BusinessCommercial Law

UBA asks court to wind up company over $47m debt

A Federal High Court in Lagos has fixed November 2 to hear United Bank For Africa (UBA)’s petition to wind up Integrated Energy Distribution and Marketing Company Ltd over $47million debt owed the bank.

Justice Daniel Osiagor fixed the after hearing the ex-parte application argued by Messrs Temilolu Adamolekun with Gbenga Akinde-Peters for UBA. The application was filed by the bank on September 21, 2021 in suit FHC/L/CP/1257/21 seeking to advertise the winding up petition in a national daily newspaper. It backed the petition with an affidavit sworn to by its principal officer, Anike Isinguzo.

Granting the application, Justice Osiagor held: “It is hereby ordered that an order is granted for the Petition be advertised in the federal gazette, in one national daily newspaper and one other newspaper circulating within Lagos State where the registered office or principal place of business of the respondent company is situate.

“The matter is adjourned to the 2nd day of November, 2021 for hearing of the Petition.”

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