Justice Ambrose Lewis-Allagoa of a Federal High Court, has granted leave to advertise the winding up of an exploration firm, Prime Exploration and Production Limited, for been indebtedness to the tune of ₦10.06 billion and $36.49 million.
The motion to advertise the winding up the firm was filed by Mutual Benefits Assurance Plc and mutual exploration production, the Petitioner/plaintiffs in the suit marked FHC/L/CP/959/2025.
Justice Lewis-Allagoa made the order to advertise the company’s Winding-up, after taking arguments from Gboyega Oyewole (SAN) leading Kolawole Salami and Olusesan Kayode Esq, lawyers to the petitioners/applicants, and lawyer to the firm sought to wind up, Professor Fidelis Oditah (Q.C)(SAN)
In making order to advertise the firm’s winding-up, Justice Lewis-Allagoa held that: “after reading the affidavit in support of Motion sworn to by Inyene Dorcas Ntuk, Female, Adult, Nigerian, of 233, Ikorodu Road, Aret Adams House, llupeju, Lagos State, filed in this Court Registry, Ikoyi, Lagos.
“After hearing the submission of Gboyega Oyewole (SAN) with Kolawole Salami Esq. and Olusesan Kayode Esq. counsel for the Petitioner, move in terms of the Motion paper. And Fidelis Oditah (Q.C.)(SAN) counsel for the respondent, with Larenta Okukpon Esq. and Isioma Osakwe Esq. Petitioner represented by Jide Ibitayo Company Secretary.
“The court after careful consideration of the application and submission of counsel.
“It is hereby ordered as follows: “That an Order of this Honourable ‘Court is made granting leave to the Petitioner to have the instant petition advertised in accordance with Rule 19 of the Companies Winding Up Rules, by advertising the petition once in: (a) one National Newspaper, to wit: “The Punch Newspapers’; (b) one other Newspaper circulating in Lagos State where the registered office of the Company is situate, to wit’ “Guardian Newspapers.”
Upon granting the motion, Justice Lewis-Allagoa adjourned to October 20, 2025 for report of compliance.
In urging the court the wind up the company, the petitioners/applicants, through their lawyer, Oyewole (SAN) listed the following grounds: “the honourable court is empowered before the hearing of the petition for winding up under Rule 19 of the Company Winding Up Rules to order the advertisement of the petition of the Petitioners.
“The petitioners have shown that the respondent is indebted to the petitioners pursuant to the unliquidated judgment debt which arose from the consent judgment of High Court of Lagos State, Lagos Judicial Division on the 13th of November, 2023.
“The advertisement will enable other creditors and contributories of the respondent to participate in the winding up process of the Respondent.”
