Breaking News
Translate

Zenon vs Chevron: Court adjourns case indefinitely

By  Innocent Anaba
A Federal High Court sitting in Lagos, yesterday, adjourned indefinitely, further hearing in the suit by Zenon
Petroleum and Gas Limited against Chevron Oil Nigeria Plc and others over the divestment of 60 per cent equity
stake in Chevron (formerly Texaco Nigeria Plc).

Trial judge in the matter, Justice Tijani Abubakar, in his ruling held that he was satisfied that an appeal had
been entered in respect of the matter at the Court of Appeal, and adjourned the suit pending the outcome of the
appeal.

Chevron, the first respondent, had appealed the decision of the court (Federal High Court) to entertain an
application for contempt proceedings against the defendants, instead of first hearing the application challenging
the jurisdiction of the court to hear the entire suit.

Ruling on the matter, the court said: “I am satisfied that an appeal has been entered at the Court of Appeal,
hence, this court must wait pending the decision of the appellate court on the appeal. This suit is hereby
adjourned sine die (indefinitely).

Zenon Petroleum (the petitioner) had dragged the defendants to court over the divestment of 60 per cent equity
stake in Chevron Oil Nigeria Plc (formerly Texaco Nigeria Plc).

Defendants in the suit are Chevron Oil Nigeria Plc, Chevron Nigeria Holdings Ltd, Chevron Africa Holdings Ltd,
Chevron Global Energy Incorporation, Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE),
Corporate Affairs Commission (CAC), BNP Paribas, African Petroleum Plc, Habitat Oil and Gas Ltd, Oando Plc, Acorn
Oil and Gas Ltd, MRS Holdings Ltd, Petroci Holdings and Corlay Global S.A.

The petitioner had meanwhile filed contempt proceedings, against  Chevron Oil Nigeria Plc,  Chevron Nigeria
Holdings Ltd, Chevron Africa Holdings Limited, Chevron Global Energy Incorporation, MRS Holdings ltd, Petroci
Holdings and Corlay Global S.A of flouting a subsisting order of the court.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.