Debt Burden: Court Seizes $1.8m from Tonye Cole’s Firm

A Federal High Court in Lagos has ordered interim attachment of all funds and stakes accruable to an oil company, Enageed Resources Ltd (a member of Sahara Group) covering Oil Prospecting Licence (OPL) 274, due to non payment of $1,853,028.61 debt.
The court also restrained the directors and officers of the company owned and controlled by three Nigerian businessmen, Cole Tonye, Shonubi Temitope, and Odunsi Ade from receiving payments from 12 banks filed before the court, pending the final determination of the case.
The order of the Court followed an ex-parte application filed and argued before the court by a Lagos lawyer, Barrister Uche Obi SAN, on behalf of a limited liability company HOBARK International Limited.
The finance Manager of the company, Godwin Eteidung, stated in an affidavit that Enageed resources Ltd had a partnership with Nigeria National Petroleum Corporation (NNPC) for production sharing contract covering Oil Prospecting Licence (OPL) 274.
After the company executed the services agreement with Hobark Company for the provision of Rig Personnel to Enageed Company, in Oki and Oluegi, located at OPL 274 to conduct Petroleum operations, Hobark submitted invoices totalling the sum of $2,695,209.63, to be settled from the account of Sahara Energy Field Limited as agreed at the completion of the job. But, the respondent was able to make partial payment of $554,821.72, leaving outstanding balance of $1,853,028.61.
Despite repeated calls and demands Enageed Resources has refused and is unable to liquidate its outstanding debt till date.
Consequently, the court was urged to issue order attachment of the funds and the stakes in Oil Processing Licence 274, the subject matter of the suit, in order to prevent the respondent from removing all its assets from the jurisdiction of the Court.
The Presiding Judge, Mojisola Olatoregun, while adjourning till February 20, 2017 for the hearing of the winding up petition, restrained the Directors and officers of Enageed Resources Limited from receiving payments from 12 banks listed before the Court.
The Court ordered that the company’s funds in such banks should be attached.
The Court also ordered that all stakes and funds due to the respondent from the production sharing contract covering Oil Processing 274, in which the petitioner is the appointed contractor, should be attached pending the determination of the suit.