Lekoil Nigeria agrees to end legal dispute with Cayman subsidiary after two years | TheCable

Wasilat AzeezLekoil Nigeria Limited, an oil and gas exploration and production company, says it has reached an agreement with it’s subsidiary, Lekoil Cayman, to terminate all legal proceedings and settle all claims made by or between the parties.Lekoil Cayman, a Cayman Islands-registered AIM-listed ligation asset company, holds a 40 percent equity holding in Lekoil Nigeria.

One of the agreements was Lekoil Cayman changing its name to Fenikso Limited and to cease using the “Lekoil” name or brand in connection with its business.Advertisement“In order to resolve these differences, and with no admission of liability, the company , Lekoil Cayman and Mr.

“The company agreeing to surrender all of its ordinary shares in Lekoil Cayman; Lekoil Cayman waiving all rights to repayment in respect of any and all existing indebtedness due from the company, its subsidiaries or from Mr. Akinyanmi under various loans; “And Lekoil Cayman changing its name to Fenikso Ltd and to cease using the “Lekoil name or brand in connection with its continuing business.”

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