Court orders stay of action on disputed vessel

A significant legal battle is unfolding in Nigeria's maritime sector, as the Federal High Court in Port Harcourt has intervened to halt the controversial sale of a major offshore vessel, MV Wariboko. The Punch's report details how the court's decision to nullify a shareholders' meeting and maintain the status quo strikes a blow against what aggrieved shareholders describe as an unlawful attempt to dispose of a key company asset without proper corporate governance.

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However, in Suit No: FHC/PH/CP/02/2026, the court set aside resolutions passed at the extraordinary general meeting held on February 24, 2026, which endorsed the transfer of Springview’s 60 per cent interest in the vessel MV Wariboko, now renamed ADNOC AB03 (IMO: 1903649), to Exmar Offshore Ltd.

This dispute centers on the ownership structure of the vessel, now renamed ADNOC AB03, where Springview Logistics held a 60% stake and Exmar Offshore Ltd held 40%. The crux of the matter lies in the alleged unilateral sale by Exmar Offshore Ltd to a foreign entity, ADNOC Logistics & Services Plc, bypassing the concerns and rights of Springview's shareholders. The shareholders' legal action, citing oppression and breach of fiduciary duty, underscores a deep-seated concern over transparency and fairness in corporate dealings within Nigeria.

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The court ordered all parties in the matter, Springview International Logistics Limited, Exmar Offshore Ltd, ADNOC Logistics & Services Plc, among others, to maintain the status quo pending the resolutions of a substantive petition brought by the aggrieved shareholders.

From a Nigerian perspective, this case is more than just a corporate squabble; it touches upon critical issues of asset protection, foreign investment scrutiny, and the enforcement of shareholder rights. The court's intervention is a crucial reminder that even as Nigeria seeks foreign investment, the integrity of our corporate laws and the protection of local stakeholders must be paramount. The demand for damages exceeding $6 million signals the gravity of the alleged misconduct. This legal drama highlights the complexities of international business transactions within our jurisdiction and the importance of robust legal frameworks to prevent the exploitation of local assets.

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Exmar Offshore Ltd allegedly sold the vessel to a foreign entity, ADNOC Logistics & Services Plc, prompting concerns among Springview Logistics’ shareholders over what they viewed as an unlawful attempt to dispose of the company’s sole asset without transparency or proper corporate governance.