Justice Ayokunle Faji of the Federal High Court, Lagos has ordered the winding up of Anyiam Osigwe Group Limited following its inability to pay its alleged debt of N750 million owed the First Bank of Nigeria (FBN) Plc since November 2006.
The judge granted the order in his March 31, 2023 judgment in suit, FHC/L/CP/925/14, between the bank as petitioner and the group as respondent, obtained by The Guardian, yesterday. Dr. Kemi Pinheiro (SAN) represented FBN, while E. I. Maduabuchi stood for the respondent.
The bank’s prayer, as canvassed by Pinheiro, was that the group be wound up pursuant to the Companies and Allied Matters Act (CAMA). At the commencement of proceedings, the court analysed facts of the case and arguments in respect of same.
Justice Faji addressed the sole issue distilled for determination in the petitioner’s final written address dated February 16, 2022. He 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.
The judge discountenanced the group’s contention that the debt was subject of another suit marked, LD/1798/09. He noted that there was nothing in the said suit that could amount to a dispute about the debt, as the case had been struck out and remained unlisted.
Furthermore, the court discountenanced the respondent’s contention that it was solvent and able to pay its debt. He held 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 CAMA, 2004 (being the law at the time of transaction, leading 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.
“Even though a court should not hastily grant a winding up order, where there are strong grounds for doing so, particularly where the dispute as to the debt is not on substantial grounds, the court will grant a winding up order. So it is in this case.
“This petition has immense merit and ought to and is hereby granted in its entirety.”
