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Court stops firm from liquidating assets

By Innocent Anaba

lagos—A Federal High Court in Lagos has restrained management of Belbop Nigeria Limited, from dissipating the assets of the company, pending the determination of a winding up petition against the firm by an American international oil and gas services conglomerate, Baker Hughes Group over alleged debt of $12 million.

Baker Hughes had in the petition asked that Belbop Nigeria Limited be wound up for its inability to pay a debt of $12, 092, 531.66 which arose from series of services rendered to Belbop for the development and operation of an oil block.

Belbop, an indigenous oil company, was said to have duly entered into agreements with Baker Hughes and had equally earned substantial revenues as a result of the services rendered to it by Baker Hughes, but allegedly refused to pay for the services despite repeated demands since 2014.

Ruling on an application for interlocutory injunction, trial judge, Justice Babs Kuewumi restrained the respondent, its directors, staff, management, employees, officers, agents, privies, servants or any other person or group of persons by whatever name so-called under the authority of the respondent from ”alienating, assigning, charging, dissipating, disposing of, tampering or interfering with assets and properties of Belbop, including tangible and intangible assets, and movable and immovable assets.”

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