Categories: News

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.

0
Dipo

Dipo Kehinde is an accomplished Nigerian journalist, artist, and designer with over 34 years experience. More info on: https://www.linkedin.com/in/dipo-kehinde-8aa98926

Recent Posts

Are The Grammys Relevant Outside the United States?

Building Credibility For nearly eight decades, the Grammy Awards have stood as the pinnacle of…

16 hours ago

Disputed 5.3bn Shares: Court Adjourns Barbican/FBN Holdings Suit as Ecobank’s Recusal Motion Remains Pending

Justice Ayokunle Faji has adjourned further proceedings in the suit filed by Barbican Capital Limited…

2 days ago

Los Angeles Protects Undocumented Immigrants from Trump’s Deportation Plans with Sanctuary Ordinance

Segun Atanda/ The Los Angeles City Council has approved a sweeping "sanctuary city" ordinance designed…

2 days ago

Trump Could Face Prison After Second Term, Prosecutors Say

Segun Atanda/ New York prosecutors have opposed dismissing President-elect Donald Trump’s conviction for falsifying business…

2 days ago

MC Oluomo Flouts Court Order, Assumes Office as NURTW President

Femi Ashekun/ In a bold and controversial move, Musiliu ‘MC Oluomo’ Akinsanya, has defied a…

2 days ago

Tinubu Sacks Nnamdi Azikiwe University VC, Registrar … Dissolves Council

Matilda Omonaiye/ President Bola Ahmed Tinubu has dissolved the Governing Council of Nnamdi Azikiwe University,…

3 days ago