Tribunal restrains Chevron Group from Selling Equities to Texaco Nigeria

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.