A Federal High Court in Lagos has granted a significant order allowing the public advertisement of the winding-up proceedings against Prime Exploration and Production Limited, an oil exploration firm, due to its reported liquidation status and outstanding debts.
The ruling by Justice Ambrose Lewis-Allagoa marks a crucial step in the petition brought forward by Mutual Benefits Assurance Plc and Mutual Exploration Production.
The application for the advertisement of the winding-up petition, filed as suit number FHC/L/CP/959/2025, was presented by the petitioners' legal team, led by Gboyega Oyewole (SAN).
The respondent firm, Prime Exploration and Production Limited, was represented by Professor Fidelis Oditah (SAN).
In his ruling, Justice Lewis-Allagoa affirmed the necessity of the advertisement after meticulously reviewing the affidavit in support of the motion, sworn by Inyene Dorcas Ntuk.
The court considered the arguments put forth by both legal teams, including the submissions from Oyewole (SAN) for the petitioners and Professor Oditah (SAN) for the respondent.
The court explicitly ordered that the petition be advertised "in accordance with Rule 19 of the Companies Winding Up Rules."
This mandates that the advertisement appear once in "The Punch Newspapers," a national newspaper, and once in "Guardian Newspapers," a publication circulating in Lagos State, where the company's registered office is located.
Following the granting of the motion, Justice Lewis-Allagoa adjourned the case to October 20, 2025, to allow for a report on compliance with the advertisement order.
The petitioners, through their counsel Oyewole (SAN), had sought the winding-up of Prime Exploration on several grounds.
They stressed the court's empowerment under Rule 19 of the Company Winding Up Rules to order the advertisement prior to the petition's full hearing.
Crucially, the petitioners asserted that Prime Exploration is indebted to them based on an unliquidated judgment debt stemming from a consent judgment delivered by the High Court of Lagos State on November 13, 2023.
The advertisement, they argued, is vital to enable other creditors and contributories of the respondent company to participate in the winding-up process.
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