Appeal Court Upholds Woobs Resources ownership
The management of Woobs Resources Limited has clarified that a subsisting judgment of the Court of Appeal recognising James Onyemenam as the majority shareholder and Chief Executive Officer of the
The management of Woobs Resources Limited has clarified that a subsisting judgment of the Court of Appeal recognising James Onyemenam as the majority shareholder and Chief Executive Officer of the company remains valid and binding.
The clarification, contained in a statement issued yesterday, said the appellate court’s decision was not affected by recent media reports relating to separate criminal proceedings.
According to the statement, the dispute over the ownership, management and control of Woobs Resources Limited dates back to 2011 and centres on the Nigerian Army Cantonment Market project, which it said was conceived, financed and executed under Onyemenam’s leadership.
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It explained that following developments in 2011, which allegedly led to Onyemenam’s removal from management control, the matter was referred to arbitration in line with the parties’ Joint Venture Agreement.
In February 2015, the Arbitral Tribunal reportedly delivered an award in Onyemenam’s favour, affirming his status as majority shareholder and Chief Executive Officer of the company.
The award was challenged at the Federal High Court Lagos Division, but in a judgment delivered on April 27, 2020, Justice Olayinka Faji upheld the arbitral decision.
Dissatisfied, the opposing parties appealed to the Court of Appeal, which in Appeal No. CA/LAG/CV/343/2020 affirmed both the arbitral award and the Federal High Court judgment, thereby reaffirming Onyemenam’s position.
The statement noted that the appellate court’s decision remains the only subsisting judgment on the civil dispute over the ownership and management of Woobs Resources Limited.
It said the clarification followed media reports on a separate interlocutory appeal arising from criminal proceedings initiated by the Office of the Attorney-General of the Federation over allegations, including forgery and money laundering, against certain individuals and a commercial bank.
The company stressed that the criminal case was distinct from the civil dispute and did not affect the subsisting judgment on ownership and control of Woobs Resources Limited.
It added that Onyemenam was only a nominal complainant in the criminal proceedings and not a party to the action instituted by the Attorney-General.
The statement urged regulatory authorities, financial institutions and other relevant bodies to be guided by the subsisting judgment of the Court of Appeal in any action or review connected with the matter.
