Woobs Resources Ownership: Subsisting Appeal Court Judgment Not Affected by Criminal Proceedings

A clarification has been issued over the legal status of Woobs Resources Limited, affirming that the subsisting judgment of the Court of Appeal recognizing Mr. James Onyemenam as the majority shareholder and Chief Executive Officer of the company remains valid and binding, despite recent media reports concerning separate criminal proceedings.

In a press statement released on Monday, the company addressed what it described as ongoing misrepresentations in certain public reports, stressing that the dispute over ownership, management and control of Woobs Resources dates back to 2011.

At the heart of the dispute is the Nigerian Army Cantonment Market project, which, according to the statement, was conceived, designed, financed and executed under the leadership of Mr. Onyemenam, who is described as the majority shareholder and CEO of the company.

The statement explained that following events in 2011 which allegedly led to Mr. Onyemenam’s removal from the management and operational control of the company, the matter was referred to arbitration in line with the Joint Venture Agreement executed by the parties.

In February 2015, the Arbitral Tribunal delivered an award in favour of Mr. Onyemenam, affirming his rights and position in respect of Woobs Resources Limited as majority shareholder and Chief Executive Officer.

The arbitral award was subsequently challenged at the Federal High Court, Lagos Division.

However, in a judgment delivered on April 27, 2020, in Suit No: FHC/L/CS/1232/2011, Justice Olayinka Faji upheld the decision of the Arbitral Tribunal.

Dissatisfied with the outcome, the opposing parties proceeded to the Court of Appeal in Appeal No. CA/LAG/CV/343/2020.

In its judgment, the appellate court affirmed both the arbitral award and the decision of the Federal High Court, thereby reaffirming Mr. Onyemenam as the majority shareholder and Chief Executive Officer of Woobs Resources Limited.

According to the statement, that appellate decision remains the only subsisting judgment on the civil dispute concerning the ownership and management of the company.

The clarification comes against the backdrop of recent media reports referencing a separate judgment of the Court of Appeal arising from an interlocutory appeal in criminal proceedings initiated by the Office of the Attorney-General of the Federation over allegations including forgery and money laundering against certain individuals and a commercial bank.

The statement emphasised that the criminal proceedings are distinct from the civil dispute over the ownership and control of Woobs Resources Limited and should not be interpreted as affecting the subsisting appellate judgment in the civil suits.

It further clarified that Mr. James Onyemenam is merely a nominal complainant in the criminal proceedings and is not a party to the action instituted by the Attorney-General, describing the matter as strictly between the State and the defendants named therein.

Reiterating its position, the statement stressed that the ownership and management structure of Woobs Resources Limited, as determined by the Arbitral Tribunal and affirmed by both the Federal High Court and the Court of Appeal, remain legally binding.

The clarification was also directed at regulatory authorities, financial institutions and other relevant bodies, urging them to be guided by the subsisting judgment of the Court of Appeal in Appeal No. CA/LAG/CV/343/2020 in any determination, enforcement action or administrative review connected with the matter.

The statement concluded that further updates would be communicated as necessary.