Firm Asks Court to Liquidate Akwa Ibom APC Candidate’s Company over Alleged N416.8m Debt

A firm, Hydrodive Nigeria Limited has asked the Federal High Court in Lagos, to wind up a company, Saidel Limited, belonging to All Progressives Congress (APC) governorship candidate in Akwa Ibom State, Akanimo Udofia, over alleged N416,809,340 debt.

The petitioner in the winding up petition filed by its counsel, Nnamdi Oragwu told the court that the respondent has failed to pay the debt of N200 million and $243,606.50, weeks after the delivery of a statutory demand notice.

Hydrodive Nigeria is praying for an order that Saidel Limited be wound up by the court under the relevant provisions of the Companies and Allied Act for its inability to pay the debt.

The petitioner also prayed for an order appointing Mr. Tochukwu Onyiuke, an Insolvency Practitioner or any duly licensed member of the Business Rescue and Insolvency Practitioner Association of Nigeria, as the substantive liquidator as the court may deem fit, to immediately liquidate Udofia’s company in accordance with the Companies and Allied Matters Act.

The petitioner asked for an order that the cost of the petition and the cost of the liquidation proceedings shall be paid out of the assets of the respondent.

“Upon a winding up, the petitioner/creditor of the respondent would derive the benefit arising from a thorough tracing, collection and gathering of the respondent’s assets which will be applied by the Liquidator for the settlement of the Respondent’s debt.

“In the circumstances, the petitioner believes that it is just and equitable to wind up the respondent for its inability to pay its debts,” Hydrodive Nigeria prayed.

The petitioner said it specialises in providing diving, vessel leasing, sub-sea and construction support, as well as maintenance and repair of offshore facilities.

The petitioner stated that Saidel Limited approached it to for offshore diving works for the Southern Swamp Sales Gas Evacuation Pipeline Project sometimes in 2018, following which an agreement was reached and executed on July 17, 2018.

Parties also executed supplementary agreements in which the respondent contracted the petitioner as a subcontractor for the project, which it duly executed.

The petitioner said it completed the execution of the project in February, 2019, and was issued a project completion certificate by Udofia’s company.

According to the petitioner, by the terms of the Service Agreement, Saidel Limited was required to settle the petitioner’s invoice within 45 days.

“Upon the completion of the project and execution of the certificate of completion, the petitioner raised and sent several invoices to the respondent totaling the sum of $2,613,953.12.

“Meetings between the petitioner and respondent were held where the petitioner granted concession and issued credit notes to the respondent for the sum of $214,292.47.

“Respondent paid part of some invoices leaving an outstanding sum of N200,000 million and $243,606.50.

“Despite the terms of the service agreement and the addendums thereto requiring the settlement of the invoices within 45 days of the issuance and confirmation and consistent demands, the respondent has refused and neglected to pay the sums of N200 million and $243,606.50 owed to the petitioner.”

The petitioner said it sent several reminders, follow-ups and demands for the payment and also informed the respondent about the huge interest already accruing on the facilities borrowed to execute the contract.