By Kunle Sanni –
The Federal High Court in Abuja has ordered Transnational Energy Limited, operators of Petroleum Prospecting License (PPL) 221, to pay ₦300 million in damages to Dr. Funmi Olawepo for unlawfully removing her as a shareholder and director of the company.
In a judgment delivered by Justice G.K. Olotu in Suit No. FHC/ABJ/CS/1652/2021, the court held that the company violated the Companies and Allied Matters Act (CAMA) 2020 and corporate governance principles by altering its official records at the Corporate Affairs Commission (CAC) without Dr. Olawepo’s knowledge or consent.
The court granted all seven reliefs sought by Dr. Olawepo, including a declaration affirming her ownership of shares and directorship, an order directing the CAC to nullify the unauthorized changes filed on March 25, 2020, and a directive to reinstate her name on all corporate documents.
Justice Olotu further awarded ₦300 million as compensation for breach of contract and unlawful removal, describing the company’s actions as “a breach of fiduciary duty and a disregard for due process.”
The judge emphasized that no shareholder or director can be unilaterally removed in violation of corporate law.
The ruling is regarded by legal experts as a significant reinforcement of investor protection and corporate accountability within Nigeria’s oil and gas sector, where ownership disputes have frequently resulted in protracted legal battles.
Related
