Global Fleet? Oil and Gas Limited has urged a Federal High Court sitting in Abuja to restrain? the Federal Government from canceling the shares sale and purchase agreement freely entered into with it over the acquisition of NICON Insurance Plc and the Nigeria Re-Insurance Corporation about eight years ago.
The Global Fleet Oil and Gas Limited, the NICON Insurance Plc and the Nigeria Re-Insurance Corporation had filed the suit and named the Bureau of Public Enterprises BPE and the Attorney-General of the Federation(AGF) as co-defendants to the suit.
The plaintiffs are demanding for N2billion damages against the government over its alleged bid to alter the shares purchase agreement.
The plaintiff? averred? that by the clear provisions of the Share Purchase Agreement for the two insurance firms, “the SPA has since expired as it was dated December 17, 2005 with a life span of five years and no more.”
They also alleged that “parties to the subject-matter of this suit are bound by the doctrine of pact sunt sarvanda which makes it mandatory and obligatory for parties to respect any legal agreement they voluntarily entered into.
No date has been fixed for the hearing of the matter.