General News
Lekoil Expresses Commitment to the Interest of its Shareholders

Lekoil Limited (“LEKOIL”) has requested its shareholders to disregard the recent statement issued by Lekoil Nigeria and contact it if they have any queries about its operations.

In a statement titled ‘Litigation Summary and Response to Lekoil Nigeria announcement’ released, LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, described Lekoil Nigeria’s suits against it in Nigeria, the United Kingdom, New Jersey, and the Cayman Islands as obstructionist.
LEKOIL reiterated that it would not be intimidated by the actions of Lekoil Nigeria and its Chief Executive Officer, Mr Lekan Akinyanmi, adding that their action has the “strategic objective of blocking the Company’s legitimate activities and thereby reducing shareholder value.”
Anthony Hawkins, the Company’s Interim Executive Chairman, explained: “The litigations brought by Mr. Akinyanmi (funded by Lekoil Nigeria), along with Mr. Akinyanmi’s refusal to repay his CEO loan, make clear that Mr. Akinyanmi, supported by Lekoil Nigeria, is determined to try to frustrate the proper operations of the Company as approved by the majority of its shareholders.
“These legal claims have been instigated and pursued despite the fact that Lekoil Nigeria’s offer to purchase shares in the Company was not accepted by the vast majority of the Company’s shareholders; the Savannah Energy Transaction was supported by the Company’s major institutional shareholders, representing approximately 42% of the Company’s then current issued share capital; the entry into the Option Agreement with Savannah Energy was supported by 82% of shareholders at the Extraordinary General Meeting held on April 7 2022 (the Option Agreement being an integral part of the Savannah Transaction); and the issuance of additional shares in the Company was supported by 70% of shareholders at the Extraordinary General Meeting held on April 7 2022.”
Hawkins added that the Company has taken professional advice in the Cayman Islands and Nigeria and will continue to act in the best interests of all shareholders and not be intimidated by the actions of Mr. Akinyanmi and Lekoil Nigeria.
Akinyanmi, a former investment banker based in the United States, founded Lekoil and incorporated it in December 2010 with a holding structure. Lekoil Nigeria emerged as its principal subsidiary before others.
LEKOIL stated that the Company is a party to the following legal proceedings:
- A claim by Mr Akinyanmi, in the Superior Court of New Jersey, alleging breach of contract in the termination of his employment contract, as further set out in the RNS by the Company dated 24 September 2021.
The Company is challenging the jurisdiction of the New Jersey court to hear the claim. Following this judgment, the Company will pursue the recovery of the CEO loan in the appropriate jurisdiction.
- A claim by Mr Akinyanmi, in the Grand Court of the Cayman Islands, seeking a declaration (amongst others) that the “Share Allotment Resolutions” passed at the Company’s AGM on 21 December 2021 were ultra vires and void. This would have the effect of challenging the issuance of shares in the Company pursuant to various convertible facility agreements and the contractor shares scheme.
Ancillary to this claim was an ex-parte injunction that, as announced on 11 March 2022, was discharged by the Grand Court. The Company notes that, following the discharge of the ex-parte injunction, Mr. Akinyanmi has not taken any further active steps in these proceedings but has instead presented a winding up petition, as described immediately below.
The Company also notes that, as part of the proceedings, it was made aware that the Board of Lekoil Nigeria had resolved to “continue to provide financial support to the CEO [Mr. Akinyanmi], and to pay the legal fees incurred in his ongoing legal proceedings in jurisdictions including Cayman Islands, United Kingdom, and United States.”
- A contributory’s petition against the Company filed by Mr. Akinyanmi in the Grand Court of the Cayman Islands seeking the winding up of the Company on “just and equitable” grounds, as notified by the Company on 7 April 2022.
In essence, Mr. Akinyanmi is seeking to have official liquidators appointed to wind up the Company or, alternatively, the entitlement to purchase the shares of all other registered shareholders of the Company at a value to be determined by the Grand Court.
- An ex-parte injunction granted by the Nigerian Federal High Court on 4 April 2022 upon the application of Lekoil Nigeria and certain of its subsidiaries (the “Plaintiff’s) against the Company and Savannah Energy Investments Limited (“Savannah”), seeking to restrain: (i) the transfer of interests in the Plaintiffs; (ii) altering the beneficial and/or equity rights of the Company in the Plaintiffs; and (iii) altering (or taking steps to alter) the Company’s ownership, equity, share capital structure, rights or interest in the assets of the Plaintiffs (the “Nigerian Injunction”). The Nigerian Injunction has subsequently been supplemented by an application for a mandatory injunction in respect of the resolutions passed at the Extraordinary General Meeting of the Company held on 7 April 2022.
General News
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
General News
NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.
According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.
The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.
Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.
Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.
In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.
General News
T2 Backs Youth Excellence as NCBC Wins Bosun Tijani Foundation Basketball Tournament

T2 has reaffirmed its commitment to youth development and excellence through sport as the NCBC basketball team, adopted by the brand, emerged champions of the Bosun Tijani Foundation Youth Basketball Tournament held at the Alake Sports Complex, Ijeja, Abeokuta.

The tournament, organised by the Bosun Tijani Foundation in collaboration with the Ogun State Government and supported by several partners including T2, brought together 12 competitive teams from across Nigeria, positioning basketball as a powerful platform for youth engagement, discipline, and opportunity.
NCBC’s championship run reflected the values T2 seeks to champion, work ethic, intelligence, teamwork, and resilience. The team recorded commanding victories over Team Vision, Warlords, and Elevate before defeating the Ilupjeu Raiders 66–52 in a gripping final.
Commenting on the adoption of the team, Seni Ogunkola, Vice President, Brands and Communication, T2 stated “NCBC embodies the qualities we believe in, exceptional work rate, intelligence on the ball, discipline, and a hunger to excel. By supporting them, T2 is investing in potential, purpose, and the next generation of leaders on and off the court.”
The climax of the event saw His Royal Highness, Oba Adedotun Gbadebo, the Alake of Egbaland, alongside Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani, present the trophy to the victorious team, drawing rapturous applause from spectators. The event was also attended by the Chief of Staff to Ogun State Governor Dapo Abiodun, Mr. Lere Olayinka, and the Ogun State Commissioner for Sports, Honourable Wasiu Isiaka, underscoring strong institutional support for youth-focused initiatives.
Through its participation in the tournament, T2 continues to position itself as a brand that goes beyond sponsorship, championing platforms that unlock talent, inspire ambition, and create lasting social impact for Nigerian youth.
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