Nova Merchant Bank Limited has instituted a petition before an Ikoyi Federal High Court, Lagos, seeking to advertise the winding-up of a petroleum company, Midwestern Oil and Gas Company Limited, over alleged unpaid debt of N1,648,649,286.68 billion.
In its petition designated FHC/L/CP/2641/2023, the financial institution through its lawyer, Oluwakemi Balogun (SAN), declared that the petition is brought under Sections 571(D) of the Companies And Allied Matter Act 2022 Rules 4,19,20 and 184 of The Companies Winding-up Rule 2001 and under the court’s inherent jurisdiction.
In specific terms, Nova Merchant Bank Limited is praying the court to issue an order, granting it leave to advertise the Winding-up Petition of the oil firm, once in the Federal Government Official Gazette, one national daily newspaper and other Newspaper circulating in Lagos State, where its registered office and principal place of business is situated or in such other newspaper as the court may direct in compliance with the Companies Winding-Up Rules 2001.
The bank also asked the court for any such further or other orders as the honourable court may deem fit to make in the circumstances.
The financial institution cited the following grounds that its petition is predicated upon: “Despite having been served the statutory notice under Sections 571 and 572 of the Companies and Allied Matters Act, 2020; the respondent is unable to liquidate its indebtedness in the sum of N1,648, 649,286.68 billion, owed to the petitioner as at November 28, 2023.
“Notwithstanding the issuance and service of the statutory demand notice on the Respondent within the contemplation of section 572 of the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2020, the respondent has refused, failed, and neglected to defray the debts owed to the Petitioner.
“The Petitioner/Applicant cannot advertise the Petition without the leave of this Honourable Court. The Petition when advertised will give notice to all those that may have an interest in the respondent’s company as required by law.
“This honourable court is clothed with the vires to grant the instant application, and It is in the public interest that the advertisement for the winding up Petition be granted.”
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