Innocent Anaba
28 November 2008
A federal High Court sitting in Lagos, yesterday refused the oral application by Chevron Oil and Gas Ltd, to discharge the interim order the court made, restraining seven banks from financing the purchase of the 60 per cent equity stake of Texaco Nigeria Plc owned by Chevron Oil and Gas Limited.
Justice Lambo Akanbi, the presiding judge in the matter, said since it had been confirmed that 17th to 22nd respondents in the suit had been served with the motion on notice for interlocutory injunction, there is no need to discharge the order.
The judge further said that so long as the order was still within the mandatory period required by the rule of the court, what the petitioner need to do is to serve the 23rd respondent, who had complained that it had not been served. Meanwhile, further hearing in the matter was adjourned till December 4, 2008.
The court, it would be recalled had restrained Union Bank of Nigeria Plc, Zenith Bank, Oceanic Bank Plc, Platinum Habib Bank Plc, First City Monument Bank Plc, Fidelity Bank Plc and Eco Bank Plc from getting involved in the process, following an ex-parte application by Zenon Petrolem and Gas Limited
At the resumed hearing of the matter yesterday, counsel to Zenon, Mr. Kehinde Aina told the court that since there were two motions before the court, one seeking to discharge the order and the other to hear the motion for interim injunction, the proper thing to do was for the court to take both motions simultaneously.
He prayed the court not discharge the order, but to give a date to allow the applications to heard. He added hat since the 17th-22nd Respondents (the banks) have been served and proof of service confirmed, the court should allow the interim order to stay, assuring that parties that have not been served, will be served accordingly.
But counsels to Chevron and the 17th to 23rd (the banks), rejected the application, contending that they ought to have served them with motion on notice for interlocutory injunction, alongside the order of the court. They added that since the matter was fixed for yesterday when the order was granted, the plaintiff ought to have ensured that parties were served.
Citing to Order 54 of the court, they prayed the court to vacate the order, arguing that the what the petitioner did was tantamount to abusing the interim order, by deliberately refusing the to served notice on them.
It would be recalled, had on July 31, 2008, granted an interim injunction restraining Chevron Oil and Gas Limited from divesting 60% of its stake from Texaco. The court also restrained the respondent and any of its agents from bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the 2nd Respondents in the 1st Respondent pending the hearing and determination of the Motion on Notice in the suit.
Other respondents in the case are Chevron Oil Nigeria Plc, Chevron Africa Holdings Limited, Chevron Global Energy Incorporation, Securities and Exchange Commission, Nigerian Stock Exchange and Corporate Affairs Commission. Others include BNP Paribas, African Petroleum Plc, Habitat Oil and Gas, Oando Plc, and Acorn Oil and Gas Limited, MRS Holdings Limited and Petroci Holdings and Corlay Global S.A.
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