The Federal High Court sitting in Port Harcourt has nullified a shareholders’ meeting held by Springview International Logistics Limited.
The meeting sought to approve the sale of its majority stake in a significant offshore vessel, MV Wariboko (now ADNOC AB03, IMO: 1903649).
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.
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.
The dispute arose from the vessel’s ownership structure, with Exmar Offshore Ltd holding 40 per cent and Springview Logistics owning the remaining 60 per cent.
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.
The aggrieved shareholders filed a legal action against the directors of Springview Logistics, Exmar Offshore Ltd, and ADNOC Logistics & Services Plc, alleging oppression, unfair prejudice, breach of fiduciary duty, and an attempt to frustrate pending derivative proceedings related to the vessel’s operation.
They sought various reliefs, including declarations that the proposed divestment was improper, orders nullifying any steps taken towards the sale or transfer of Springview’s interest, an injunction to prevent Exmar Offshore Ltd from acquiring that interest, an order setting aside Exmar’s earlier sale of the vessel to ADNOC Logistics & Services Plc, and damages exceeding $6 million.
The aggrieved shareholders also filed an interlocutory application seeking to restrain Springview Logistics from holding a meeting to approve the sale of its shares in the vessel to Exmar Offshore Ltd.
It was gathered that despite being served with the motion and a court order instructing the parties to maintain the status quo, Springview Logistics proceeded with the meeting and purportedly passed resolutions.
The aggrieved shareholders returned to the court seeking an order to nullify the meeting and all resolutions reached therein.
The Federal High Court in a copy of its ruling dated April 15, 2026 agreed with them and set aside the meeting, declaring that parties could not validly take steps to alter the subject matter of the case while it remained pending with a status quo order in effect.
The court ordered that no party should take further action regarding the purchase, sale, transfer, or divestment of the vessel or Springview Logistics’s interest pending the determination of the substantive case.
