Miner Metallon has sold off its stake in Lekoil, sparking a near 30% rise in the Nigerian oil company’s share price.
Lekoil reported Metallon’s sale in a filing. Metallon took control of Lekoil in a shareholder vote in January.
The company sold off its 15.1% stake as of August 31.
Lekoil has not yet responded to a request for comment.
Lekoil sacked its CEO and founder, Olalekan Akinyanmi, in June. The company reported it had taken the decision as a result of a “corporate governance breach”.
The company had previously reported Akinyanmi had not kept up payments on a loan owed to it.
However, the CEO refused to go quietly. He continued to act as the CEO of Lekoil Nigeria, the London-listed company’s local unit. It has a 40% stake in Lekoil Nigeria, but with an entitlement to 90% of benefits and assets.
Lekoil, which operates via a Cayman Islands registered holding company, reported in June that Edward During had resigned as CFO.
During said he could not continue as CFO. The statement noted Lekoil’s bid for more time in filing its 2020 financial statements “on the pretext of Covid-19 was not supported by Mr During and in total disregard of Mr During’s recommendations and representations to the board”.
He opted to continue as CFO and director of Lekoil Nigeria.
Lekoil Nigeria chair Aisha Muhammed-Oyebode said During’s resignation was a “direct result of the continuous breaches of due process and corporate governance by the Board of Lekoil Cayman, which have left him with no...
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