LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides an update on the termination of the employment contract of its CEO, Mr. Olalekan Akinyanmi.
The Company is aware that in late 2020 Mr. Akinyanmi, without the prior knowledge or consent of the Company, entered into an employment contract with Lekoil Nigeria Limited, to act as its Chief Executive Officer, with effect from 1 January 2021. The Company has been advised that this represents a conflict of interest and is a breach of his employment contract with the Company. This was one of the reasons for the termination of his employment contract with the Company.
The Company is aware that Lekoil Nigeria has stated that Mr. Akinyanmi remains the CEO of Lekoil Nigeria. The Company will seek to ensure that Mr. Akinyanmi be restricted from continuing in this role as CEO of Lekoil Nigeria, as per the provisions of his employment contract with the Company. The Company reserves its rights to challenge the validity of any actions in breach of these provisions and would advise relevant parties to seek the relevant legal advice.
Background - the Company and Lekoil Nigeria
The Company notes that the current corporate structure containing the Company and Lekoil Nigeria was in place at the time the Company was admitted to AIM in 2013.
The Company confirms that, since Admission, no changes have been made to the Shareholders Agreement between the Company and Lekoil Nigeria.
KeyFacts Energy: Lekoil Nigeria country profile