Court halts actions on sale of disputed offshore vessel
The Federal High Court in Port Harcourt has intervened in a dispute involving the sale of a majority stake in the offshore vessel MV Wariboko, now known as ADNOC AB03. The court nullified a shareholders’ meeting by Springview International Logistics Limited that approved the sale of its 60 per cent interest to Exmar Offshore Ltd. The dispute centers on allegations of improper conduct and lack of transparency in the vessel’s sale. The court has ordered all parties to maintain the status quo until the substantive petition is resolved.
TLDR
- The Federal High Court set aside resolutions from an extraordinary general meeting held on February 24, 2026 regarding the vessel’s sale.
- The court’s ruling, dated April 15, 2026, nullified the meeting and all decisions made during it.
- Springview International Logistics Limited and Exmar Offshore Ltd are in dispute over the sale of a 60 per cent stake in MV Wariboko (ADNOC AB03).
- Aggrieved shareholders allege oppression, breach of fiduciary duty, and improper divestment of the company’s sole asset.
- The court ordered all parties to refrain from further actions concerning the vessel or share transfer until the case is resolved.
