Court orders Coy to reinstate directors, pay entitlements

The Federal High Court in Abuja has ordered the re-instatement of two directors of Green Energy International Limited, Dr. Bunu Alibe and Mr. Ayo Olojede.

They were illegally removed by the company’s management.

In his judgement on Friday, Justice Bolaji Olajuwon described their removal from the oil company as “unlawful.”

Olajuwon held that the Annual General Meeting (AGM) of the company held on November 12, 2020, during which Alibe and Olojede were removed, was convened in contravention of Section 285 of the Companies and Allied Matters Act (CAMA), 2020.

The judge, who ordered that all the backlog of the directors ‘ entitlements, including salaries and allowances be paid, also awarded three million naira in favour of the duo for damages.

Alibe and Olojede had in a suit marked FHC/ABJ/PET/20/2020, sued Green Energy and Prof. Anthony Adegbulugbe as 1st and 2nd defendants.

The plaintiffs, in the suit which commenced via a petition, accused Adegbulugbe of a series of corporate misdemeanours, including unilateral usurpation of executive responsibilities, contrary to the provisions of CAMA, 2020 and the company’s Article of Association.

Responding, Adegbulugbe also filed a separate suit against the two directors before the court marked: FHC/ABJ/CS/1390/2020.

Delivering the judgement, Olajuwon held that notice of general meeting to all directors and members of a company must be given 21 days from the day it was issued.

“I have carefully read the proceedings of Hon. Justice Ojukwu. The notice of the Annual General Meeting was served before the order of the court was made and the court did not abridge the length of time for the meeting to be held.

“Where the provision of the law is clear and unambiguous, the court must give it its meaning,” she held.

Olajuwon, therefore, declared that all actions taken at the AGM held on November 12, 2020, were null and void.

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