A Federal High Court in Abuja has ordered Transnational Energy Limited, operator of Petroleum Prospecting Licence (PPL) 221, to pay ₦300 million in damages to Funmi Olawepo, the plaintiff, for unlawfully removing her as a shareholder and director of the company.
In suit number FHC/ABJ/CS/1652/2021, presided over by Justice Gladys Olotu, the court ruled that Transnational Energy — the first defendant — violated both corporate governance standards and the provisions of the Companies and Allied Matters Act (CAMA) 2020.
Justice Olotu held that the company contravened corporate procedures by altering official records with the Corporate Affairs Commission (CAC) — the second defendant — without the plaintiff’s knowledge or consent.
In the ruling, the court granted all seven reliefs sought by Olawepo. It affirmed her ownership of shares and directorship status, ordering the CAC to nullify and expunge all unauthorised changes filed on March 25, 2020.
The court further directed the reinstatement of her name on all relevant corporate filings and ordered the first defendant to pay ₦300 million in compensation for breach of contract and unlawful removal.
Additionally, the judge declared that “the shares are personal property of the plaintiff.”
Justice Olotu emphasised that Transnational Energy’s actions amounted to a breach of fiduciary duty and a clear disregard for due process, stressing that “no director or shareholder can be unilaterally removed in violation of corporate law.”
