Superior Court of New Jersey, alleging (amongst other things) breach of contract in the termination of his employment contract in an attempt to set off such sums against the amounts owing under the CEO Loan.

The Company challenged the jurisdiction of the New Jersey court to hear the claim and the Company has been successful in its application. The case is now stayed until further notice pending arbitration. Following this decision, the Company will continue to pursue the recovery of the CEO loan in the appropriate jurisdictions.

Commenting on the New Jersey judgment, the Company commented:
" We are pleased to have won the New Jersey judgment and note that it calls into question the wisdom of Lekoil Nigeria funding the expensive personal litigation costs of Mr. Akinyanmi. We would urge Mr. Akinyanmi to immediately pay the amounts outstanding under the CEO Loan rather than require the Company to pursue yet more litigation."

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