Federal High Court in Lagos has ordered the freezing of Bastanchury Power Solutions Limited accounts in all banks in Nigeria.
The court also ordered the company to hold an Annual General Meeting (AGM) under the Company and Allied Matters Act 2020 (as amended) within 14 days of the order.
Justice Kehinde Ogundare issued the orders in suit FHC/L/CS/319/2023, filed by Fenchurch Energy Limited, Funsho Adeyemi, and Femi Bakare, represented by their lawyer, Adedoyin Adetunji-Adeniyi of AAA Chambers.
Bastanchury, FBNQUEST Trustees Limited, and Stanbic-IBTC Trustees (Trustees of Africa Infra Plus Funds) are the defendants. Justice Ogundare ordered the court’s deputy chief registrar (DCR) to appoint an independent auditor to examine the company’s accounts.
The order was based on the claim that Adeyemi “utilized the funds of the first defendant, specifically the Africa Infra Plus Fund (AIPF), to the exclusion of the first plaintiff.”
Fenchurch claims to be “a substantial shareholder” in Bastanchury, adding Adeyemi and Bakare remain directors as of the time of filing the suit.
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