Nigeria, Oct. 29 -- The Federal High Court in Abuja has awarded N300 million against Transnational Energy Limited over the unlawful removal of Funmi Olawepo as a shareholder and director of the company.

Transnational Energy Limited, the operator of Petroleum Prospecting Licence (PPL) 221, was ordered by the court to pay Ms Olawepo the money for breach of contract.

The judge, Gladys Olotu, found that Transnational Energy Limited violated both corporate governance standards and the provisions of the Companies and Allied Matters Act (CAMA) 2020 by altering official records with the Corporate Affairs Commission (CAC) without the plaintiff's knowledge or consent.

She ruled that Transnational Energy's actions constituted a breach of "fiducia...