Information  X 
Enter a valid email address

Lekoil Limited (LEK)


Tuesday 14 June, 2022

Lekoil Limited

Litigation update

RNS Number : 8698O
Lekoil Limited
14 June 2022




14 June 2022

Lekoil Limited

("LEKOIL" or the "Company")


Litigation update


LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an investment in oil & gas assets in Nigeria, is pleased to provide the following update in respect of the litigation commenced by Mr. Akinyanmi in New Jersey.


As originally announced on 24 September 2021 (and most recently on 5 May 2022), Mr Akinyanmi commenced an action in the Superior Court of New Jersey, alleging (amongst other things) breach of contract in the termination of his employment contract in an attempt to set off such sums against the amounts owing under the CEO Loan. 


The Company challenged the jurisdiction of the New Jersey court to hear the claim and the Company has been successful in its application. The case is now stayed until further notice pending arbitration.  Following this decision, the Company will continue to pursue the recovery of the CEO loan in the appropriate jurisdictions.


Commenting on the New Jersey judgment, the Company commented:


" We are pleased to have won the New Jersey judgment and note that it calls into question the wisdom of Lekoil Nigeria funding the expensive personal litigation costs of Mr. Akinyanmi.  We would urge Mr. Akinyanmi to immediately pay the amounts outstanding under the CEO Loan rather than require the Company to pursue yet more litigation."



The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.


For further information, please visit or contact:

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)

Brian Stockbridge


+44 203 989 2200

Tennyson Securities (Broker)

Peter Krens

+44 20 7186 9030

Camarco (Financial PR Advisor)

Billy Clegg / Owen Roberts / Violet Wilson

+44 20 3757 4983


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

a d v e r t i s e m e n t