Court grants firm’s injunction over Afren Plc
A Lagos High Court has granted Earl-Act Global Associated Company Limited, an interlocutory injunction restraining Afren Plc, including the company’s Administrators (Messrs Alix Partners) and the Blackstone Group from dealing with Afren assets.
The trial judge, O.A. Adamson also restrained them from taking any steps or further steps to register or seek the consent of any government authority in respect of any disposition, transfer or dissipation of the said assets pending the hearing and determination of the substantive suit.
In the same vein, a Federal High Court on the other hand placed an interim order of injunction against the directors of First Hydro Carbon Nigeria Company Limited (FHN) and the subsidiaries of FHN (that is, FHN 113 Limited and FHN 26 Limited), from approving any sale of shares in those companies or from any person selling or transferring any shares in those companies pending the hearing and determination of the motion on notice for interlocutory injunction.
In July this year, Afren Plc, an English public company operating in the Nigerian Oil and Gas sector, announced the suspension of its shares on the London Stock Exchange, due to what its management described as “material uncertainty” over its financial position. The London-based oil firm, with its entire production revenue emanating from Nigeria, further refused to disclose its financial information to the public, on grounds of “significant uncertainty”.