shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Tribunal restrains Chevron Group from Selling Equities to Texaco Nigeria

Tribunal restrains Chevron Group from Selling Equities to Texaco Nigeria

by Joshua
March 22, 2009
in Uncategorized

Investments and Securities Tribunal has eventually  granted an interim order restraining the Chevron Group from divesting 60 per cent of its equity stake from Texaco Nigeria Plc.
The face-off over sale of Chevron shares had been on for quite a while and last week the tribunal headed by Dr Nnenna Orji, restrained the respondents and any of their agents and representatives from bidding, financing the bid, acquiring, selling, alienating, transferring, disposing and or parting with the possession of the 60 per cent equity shares held by the third respondents (Chevron Nigeria Holding Limited) in the second respondent Chevron Oil Nigeria Plc pending the hearing and determination of the Motion on Notice in the suit.
The tribunal’s order was sequel to an ex-parte motion brought by Mrs Abake Cecilia Oloyede and argued by Mr Kehinde Aina, alongside Messrs Fayo Adeleye, Olumide Olowoshile and Ghani Arobo.
It has however fixed April 7, 2009 for the parties to return to the tribunal.
The sale of Chevron equity stake in Texaco has been a subject of intense bid by Oando, African Petroleum Ltd, MRS Group, Sahara Energy Resources, Nigerian National Petroleum Corporation (NNPC) and even trade unions such as PENGASSAN.
The bid winner was expected to be announced first week of August last year before Zenon Petroleum and Gas Limited, which owns 19 per cent equity stake in the company filed a suit before a Federal High Court in Lagos restraining the bidding.  The court had on July 31, 2008, granted an interim injunction restraining Chevron Oil and Gas Limited from divesting the stake.


Related Posts

SHIPTALK: Basics About A Ship

SHIPTALK: Basics About A Ship

January 27, 2023
NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

January 27, 2023
ONE To Acquire Three U.S. West Coast Container Terminals

ONE To Acquire Three U.S. West Coast Container Terminals

December 29, 2022
Shippers’ Council Collaborates With Institute On Training

Shippers’ Council Collaborates With Institute On Training

September 23, 2022

Discussion about this post

Latest News

“Anyone talking about 15% equity in CVFF is ignorant”

“Anyone talking about 15% equity in CVFF is ignorant”

January 27, 2023

Industry Advises Philippines on Training as EU Considers Crew Ban

SHIPTALK: Basics About A Ship

NAGAFF Congratulates Newly Promoted Comptrollers, Charges Them On Professionalism

Beware Of Activities Against Aquatic Plants, Animals – Marine NGO Warns

The World Awaits Trial Of Crew Of Heroic Idun In A Nigerian Court

All Set For Obangame Express 2023 International Maritime Exercise

Our Real Fears About The CVFF Disbursement

VESSELS EXPECTED AT LAGOS PORTS AS AT 27TH JANUARY, 2023.

Media Crucial To Nation Building- Channels TV Boss

Lekki Deep Seaport To Boost Non-Oil Revenue — NEPC

Military Destroys 39 Illegal Refineries, Apprehends Oil Thieves, Vandals

kindly like our Facebook page

Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says
Health

Unhealthy Environment Causes 12.6m Deaths Worldwide, WHO Says

December 19, 2022

The World Health Organisation has said that the number of people estimated to have died as a result of living...

Health Benefits And Side Effects Of Bitter Leaf

Health Benefits And Side Effects Of Bitter Leaf

December 12, 2022
More Women May Die During Childbirth In West Africa — Report

More Women May Die During Childbirth In West Africa — Report

December 12, 2022
The Many Wonderful Uses Of Onions

The Many Wonderful Uses Of Onions

December 5, 2022
Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

Nigeria Yet To Achieve 70% COVID-19 Immunisation Coverage, Says NPHCDA

December 5, 2022
COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

COVID-19 Cases Increasing, Continue With Preventive Measures — UITH-ARD Warns

December 5, 2022
Panic As Monkeypox Spreads To 32 States, Cases Now 604

Panic As Monkeypox Spreads To 32 States, Cases Now 604

November 28, 2022
Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

Over 1bn Youths Risk Hearing Loss From Headphones, Loud Music — Study

November 28, 2022
Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

Consuming Undercooked Meat May Lead To Tuberculosis — Epidemiologist

November 28, 2022
Infertility Red Flags Men, Women Should Not Ignore – Experts

Infertility Red Flags Men, Women Should Not Ignore – Experts

November 28, 2022

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition