#Country Updates #News #Nigeria #Upstream Oil & Gas News

Lekoil takeover: Nigerian government cautions Metallon

The federal government through the ministry of petroleum resources has cautioned South Africa based Metallon Corporation on its bid to take over the management of Lekoil.

In a letter signed by Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, described the move as illegal.

This came hours to an Extraordinary General Meeting, EGM held on Thursday in which Metallon hopes to alter the management of Lekoil by imposing three directors of its choice on the company’s board.

According to him, “…such significant change of shareholding can only be carried out in close adherence with the Guidelines and Procedures for obtaining Consent to the Assignment of interest in Oil and Gas Assets dated 11th August 2014, issued pursuant to the Powers of the Honouroble Minister of Petroleum Resources under the Petroleum Act. 3.”

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Source: SweetCrudeReports

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