Connect with us

Politics

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

Published

on

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.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Former Akwa Ibom Governor Advocates for Maintenance Culture for National Development

Published

on

By

During the Easter celebrations, Udom Emmanuel, the former governor of Akwa Ibom State, emphasized the critical need for Nigerians to develop a culture of maintenance and protection towards public utilities and amenities.

Speaking in his hometown of Awa, in the Onna Local Government Area, Emmanuel highlighted that the path to national development is through the collective prudence and preservation of public resources and heritage.

In a message delivered at a Thanksgiving Service held at the United Evangelical Church in Awa, the former governor pointed out that public facilities are established for the welfare of the citizenry, warranting their protection against acts of vandalism.

Emmanuel’s call to action comes amidst observations of rising vandalism and theft of public properties, including electricity transformers and their components, within the state.

Lamenting the negative impact of such actions on community welfare and development, Emmanuel urged the people of Akwa Ibom and Nigerians at large to embody the virtues of unity, eschewing ethnic biases and sentiments detrimental to progress.

He underscored the importance of community vigilance and the establishment of protective mechanisms to safeguard government installations and public utilities.

Emphasizing the spiritual significance of the Easter season, Emmanuel prayed for blessings upon the people and encouraged living in accordance with the teachings of Jesus Christ.

He commended the efforts of the current governor, Umo Eno, in prioritizing the welfare of the people and reiterated the essential role of individual and communal responsibility in fostering a conducive environment for development.

The call to cultivate a maintenance culture underscores a broader vision for sustainable development and the effective utilization of public resources, pivotal for the progress and well-being of the nation.

Continue Reading

Politics

Governor Umo Eno Inaugurates Board for Akwa Ibom Bulk Purchasing Agency

Published

on

By

Governor Umo Eno of Akwa Ibom State has inaugurated the Board of the State’s Bulk Purchasing Agency, charging its members to uphold transparency and accountability in line with its operational blueprint.

The newly constituted Board is chaired by Dan Akpan, with Unyime Etim serving as the General Manager/Secretary. It also includes commissioners from the Ministries of Economic Development, Agriculture, Justice, and Internal Security, as well as representatives from various sectors such as ALGON, economic advisory, market matters, the Chamber of Commerce, and Labour.

During the inauguration ceremony held at the State Executive Council Chamber, Governor Eno reiterated the importance of the Bulk Purchasing Agency in providing essential food items to the needy and vulnerable in the state, particularly amid challenging economic conditions nationwide. He commended the State House of Assembly for swiftly passing the Bulk Purchase Agency Bill, emphasizing the legislative support received for the initiative.

Governor Eno charged the Board members to collaborate closely with relevant ministries and stakeholders to ensure the effective administration of the food voucher programme. He stressed the need for accountability, urging the committee to be prepared for audits to maintain transparency in their operations.

The ARISE Food Security Programme, which is set to be launched next week, aims to address the soaring prices of staple food items by providing free food vouchers to the most vulnerable individuals identified through the social register. Governor Eno reiterated the government’s commitment to administering the programme based on the updated social register to ensure fairness and transparency.

While acknowledging the temporary nature of the food intervention programme, Governor Eno emphasized the importance of returning to agricultural practices for long-term food security. He assured the commencement of the government’s seedlings distribution programme through the Ministry of Agriculture to support farmers in the state.

Overall, the newly inaugurated Bulk Purchasing Agency is tasked with the responsibility of ensuring the prompt delivery of food items to the people of Akwa Ibom State, underscoring the government’s commitment to addressing food insecurity and supporting vulnerable populations in the state.

Continue Reading

Politics

PDP Demands Senate President Akpabio’s Resignation Amid Allegations of Budget Padding, N108bn Akwa Ibom Fund

Published

on

By

Godswill Akpabio

The Peoples Democratic Party (PDP) has called for the immediate resignation of Senate President, Senator Godswill Akpabio, amidst allegations of budget padding and corruption.

The party demanded an independent investigation into the claim that a whopping N3.7 trillion was clandestinely inserted into the 2024 budget for purported non-existent projects.

In a statement issued by Debo Ologunagba, the National Publicity Secretary of the PDP, the opposition party also urged Akpabio to report to the Economic and Financial Crimes Commission (EFCC) regarding a pending case involving the alleged looting of N108 billion from the coffers of Akwa Ibom State during his tenure as governor.

Furthermore, the PDP insisted that Akpabio should address allegations of an N86 billion contract scam that reportedly occurred during his tenure as the Minister of Niger Delta Affairs, particularly within the Niger Delta Development Commission (NDDC).

The PDP strongly criticized the suspension of Senator Abdul Ningi by the All Progressives Congress (APC) leadership in the Senate, labeling it as an attempt to stifle investigation into the budget padding issue raised by Ningi. The party denounced the suspension as a desperate move to conceal facts and suppress accountability.

Expressing concern over the refusal of the APC Senate leadership to initiate a transparent investigation, the PDP questioned the motives behind avoiding a thorough inquiry into the matter. The party also raised eyebrows at Akpabio’s involvement in presiding over the suspension proceedings, which it deemed as detrimental to the Senate’s integrity.

The PDP emphasized that the gravity of the allegations against Akpabio warrants his immediate resignation to facilitate an impartial investigation. The party reiterated its support for Senator Ningi’s quest for transparency and accountability in the polity.

In conclusion, the PDP urged Akpabio to step aside and allow for an independent probe into the budget padding allegations, while also calling on him to address the corruption allegations leveled against him.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.