$15.3m Debt: Court Declares Oil Firm Insolvent, Appoints Aiboni As Receiver-Manager

The Federal High Court of Nigeria, Lagos Division, on Friday, delivered its ruling in Suit No: FHC/L/CS/1454/2025 between Cenroc FPSO Solutions Nigerian Limited (Applicant) and AMNI International Petroleum Development Company (Respondent), declaring the Respondent unable to pay its debts to the Applicant and ordering the appointment of Mr. Sam Aiboni, Esq. as Administrator/Receiver-Manager over the oil and gas exploration company’s assets, properties, funds, business and affairs.

In the operative part of the ruling, Justice Chukwujekwu Aneke ordered: “An Order of this Honourable Court appointing Mr. Sam Aiboni, Esq. (Legal Practitioner) as Administrator over all the assets, properties, funds, business and affairs of the Respondent (including the performance of any contract of the Respondent with any person – natural or juristic) wherever they may be situated.”

The judge held that AMNI failed to pay $15.3 million ($15,261,329) owed to Cenroc under contracts dated April 1, 2019.

The court referenced Contracts Nos. CAP-AMN-CFS-1121-AGR-20001 and 03-AMN-CFS-GE-CNT-10001 in arriving at its decision.

The Court, therefore, authorised the Administrator/Receiver-Manager to take immediate custody, management and control of the Respondent’s office complex at Plot 1377, Tiamiyu Savage Street, Victoria Island, Lagos, and the vessel FPSO Princess Aweni (formerly Armada Perkasa), including all appurtenances and assets within and outside Nigeria.

The Court declared the Respondent unable to pay its debts, having failed to pay the Applicant the sum of US$15,261,329 outstanding under contractual obligations.

The Applicant was recognised as a ranking creditor in the administration of the Respondent, with its claim accorded priority in creditor rankings.

The Court granted an order of perpetual injunction, restraining the Respondent, its directors, officers, agents or privies from interfering with or obstructing Mr. Sam Aiboni, Esq. in the exercise of his functions under the Companies and Allied Matters Act, 2020.

Pursuant to the Court’s orders, the Administrator/Receiver-Manager’s mandate provides a structured, court-supervised framework for stabilising operations, preserving asset value, and enforcing financial controls.

The ruling places the Respondent’s defined operations under court-supervised administration, transfers operational control to the court-appointed Administrator/Receiver-Manager, and restricts any actions by existing officers that could frustrate the administration process.

LEADERSHIP reports that the framework is designed to protect assets, ensure transparency, and provide an orderly pathway for compliance with the Court’s directives.