TheCable

A federal high court sitting in Lagos has lifted an ex parte order obtained by Duport Energy Limited in a suit it filed against Duport Midstream Company Limited and others.

In a statement on Wednesday by Duport Midstream Company, Nicholas Oweibo, the presiding judge, ruled that Duport Energy Limited misrepresented material facts in the case between Duport Energy Limited versus Duport Midstream Company Limited and others while ruling on an application by Bolaji Ayorinde, a senior advocate of Nigeria (SAN) and counsel to Duport Midstream.

“Duport Energy Limited, which is an 18 per cent shareholder, cohorted with others allegedly eyeing the company to take control of Duport Midstream Company Limited through its minority shareholding,” the statement read.

“To achieve the takeover of management control, the minority directors were said to disrupt by subjecting all decisions regarding the company’s day-to-day running to board deliberations.

“Consequently, Platform Capital Investment Partners Limited, the majority shareholder of Duport Midstream Company Limited with 74 per cent shareholding, sought to remove the disruptive directors from the board.

“To prevent the removal of its allegedly disruptive nominated directors, Duport Energy Limited filed the suit mentioned above despite its awareness and those of its directors about the existence of an initial case at the instance of Duport Midstream Company Limited on the same subject matter.

“In the initial case, suit no FHC/L/CS/729/2023 between Duport Midstream Company Limited v. Duport Energy Limited & 4 Ors., Duport Midstream Company Limited, Duport Midstream Company Limited complained that through their actions, Duport Energy Limited, Mr. Oluwatosin Odusanya, Dr. Oladipo Adeniyi, Mrs. Mobolaji Kuku and Dr. Zulikat Wuraola Abiola are aiming to wrestle control of the company from the constituted management through minority shareholding.

“Other related cases include suit no. FHC/L/SC/1235/2023 between Platform Capital Investment Partners Limited and Anor. v. Regents Forte Limited and Anor. and Suit No. LD/ADR/5012/2023 between Dr. Akintoye Akindele v. Mr. Oluwatosin Odusanya.”

Duport Midstream Company Limited operates an energy park in Egbokor, Edo state, with a capacity of 2500 barrels and the potential for expansion to 10,000 barrels per day.

The Duport Midstream Company Limited Energy Park contains a 5 megawatts plant capacity, a 60 million SCF gas processing plant, a 10 million SCF compressed natural gas plant, a 30,000 MT refined product terminal, and a tier IV data centre.

“By a product sale agreement, Duport Midstream Company Limited contracted with Summit Oil International Limited to supply crude oil for its operations,” the company said.

“However, the aforesaid Summit Oil International Limited has failed, neglected and refused to perform.

“Consequently, the management of Duport Midstream Company Limited, under the leadership of Akintoye Akindele sought an alternative source of crude supply, and the Duport Midstream Company Limited Energy Park is functional.”

The Duport Midstream Company Limited Energy Park is currently operational, licensed by all regulatory authorities to conduct refining crude and supplying oil products to downstream companies.

Godwin Obaseki, Edo governor, was said to have inspected the Energy Park last year where he expressed satisfaction with the facility’s state.