Company warns against interference with FHN26 assets – The Sun Nigeria

By Lukman Olabiyi

An oil investment company, Petroleum Zion Limited has warned against any interference or sale of FHN26 shares.

During a press conference in Lagos, the firm’s lawyer, Dr Monday Ubani, said that the assets of FHN26 were currently the subject of litigation and warned that anyone purporting to sell or buy the assets of the company did so at its own risk.

Speaking at the press conference, Ubani said: “Our client Petroleum Zion Limited has observed that certain entities claim to own and through certain international banks attempt to transfer or dispose of the shares of FHN26 Limited.

“FHN26 Limited is the licensee and holder of a 45% working interest in oil block OML26 (the Asset), which is the subject of lawsuit number LD/3403CMW/2017 above and other relevant lawsuits still pending in the Lagos State High Court, the Federal High Court and the Federal Court of Appeal of Nigeria, respectively.

“Ownership and disposal of the shares of FHN26 Limited, its subsidiaries or their assets or shareholdings constitutes an abuse of the subject matter of the above lawsuits still pending in the Nigerian courts.

“Substantive lawsuit LD/3403CMW/2017 was filed in 2017 by Petroleum Zion Limited against defendants PJT Partners UK Limited (a subsidiary of Blackstone UK), African Capital Alliance Limited (A Cayman Island Company), Capital Alliance Nigeria Limited ( CAPE), Vertex Energy Limited, First Hydrocarbon Nigeria Company Limited, FHN26 Limited, Welmington Trust (London) Limited, Mr Simon Jonathan Appell, Mr Daniel Imison, Ms Catherine Williamson and Mr Femi Bajomo.

“All actions relating to any claim of ownership or the contemplated disposal of interests or shares are hereby barred due to pending lawsuits.”

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