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Court liquidates Anyiam Osigwe group over alleged N750m debt

Anyiam Osigwe

Justice Ayokunle Faji, a Federal High Court judge sitting in Lagos, has ordered the dissolution of Anyiam Osigwe Group Limited for failing to pay a N750 million debt owed to First Bank of Nigeria Plc since November 2006.

The order was granted by the judge in suit number FHC/L/CP/925/14 between FBN as petitioner and Anyiam Osigwe Group as respondent.

FBN was represented by Dr. Kemi Pinheiro SAN, and the respondent was E. I. Maduabuchi.

Dr. Pinheiro, representing the bank, requested that Anyiam Osigwe Group be wound up in accordance with the Companies and Allied Matters Act.

During proceedings, the court analyzed the facts of the case and the arguments in respect of the same.

In the petitioner’s final written address dated February 16, 2022, Justice Faji addressed the sole issue for determination.

The judge agreed with Pinheiro that the respondent failed to provide sufficient evidence to show that the unliquidated debt is disputed, as the respondent claimed.

Justice Faji rejected the respondent’s counsel’s argument that the debt was the subject of another suit marked LD/1798/09.

The judge noted that nothing in the said suit, which was struck out and remained unlisted, could be construed as a dispute over the debt owed.

Similarly, the court discountenanced the respondent’s contention that it is solvent and able to pay its debt.

It held that the petitioner had proved and satisfied the court that the respondent Anyiam Osigwe Group Limited was unable to pay its debt pursuant to Section 408(d) of the Companies and Allied Matters Act, 2004 (being the law at the time of the transaction which led 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.

“This Petition has immense merit and ought to and is hereby granted in its entirety.”

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