Renewed legal tussle threatens operations at Hely Creek gas asset
A fresh legal tussle over the ownership of Transnational Energy Limited, operator of the Hely Creek gas asset under Petroleum Prospecting Licence 221, has raised concerns about potential disruptions to operations as the dispute draws the attention of regulators.
The conflict is between oil and gas businessman and former presidential aspirant, Gbenga Olawepo-Hashim, and Funmi Olawepo, a shareholder and director in the company.
The dispute centres on the control and shareholding structure of Transnational Energy Limited, which holds interests in PPL 221, also known as the Hely Creek Field in Delta State, raising concerns over governance and operational risks.
Funmi Olawepo has written to the Nigerian Upstream Petroleum Regulatory Commission and the Corporate Affairs Commission, demanding enforcement of a Federal High Court judgment affirming her rights as a shareholder and director.
She insisted that the court declared her removal from the company unlawful, ordered her reinstatement, restored her shareholding, and awarded N300m in damages while nullifying all filings used to remove her.
“The commission previously indicated that it required a court order before taking action. That condition has now been fully satisfied,” she said, warning that failure by the CAC to act would amount to non-compliance with a valid court order.
In letters dated March 21, 2026, she maintained that the judgment remains valid and binding, while also petitioning the NUPRC over alleged ownership and governance irregularities.
The development has heightened uncertainty over the ownership structure of the company and the operations of the Hely Creek Field, with the dispute expected to face further legal and regulatory scrutiny.
