Justice Tijani Abubakar of the Federal High Court in Lagos, on Wednesday, adjourned indefinitely, a suit by Zenon Petroleum and Gas Limited against Chevron Oil Nigeria Plc and others on the divestment of 60 per cent equity stake in Chevron Nigeria Holdings Limited (formerly Texaco Nigeria Plc).
Chevron Oil had appealed against the decision of the court of April 1, 2009 where it decided to prioritise applications.
Chevron Oil had through its lawyer, Mr. Oluyele Delano (SAN), claimed that it was satisfied with the decision of the court to first hear Zenon‘s application for contempt proceedings, claiming that the court ought to have entertained its application challenging the jurisdiction of the court on the matter.
In his ruling on Chevron‘s application for stay of proceedings, Justice Abubakar held that it would not be necessary for him to proceed with the case, since an appeal against his decision had truly been entered at the Court of Appeal in Lagos.
He said, ”I am satisfied that the appeal before the Court of Appeal has been entered. I do not think that the application dated June 22, 2009 for stay of proceedings before this court is necessary.
”I hereby stay proceedings in this suit until the appeal before the Court of Appeal is heard and determined. This suit is adjourned sine die (indefinitely).”
Zenon had gone to court to challenge the propriety of Chevron and other defendants to divest 60 per cent equity stake in Chevron Nigeria (formerly Texaco Nigeria Plc).
The plaintiffs also joined Chevron Nigeria, Chevron Africa Holdings Limited, Chevron Global Energy Incorporation, Securities and Exchange Commission, Nigeria Stock Exchange, Corporate Affairs Commission, BNP Paribas, African Petroleum Plc, Habitat Oil and Gas Limited, Oando Plc, Acorn Oil and Gas Limited, MRS Holdings Limited, Petroci Holdings and Corlay Global S.A. as co-defendants to the suit.
But Zenon had through its lawyer, Mr. Kehinde Aina, filed contempt proceedings dated April 11 against Chevron Oil, claiming that it had flouted a subsisting court order that retrained it from divesting the equity stake in Chevron Nigeria.
It added that the equity stake was purchased by MRS, saying that the said MRS had effected certain changes in the management of Chevron Nigeria.
(Source:Punch)
