Court orders company's wind up over N750m debt

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Justice Ayokunle Faji a Federal High Court judge sitting in Lagos has ordered the winding up of Anyiam Osigwe Group Limited over its inability to pay a debt of N750m owed to First Bank of Nigeria Plc since November 2006.

Justice Faji dismissed the contention of the respondent’s counsel who argued that the debt was the subject of another suit marked LD/1798/09.

Similarly, the court discountenanced the respondent’s contention that it is solvent and able to pay its debt. Justice Faji held: “In the instant case, the respondent 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.

 

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