Boardroom Crisis: Receiver Manager, Directors Risk Jail Term Over Contempt Of Court

 

A Federal High Court sitting in Lagos has been asked to commit the Receiver/Manager of Platform Capital Investment Partners Limited and some of its directors to prison over alleged refusal to obey an order of the court.

The Form 48, which is a notice of consequence of disobedience of Court Order in the case filed by Norsad Capital Limited & 2 others warned that unless the alleged contemnors obeyed the directions contained in the Order of the Federal High Court made on 3rd January 2024, by Justice Akintayo Aluko, they would be guilty of contempt of court and will be liable to be committed to prison.

Justice Aluko had on January 3, 2024 in Suit No: FHC/ L/CS/1984 /2023 ordered parties in the case to maintain the status quo.

The court also forbade parties in the suit from doing anything to foist a fait accompli on the court.

Consequently, the court also sent the case file back to the court registry.

Justice Aluko made the order having heard Adeola Kembi, Esq., for the Claimants, M.A. Oladiran, Esq., holding the brief of C. Adikwu (SAN) for the 1st Defendant, O. Oshobi (SAN) for the 2nd Defendant/Counter – Claimant with F. T. Ayem, Esq., W. Ubiogwu Osita, Esq. F. Olusanya, sq. for the 2nd Defendant/Counter-Claimant, Akinwale Irokosu, Esq., for the 3rd Defendant, Chief Ayorinde (SAN) for persons seeking to be joined by application dated 17/10/2023.

The court in its bench ruling held “It is hereby ordered as follows: That parties in this case are hereby ordered to maintain status quo and parties are forbidden from doing anything to foist a fait accompli on the court.

“That the case file of this matter is to be sent back to the court registry.

However, in an alleged disobedience to the order of court, Bolaji Kuku, former Chairman, Duport Midstream Company Ltd in a letter dated January 9, 2024, called for Extraordinary General Meeting (EGM) of Directors of Duport Midstream Co Ltd, scheduled to hold today (Thursday, the 11th day of January 2024).

Parts of the agenda for the General Meeting include, appointment of a Company Secretary, change of signatory mandates for Duport Midstream Co Ltd bank accounts and Constitution of a special committee to urgently engage creditors Forensic audit among others.

Meanwhile, in a letter written to the Receiver/Manager, Mrs. Oghogho Makinde, who is also a Managing Partner of Aluko and Oyebode law firm by counsel to Platform Capital Investment Partners Limited, Mr. Akinlabi Apara warned that the purported Notice of Extraordinary General Meeting of Duport Midstream Company Limited (Duport) dated 9th January, 2024 is in disobedience of a court order.

The letter reads “We continue to act as Counsel to Platform Capital Investment Partners Limited (hereinafter referred to as “our Client”) and on whose behalf we write with respect to the above matter and the purported Notice of Extraordinary General Meeting of Duport Midstream Company Limited (Duport) dated 9th January 2024.

“Kindly be reminded that you are not a shareholder of Duport, and your purported appointment as a Receiver of our Client is subject to litigation in Suit No. FHC/L/CS/1984/2023. Consequently, you have no right whatsoever to requisition a general meeting of Duport.

“You will also recall that by the Order of the Federal High Court, Coram Justice Akintayo Aluko dated 3rd January, 2024 (Annexure A), parties were ordered “to maintain status quo and parties were forbidden from doing anything to foist a fait accompli on the court”. Consequently, proceeding with your preplanned actions would be in contempt of the Honourable Court.

“Besides, the convener of the aforesaid extraordinary general meeting; that is Mrs. Mobolaji Kuku, does not have the power to convene same, having been removed as the Chairman of the Board of Directors of Duport Midstream Company Limited by the resolution of the Board dated 15th November 2023 (Annexure B). In addition, chairmanship and directorship of the aforesaid Mrs. Mobolaji Kuku is lis pendent in suits numbers FHC/L/CS/2343/2023 and FHC/L/CS/2320/2023 respectively.

“Kindly be informed that our Client will not hesitate to proceed against you within the ambit of the law should you proceed with your contemptuous actions.”