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Pan Ocean Oil: Court Asked to Dismiss Suit Lagos By Chika Amanze-Nwachuku Erstwhile Defence Minister, General Theophilus Danjuma and seven others, including four directors of Pan Ocean Oil Corporation Nigeria (PANOCO) yesterday asked a Federal High Court, Lagos to dismiss a suit brought before it in the name of the company, describing the action as vexatious and frivolous. Danjuma, Annabella Timolini (wife of deceased founder and acclaimed original owner of PANOCO), Patrizio Fabbri, Interocean Oil Development Company Nigeria, Interocean Oil Exploration Company Nigeria and four others were all cited as defendants in the said suit filed through Chief Afe Babalola, SAN. The action in which PANOCO was named as plaintiff was filed sequel to a dispute over the ownership of the company. While a Nigerian, Dr. Festus Alani Fadeyi, believed to be the brain behind the action, was alleged to have laid claim to the ownership of the oil company, it is believed that a Swiss national, now deceased was the original founder and owner. Addressing the court presided over by Justice Rebecca Olomojobi, counsel for the defendants, Mr Olasupo Shasore, insisted that the individuals who filed the action do not have the locus standi to sue in the name of the company. He challenged the authority to sue in the name of the oil company, pointing out that the action was commenced without the authority of the members of the company. Shasore informed the court that Timolini and Fabbri are the beneficial owners of all the shares in the plaintiff company, while the Interocean Oil Development Company and Interocean Oil Exploration Company (3rd and 4th defendants) are the shareholders. He named Danjuma, Messrs John Brunner, J. B. Eruhero and H. C. Rooks (5th -8th defendants) as directors of the newly coined company via a resolution passed at the March 17, 2004 extra-ordinary meeting of the members of the company. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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