Platform Capital Debunks Alleged Removal of Akindele as CEO of Duport Midstream Company

Peter  Uzoho

Platform Capital Investment Partners Limited, the majority shareholder in Duport Midstream Company Limited, has debunked the alleged removal of Dr. Akintoye Akindele as the Managing Director and Chief Executive Officer of Duport Midstream.

Platform Capital in a statement yesterday signed by its Lead Counsel, Chief Bolaji Ayorinde (SAN), in response to a report claiming removal of Akindele, Prof. Oluwatoyin Ogundipe and Mr. Cherif Abdallah as its nominated directors in Duport Midstream Company, described the claim as malicious.

“We note with displeasure the malicious publication contained in ThisDay Newspaper, 24th November, 2023, at page 21 about the phantom removal of Dr. Akintoye Akindele, Prof. Oluwatoyin Ogundipe and Mr. Cherif Abdallah as our nominated directors in Duport Midstream Company 

“It is pertinent to state that it is a follow up to an untenable letter written by one Mrs. Oghogho Makinde, who claims to be Receiver of Platform Capital Partners Limited, the majority shareholder with management control, to the Board of Duport Midstream Company Limited,” the statement read in part.

The company stated that the process of removal and appointment of directors by a letter with ‘immediate effect’ was strange to the provisions of the articles of Duport Midstream Company Limited, and unknown to the process established by the Companies and Allied Matters Act 2020 (CAMA) for the appointment and/or removal of directors. 

Platform Capital argued that the appointment and/or removal of directors would usually entail a notice of a general meeting to that effect, and the passing of a resolution at such a meeting, inter alia. 

“None of these processes have been initiated by the aforesaid Makinde in the purported exercise of her powers as a receiver over the assets and undertakings of Platform Capital. 

“Also, the validity of Oghogho Makinde’s appointment as a receiver over the assets of Platform Capital, and the exercise of any consequent powers have been challenged by plethora of preliminary objections, counter affidavits and counter claims in Suit No: FHC/L/CS/1984/2023; Norsad Capital Limited & 2 Ors. -v- Platform Capital (PTY) Limited & 11 Ors. pending before Hon. Justice Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos”, the statement noted.

Platform Capital, however, alleged that Makinde’s appointment was incurably defective and fraught with several irregularities. 

It argued that as a legal practitioner, Makinde ought to know that given the existence of an application filed to challenge her purported appointment as a receiver of Platform Capital, she was forbidden from taking any steps in exercise of her purported appointment until the above suit was conclusively determined.

The statement maintained, “Thus, we are disconcerted to receive Oghogho Makinde’s letter purportedly removing and appointing directors in the Duport Midstream in violation of the shareholders agreement Duport Midstream and established processes in the CAMA, and her refusal to refrain from parading herself as a receiver and exercising the powers of a receiver, during the pendency of an action in Court challenging your appointment.

“The general public are WARNED to discountenance Oghogho Makinde’s purported removal and appointment of directors in Duport Midstream Company Limited and await the decision of the Court on the disputes declared before the Court.

“We are committed to holding Oghogho Makinde personally liable for any loss or damage that may be suffered by our company as a result of fragrant…for the due process of law, contempt of court, and contravention of the provisions of CAMA. 

“We reserve our right to seek any and all available legal remedies against Norsad and Oghogho Makinde for any adverse consequence of her actions on our company.”

According to the statement, Duport Midstream Company is the owner and operator of Duport Energy Park, which houses a fully-operational modular refinery situated in Egbokor, Orhionmwon Local Government Area, Edo State. 

The refinery has a 2,500-barrels-per-day (bpd) production capacity, a 60-million-standard-cubic-feet (scf) gas processing plant, a 50-megawatt power plant, a 10-million standard cubic feet (scf) compressed natural gas (CNG) plant, 30,000 metric tons refined product terminal, a Tier IV Data Centre, and a 5MW embedded power plant.