Power tussle over the ownership of Lekoil Cayman reached a peak on Wednesday as Miner Metallon, the major financier who took control of Lekoil Cayman in a shareholder vote in January, bowed out with the sale of 15.1 percent stake on August 31.
Metallon was previously the company’s largest shareholder but no longer owns any of the ordinary shares of the company.
The situation, it was learnt, has left the London-listed Lekoil Cayman gasping for survival and running halter-skelter to source funds to remain afloat.
It was gathered that there is serious clandestine moves, wooing industry top-brass to raise a lifeline fund after Metallon’s trigger, which many insist may have finally put paid to LEKOIL Cayman’s continued existence.
As at the time of filing this report, succor was yet to come as efforts to raise funds have so far been met with stiff resistance from those buoyant enough to save the company.
Recalled that in June this year, Lekoil fired its CEO and founder, Lekan Akinyanmi, who is currently the Chief executive officer, Lekoil Nigeria, on the allegation of corporate governance breach and since then the center hasn’t held between the sister companies that continued to fight tooth and nail over superiority.
Lekoil Cayman it was further learnt was unable to publish its annual financial report and has pleaded for more time from the AIM, an avoidable predicament if it had been draw support from Lekoil Nigeria.
It’s not clear why Metallon pulled out, but sources said the South Africa firm pulled out after been unable to fulfill its obligation to drive Lekoil Cayman to publish its statutory annual financial report and it remains hazy what the future portends for the controversial firm.
Industry sources insist the fight isn’t yet over as Lekoil Cayman is bent on raising a convertible facility agreement (CFA) worth £200,000 to fund its legal battle against Lekoil Nigeria.