The Federal High Court in Lagos, Nigeria, has once again deferred the hearing on Oando PLC’s Scheme of Arrangement as certain shareholders contest a previous court order. The court case, Suit No: FHC/L/CP/494/2021, involves Venus Construction Company Limited and 13 others as petitioners, versus Ocean and Oil Development Partners Limited and Oando PLC. Filed on March 25, 2021, the case continues to unfold with significant implications for Nigeria’s leading indigenous energy group.
The court announced on February 6th, 2024, that the hearing, initially scheduled for that date, has been postponed to April 17th, 2024. The adjournment aims to address pending applications from shareholders seeking to join the petition and contest the court’s order issued on June 7, 2022.
Central to the adjournment is the challenge to the Court’s order from June 7, 2022. This order directed Oando PLC to submit its Scheme of Arrangement document to the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX) within 30 days. Shareholders are contesting this directive, adding a layer of complexity to the legal proceedings.
As the Court prepares to reconvene in April, it will deliberate on the pending applications from shareholders. These applications seek to challenge the Court’s previous orders and assert the rights of certain stakeholders within Oando PLC. The outcome of these applications could significantly influence the trajectory of the ongoing legal battle.
The adjournment of the Federal High Court hearing on Oando PLC’s Scheme of Arrangement reflects the ongoing legal challenges faced by the energy group. With shareholders contesting previous court orders, the outcome of the upcoming hearing in April will shape the future direction of Oando PLC and its operations in Nigeria and beyond.
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