Court Halts Sale of MV Wariboko Amid Shareholder Dispute

The Federal High Court sitting in Port Harcourt has issued a stay of action concerning the disputed vessel MV Wariboko, also known as ADNOC AB03, with IMO number 1903649. The court nullified a shareholders' meeting held by Springview International Logistics Limited on February 24, 2026, which had endorsed the transfer of a 60% interest in the vessel to Exmar Offshore Ltd.

The case, referenced as suit no FHC PH CP 02 2026, arose from allegations that Exmar Offshore Ltd unlawfully sold the vessel to ADNOC Logistics Services PLC, raising concerns among Springview Logistics shareholders about a lack of transparency and proper corporate governance. Aggrieved shareholders filed legal actions against the directors of Springview Logistics, Exmar Offshore Ltd, and ADNOC Logistics Services PLC, claiming oppression and breach of fiduciary duty.

The court ordered that the parties maintain the status quo pending the resolution of the substantive petition, and any further actions regarding the sale or transfer of the vessel's interest are prohibited until the case is determined.