Court ‘Winds’ Up Lagos’ Firm Over N750m Debt

Justice Ayokunle Faji of the Federal High Court in Lagos has ordered the winding up of Anyiam Osigwe Group Limited following its failure to repay a debt of N750 million owed to First Bank of Nigeria (FBN) Plc since November 2006.

Justice Faji, who gave the order while delivering judgment on a winding up petition marked FHC/L/CP/925/14 filed by First Bank against Anyiam Osigwe Group, held that company has become Insolvent and it is unable to pay its debt.

The lawyer to the petitioner Dr ‘Kemi Pinheiro SAN had urged the court that the Anyiam Osigwe Group be wound up pursuant to the Company’s and Allied Matters Act

In his judgment, Justice Faji addressed the sole issue distilled for determination in the Petitioner’s final written address dated 16th of February, 2022.

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The judge agreed with Pinheiro that the Respondent failed to furnish any satisfactory evidence to show that the unliquidated debt was still being disputed, as argued by the Respondent.

While dismissing the respondent’s lawyer, I. Maduabuchi submission that the debt was the subject of another suit marked LD/1798/09, the judge noted that there was nothing in the said suit that could amount to a dispute about the debt, as the suit had been struck out and remained unlisted,

Justice Faji further dismissed the respondent argument that it was solvent and able to pay its debt, holding that the bank had proved and satisfied the court that the Respondent was unable to pay its debt pursuant to Section 408(d) of the Companies and Allied Matters Act, 2004 (being the law at the time of transaction leading rise to the dispute).

Justice Faji held, “in the instant case, the respondent (Anyiam Osigwe Group) has not said that it has paid the entire sum due. It has not even shown that it has paid the principal sum of N750,000,000. It has only alleged paying N230,000,000.