PUC in June 2009 successfully represented a consortium of Six (6) Banks (“the Consortium”) before the Investment and Securities Tribunal (“IST or Tribunal”) in a matter filed by a certain shareholder in Chevron Oil Nigeria Plc claiming that the sale of the 100% equity of Chevron Africa Holdings Limited in Chevron Nigerian Holdings Limited amounted to an indirect takeover of Chevron Oil Nigeria Plc, being a publicly traded company without complying with the rules that govern the take over of such companies. The shareholder sought declaratory, injunctive and sundry reliefs aimed at scuttling the Chevron share sale transaction. The action was instituted against the Securities and Exchange Commission and 17 other Respondents including the Consortium that financed the acquisition of the Chevron shares. The said shareholder had indeed obtained interim orders of injunction against the Respondents in an ex parte application. PUC, among others, filed a preliminary objection challenging the jurisdiction of the IST to entertain and determine the matter as between the said shareholder and all the Respondents apart from SEC, in view of the provisions of the Investment and Securities Act 2007 on the jurisdiction of the Tribunal. Most of the other Respondents also filed Preliminary Objections on varying grounds. In a considered ruling delivered on10 June 2009 the Tribunal upheld our objection and did not only strike out the suit against the Consortium but also against all the other Respondents.
© Copyrights 2007-2009. All rights reserved. Paul Usoro
& Co.