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| Benedict Peters CEO of AITEO |
The petitioner is
praying the court to wind-up the company on grounds of insolvency pursuant
to sections 408 and 409(a) of the Company and Allied Matters Act.
In a six paragraph
affidavit verifying the petition, Mr Unye Sunday Micah, Managing Director of
Charlietam International Services Limited, affirmed that between December 2017
to March 2019, his company rendered services valued at ₦265,068,753.00 and was
only paid the sum of ₦6million without payment advice, leaving an outstanding
balance of N259,068,753.00.
The petitioner averred
that several demand letters, including those from the petitioner's solicitors
were sent to the Company's Abuja and Lagos addresses, but as usual Aiteo refused
or/ failed to respond to any of the letters. The final demand letter dated 28th
August 2019, was sent by the petitioner pursuant to sections 408 and 409 (a) of
the Companies and Allied Matters Act. In the said letter, the petitioners
demanded to be paid amount owed and informed Aiteo of an impending
legal action.The petition,
accordingly read in part, "More than twenty-one (21) days have since
elapsed from the last demand without the Company making good the moneys owed as
aforesaid. The petition further stated that the Company is insolvent and unable
to pay its debt and your Petitioner therefore humbly prays as follows:
"That the Court,
under the provisions of the Companies and Allied Matters Act, 1990,
winds-up AITEO EASTERN E & P COMPANY LIMITED; and for such
further or other orders as this Court may deem fit to make in the
circumstances."
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| Symbol of Justice |
The Petitioner also
alleged that Aiteo is indebted to several of its Local Contractors,
cumulatively to the tune of billions of naira and the said sums have remained
unpaid despite repeated demands.
A motion of notice
filed before the court and brought under Rule 19 of the Winding-Up Rules
of the Companies and Allied Matters Act also stated, ‘‘take notice that this
Honourable Court will be moved on the...day of…2019 at the hour of 9 O’ clock
in the forenoon or soon thereafter as the Petitioner/Applicant or Counsel on
its behalf may be heard praying for: An order granting leave to the Petitioner
to have this Petition advertised according to the law pursuant to Rule 19 of
the Companies Winding-up Rules, by advertising the Petition once in:
One National Daily Newspaper, and one other Newspaper circulating in Lagos
being the city where the registered address and/or principal place of business
of the Company is situated and such further order or Orders as this Honourable
Court may deem fit to make in the circumstances’’.
No date has been fixed
for hearing of the petition which is expected to generate a lot of interest in
the local and international oil business community particularly in Bayelsa
State where Aiteo has, since August 2015, been locked in a legal
battle with its host communities before Hon. Justice A. O. Awogboro of the
Federal High Court 2, Yenagoa.
OML 29 is probably the
largest oil producing onshore bloc in sub Saharan Africa with a maze of
multi-billion oil and gas assets including the famous Nembe Creek Trunk Line
which conveys crude oil to the Bonny Export Terminal. It was initially operated
by SPDC since 1962. But in 2015, Aiteo acquired ownership of the bloc
and the Nembe Creek Trunk Line from Shell Petroleum for $2.7billion in a
process the host communities described as flawed and unethical.
It would be recalled
that the license expired on June 30, 2019 amidst grave speculations that it may
have been surreptitiously renewed by the regulatory authorities after an
initial down payment of $82million was reportedly made by Aiteo, despite
the suit filed by the host communities which sought to, among other things halt
the renewal and bring the oil company to account for years of cumulative
environmental injustice and corporate social irresponsibility and neglect.
a case between an oil and gas company and a private firm, makes a good reading, what is your view?
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