On Thursday, A Federal High Court in Lagos ordered the Winding Up of Anyiam Osigwe Group Limited.
Justice Ayokunle Faji gave the order following the company’s inability to pay a debt of N750 million owed to First Bank of Nigeria (FBN) Plc since November 2006.
In Nigeria, winding up Is primarily governed by the Companies and Allied Matters Act (CAMA) and section 401 CAMA provides for the various ways a company can be wound up.
in suit no: FHC/L/CP/925/14 Justice Faji held that the petitioner had proved before the court that Anyiam Osigwe Group Limited was unable to pay its debt pursuant to Section 408(d) of the Companies and Allied Matters Act, 2004.
Consequently, the judge said: “In the instant case, the respondent (Anyiam Osigwe Group) 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.
“Even though a court should not hastily grant a winding up order, where there are strong grounds for doing so, particularly where the dispute as to the debt is not on substantial grounds, the Court will grant a winding up order.
“This Petition has immense merit and ought to and is hereby granted in its entirety.” The court declared.