By CHIKA IZUORA  |

The Federal Government  by way of the Ministry of Petroleum Resources has objected to the techniques adopted by South African organization, Metallon Corporation Limited to takeover LEKOIL Nigeria Confined.

The objection is contained in a letter from the ministry  signed by the Honourable Minister of State for Petroleum Sources, Chief Timipre Sylva.

Metallon Company, a South African business and a 15.10% shareholder in Lekoil experienced in November 2020 called for an Incredible General Assembly with a proposition to alter Lekoil’s chairman and also introduce a few new users into the company’s board underneath the  guise of enhancing management oversight. The move, if still left unchallenged, could give Metallon command of LEKOIL Nigeria and its strategic oil and fuel assets in Nigeria.

“…such major adjust of shareholding can only be carried out in close adherence with the Guidelines and Techniques for obtaining Consent to the Assignment of fascination in Oil and Fuel Belongings dated 11th August 2014, issued pursuant to the Powers of the Honouroble Minister of Petroleum Methods less than the Petroleum Act. 3,” the minister explained.

“Articles 3 & 4 of the Guidelines of Ministerial Consent sets out the key things of assignment of possession and handle of interests in Oil and Gas Property and the specifications for securing Ministerial Consent.