Akinyanmi last year sued Lekoil for unfair dismissal and breach of contract, the culmination of a bitter dispute between the founder and the firm's then biggest shareholder Metallon.
The dispute drew in Nigeria's Ministry of Petroleum, and created more unwanted public turmoil for the company, which was caught out by a fraudulent loan in 2020.
Lekoil also agreed on Wednesday to change its name to Fenikso Ltd and cease using "Lekoil" name or brand in connection with its business.
(Reporting by MacDonald Dzirutwe; editing by David Evans)
