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Published On: Tue, Jul 17th, 2018

IPMAN petitions AGF, Police, EFCC others over NIPCO’s planned AGM

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By Vivian Okejeme Abuja

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has petitioned the Attorney General of the Federation (AGF), the Inspector General of Police (IGP), the Director General of Department of State Services and the Chairman of EFCC demanding that the Managing Director of NIPCO, Chief Bestman Anakwe be stopped from presiding over any meeting of the company or its Annual General Meeting fixed for July 19.
The petition dated July 6, 2018 and addressed to the Managing Director of NIPCO was copied to the Director General, Securities and Exchange Commission as well as the Registrar General, Corporate Affairs Commission Abuja.
Chief Bestman Anakwe (1st), NIPCO PLC (2nd defendant), Securities and Exchange Commission (3rd defendant) and Corporate Affairs Commission, were mentioned as 1st, 2nd, 3rd and 4th defendants respectively.
IPMAN, in the petition, written by Reuben Wanagho, brought attention of the defendants on a pending suit, marked FHC/PH/CS/06/2018, filed by Chief Chinedu Ukadike (Realine Nigeria Limited), Chief Owonye Edheigho, (Robor Nigeria Limited), Ugochukwu Duruaku (UC Golden Services Limited), Ezekiel Eletuo (Samez Ventures Nigeria Limited) and Sir Victor Etefia (Union Oil & Gas Co. Ltd) for themselves and as representing the concerned members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
The Plaintiffs in the suit are seeking the interpretation of section 252 of the Companies and Allied Matters Act.
Consequently, they want the court to determine “Whether or not under and by virtue of Section 252(1) and (2) of the Companies and Allied Matters Act, not having disclosed to the members of the 2nd defendant (NIPCO) that he is above the statutory age of 70 years, the 1st defendant (Anakwe) is still eligible to continue to be a Director and the Chairman of the 2nd defendant which is a publicly quoted company?
“Whether or not having breached the express provisions of section 252(1) of the Companies and Allied Matters Act, the 1st defendant ought not to be removed as a Director and the Chairman of the 2nd defendant?
However, in view of the pendency of the suit, the AGF, Police, DSS, EFCC etc were reminded of the need for NIPCO to respect the sanctity of judicial proceedings by not allowing Chief Anakwe to preside over the AGM of NIPCO Plz fixed for July 19, as to do so will amount to contempt of court.
On the same 12th January 2018, the petitioners stated that they had filed a motion on notice for an order of interlocutory injunction to restrain Chief Anakwe from howsoever or in any manner whatsoever acting as a Director and Chairman of NIPCO (2nd defendant).
Furthermore, the plaintiffs had prayed for an order restraining Anakwe from presiding over any meeting including any annual general meeting of NIPCO in his capacity as a Director or Chairman, pending the hearing and determination of the substantive suit.
Upon determination of the reliefs before the court, the Plaintiffs want a declaration that under and by virtue of Section 252(1) of the Companies and Allied Matters Act, the 1st defendant, not having disclosed to the members of the 2nd defendant that he has attained and surpassed the statutory age of 70 years, the said 1st defendant is no longer eligible to continue to act as a Director and the Chairman of the 2nd defendant.
A declaration that having breached the express provisions of Section 252(1) and (2) of the Companies and Allied Matters Act, the 1st defendant is liable to be removed as a Director and the Chairman of the 2nd defendant.
They are also praying for an order of the court, directing the 3rd and 4th defendants to remove the 1st defendant as a Director and Chairman of the 2nd defendant.
They want an order compelling the 1st defendant to refund to the 2nd defendant all monies he collected by way of salaries and allowances as a Director and the Chairman of the said 2nd defendant from 6th March, 2014 to the date of this action and from then to the date of judgment herein.
In addition, they are asking for a perpetual injunction restraining the 2nd and 4th defendants by themselves, servants, agents, privies and/or collaborators from howsoever further recognizing or in any manner whatsoever dealing with the 1st defendant as a Director and the Chairman of the 2nd Defendant.

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