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.
A new MasterCard report has predicted that Africa’s AI economy will more than triple in five years, reaching $16.5 billion by 2030 from $4.5 billion in 2025.
The whitepaper by the global payments technology company, with a presence in over 50 African countries, identifies responsible adoption, stronger data infrastructure, and aggressive skills development as the three pillars that will determine who benefits.
Mark Elliott, division president for Africa at MasterCard, emphasised that Africa stands at an inflection point, where smart technologies have the potential to make a real difference in people’s lives.
He likened AI’s potential to the continent’s leap into mobile money, which bypassed traditional banking infrastructure and brought millions into the financial system.
“Digital innovation, particularly AI, can drive real change on the ground by empowering communities and building a future where everyone participates in the new economy,” Elliott said.
The in-depth study flags several African frontrunners in AI adoption. South Africa tops the list, blending advanced infrastructure with strong research capabilities. It points out that Kenya is making strides with practical AI solutions, from credit scoring to healthcare services in local languages.
Nigeria’s vibrant start-up scene also gets a strong mention for attracting significant venture capital, while Morocco’s strong push in healthcare, agriculture, and energy, underpinned by bold national digital strategies, is another key driver.
Elliott stressed that success depends on powering electricity access, digitisation, and ensuring AI is fuelled by diverse, high-quality local data.
He added that inclusive transformation needs everyone involved, from small businesses to large corporations, policymakers, and communities. “The only good AI is responsible AI,” said Elliot.
Greg Ulrich, MasterCard’s chief AI and data officer, said Africa’s relationship with technology is one of active innovation, pointing to mobile payments as a homegrown success.
“AI is accelerating this transformation, reshaping how people live, work, and connect,” he said. Ulrich described MasterCard’s fraud detection systems, trained in cities like Lagos, Nairobi, and Johannesburg, as proof that global expertise and local talent can combine to deliver secure, real-time services.
He also cautioned that with scale comes responsibility. “Trust is earned, one transaction at a time,” Ulrich said.
He believes that with one of the world’s youngest populations, Africa’s next challenge is turning strategy into delivery, building infrastructure, nurturing talent, and ensuring AI lifts all communities.
The fellows of MTN Media Innovation Programme (MIP) Cohort 4 recently embarked on an immersive tour of Huawei’s Innovation Center, Cloud Service Centre, and Network Support Centre in Lagos, as part of their ongoing industry exposure sessions.
L-R: Isaac Ogugua-Ezechukwu, Programs Administrator, Professional Education, School of Media and Communications, Pan-Atlantic University; Blessings Mosugu, Vice President, MTN Media Innovation Programme Cohort 4; Gavin Geng Xiaoyan, Director of Solution Sales\Chief Technical Officer, Huawei; Vanessa Ukamaka Richard, Secretary, MTN MIP Cohort 4 and Dr Chike Mgbeadichie, Programs Director, Professional Education, School of Media and Communications, Pan-Atlantic University, during the July session of the MTN Media Innovation Program held at the Huawei office in Victoria Island, recently.
At the Huawei Innovation Center, the fellows were introduced to a wide array of next-generation technologies. Demonstrations covered Huawei’s smart city solutions, advanced power technologies, cloud systems, and upgraded router and antenna designs. These solutions represent the core of Huawei’s contributions as a strategic partner in MTN’s journey from a connectivity provider to a digital enabler.
One of the highlights of the tour was a live demo of an AI-powered video generator, which transformed selfies into high-definition 30-second avatar-based videos. The videos, created and delivered within seconds via Bluetooth, showcased the real-time capabilities of 5G.
Speaking on how 5G is transforming digital lifestyle globally, the Deputy Managing Director, Marketing and Solutions at Huawei Nigeria, Gavin Geng, noted that “Huawei’s goal is to bridge the gap between global innovation and local demand by tailoring technology to meet Nigeria’s specific challenges. From delivering Nigeria’s first digital village alongside our partners, to launching Nigeria’s first local cloud service, we are committed to working with our customers to build infrastructure that serve both urban and underserved communities.”
He emphasised Huawei’s commitment to security and cutting-edge innovation, adding that “as an employee-owned company adhering to strict global security standards, we ensure that customers’ data and connectivity remain secure while they benefit from next-gen solutions such as 5G, AI, smart city technologies.”
The session underscored MTN’s readiness to meet the increasing demands of Nigeria’s data-driven population and support the country’s digital transformation goals.
Afterwards, the fellows received certificates to commemorate the visit and proceeded to the Huawei Service Centre. Spanning 4,000 square metres, the facility supports operations in telecoms, finance, transportation, power, and public service.
With a dedicated DevOps team, the centre customises its monitoring systems for different clients. It is ISO27001 certified, and all employees hold security certifications, reflecting its emphasis on data protection and operational excellence.
To wrap up the day, the MIP cohort was hosted to a dinner attended by MTN’s Chief Services and Sustainability Officer, Tobechukwu Okigbo. He encouraged the delegates to maximise the opportunity the programme offers and shared personal insights during an experience-sharing moment.
The National Identity Management Commission (NIMC) has given its Diaspora Front-End Partners (FEPs) 48 hours to obtain and activate their National Identification Number (NIN) enrolment licences on its newly upgraded diaspora enrolment platform.
The commission said the deadline followed the successful completion of a major upgrade aimed at improving the security, efficiency and reliability of NIN registration for Nigerians living abroad.
According to NIMC, the upgraded platform will offer a more seamless and robust service to diaspora applicants, ensuring faster processing and better data protection. To prepare for the transition, all FEPs have been onboarded onto the new system and taken through intensive training to equip them with the knowledge needed for effective management of the platform.
Once compliant partners activate their licences, Nigerians abroad will be able to access NIN enrolment services through them without disruption.
“The Commission apologises for any inconvenience the upgrade process might have caused and has set up a dedicated service team to resolve all issues related to diaspora enrolment,” NIMC said in a statement signed by Dr. Kayode Adegoke, its head of corporate communications.
Diaspora applicants experiencing difficulties have been advised to contact the commission for prompt assistance.
While the new system rolls out overseas, NIN enrolment continues across all centres in Nigeria, with applicants able to locate their nearest centres on the NIMC website. Nigerians at home or abroad can also modify their NIN data via the online self-service portal.
NIMC further encouraged NIN holders to download the NIMC NINAuth App on iOS or Google Play to instantly verify their NIN, control who can access their information, and enjoy secure authentication services.
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