A Federal High Court sitting in Lagos has ordered the commencement of a wind-up proceedings against the Oil multinational , Aiteo Eastern Exploration and Production Company Limited, the firm that acquired the juicy OML 29 oil bloc in Bayelsa State from Shell Petroleum Development Company in 2015, over the inability to pay a debt of N259,068,753.00 owed a Port Harcourt based Company, Charlietam International Services Limited between December 2017 and March 2019.
The order of the Federal High Court, which is contained in a sighted by this reporter, was filed by company, one of Aiteo’s contractors, through its Solicitors, Anthony Enyindah, Victor Okezie and Dr Dickson Omukoro of Ntephe Smith & Wills.
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.”
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
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