Matilda Omonaiye/
A Federal High Court sitting in Lagos has been asked to compulsorily wind up Allianz Energy and Oilfield Support Limited over its alleged inability to pay an outstanding debt of N62.1 million owed to a maritime firm.
The winding-up petition was filed by Pier Dredging and Marine Technologies Limited, which claims the debt arose from an unfulfilled lease agreement involving dredging equipment.
According to the petition filed through the firm’s lawyer, Barrister Fidel Albert, the petitioner is invoking Section 572 of the Companies and Allied Matters Act (CAMA) 2020, arguing that Allianz Energy is insolvent and unable to meet its financial obligations as they fall due.
The legal dispute stems from a January 16, 2023 lease agreement under which Allianz Energy allegedly rented 50 units of floating hoses and dredging pipes from Pier Dredging for a dredging project in Opobo, Rivers State.
The lease was initially for three months at N10 million per month, with provisions for penalties in case of default. Despite repeated extensions and multiple payment promises, the petitioner claims that Allianz Energy failed to either pay in full or return the leased equipment, breaching contractual terms.
The petition details a trail of failed commitments, invoices, and reminders issued between April 2023 and April 2024, culminating in a statutory demand notice served on May 13, 2024—which allegedly received no response.
Although part payments totaling N30 million were eventually made in April 2024, a balance of N62.1 million remains unpaid. The petitioner said attempts by its solicitor to reach the Managing Director of Allianz Energy for an amicable resolution yielded further unfulfilled promises.
Pier Dredging argues that the persistent failure to settle the debt, return the equipment, or propose a repayment plan, clearly indicates the company’s insolvency.
The petitioner asked the court to wind up Allianz Energy and Oilfield Support Limited and grant “any other orders it deems just and equitable.”
The matter is expected to come up for hearing soon.
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