Court stops AP AGM

A Federal High Court sitting in Lagos has ordered African Petroleum Plc not to go ahead with its proposed Annual General Meeting (AGM) scheduled for Friday 29th October at Transcorp Hilton Abuja.

The court presided by  Justice C.E Archibong had granted a restraining order in the suit  No: FHC/L/CS/1243/10 filed by the Plaintiff, Afribank Nigeria Plc, through its solicitors Achike Umunna and Associates.

The court restrained  the Defendants particularly African Petroleum Plc, their  nominated Secretaries, Acting Secretary, Auditors, Servants, Agents and Privies howsoever described from convening or summoning any Board of Directors Meeting, General Meeting howsoever described, Annual General Meeting or any other similar meeting pending the determination of the Motion on Notice for interlocutory injunction.

The Court  also barred the Defendants particularly, African Petroleum Plc, Zenith Bank Registrars, the Auditors, Akintola Williams Deloitte, or any other person whether shareholders or Directors of African Petroleum Plc summoned for the 29th day of October, 2010 as advertised in the Vanguard newspaper of 7th October, 2010 or to be summoned by any other means contrary to the pending suits, and also from approving any item as stated on the agenda for the said meeting pending the determination of the Motion on Notice for interlocutory injunction.

Afribank instituted the suit because all efforts to make the Defendants ( African Petroleumke Plc) to maintain the staus quo ante bellum that existed before the 27th day of September, 2010 pending the determination of the motion on notice for interlocutory injunction proved abortive.

The court ordered all stakeholders not to attend the AGM as scheduled to hold on 29th October 2010. The case was adjourned to 15th November 2010