The Federal High Court, Lagos Division, has ordered an interim administration for Green Energy International Ltd and Lekoil Oil and Gas Investments Ltd following their failure to pay a $25.5 million debt.
Justice Ambrose Allagoa also appointed Chimezie Ihekweazu, an accredited insolvency practitioner, as the interim administrator for both companies throughout the interim administration.
The judge ordered that Mr Ihekweazu should perform all the functions of an administrator, except the distribution of the respondents’ assets. The judge ordered that the interim administration would continue until the determination of a substantive suit on the matter.
The judge also granted an order directing all banks and financial institutions regulated by the Central Bank of Nigeria to ensure that the respondents’ accounts are controlled by the administrator or his nominee.
He made the orders following an ex parte application filed by H-PTP Energy Services Ltd seeking restraining, Mareva, and injunctive orders against Green Energy and Lekoil.
The applicant averred in the ex parte application that it sought the reliefs following the respondents’ alleged failure to honour a $25.5 million debt obligation.
H-PTL Energy Services Ltd stated that Green Energy and Lekoil were indebted to it to the tune of 25.5 million dollars as Joint venture partners in the Okatikpa Field, under Petroleum Mining Lease 11 located at Andoni, Rivers.
According to H-PTL Energy Services Ltd., the respondents have been indebted to it since mid-2025 and have been unable to liquidate the debt despite acknowledging it in writing.
H-PTP stated that, despite the demands and notices it had made, the debt had remained unpaid, and both respondents had become evasive and were attempting to dispute the already-agreed debt.
It stated that it attached all bank accounts, receivables, and crude oil stock belonging to and produced from the two creditors of the Okatikpa field to the application.
The judge adjourned the case until February 26 for the hearing of the substantive motion.
(NAN)
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