By Innocent Anaba

A  Federal High Court sitting in Lagos, has been asked to wind up  Emerald Energy Resources Limited, operator of OML 14 (formerly OPL 229), over its inability to pay a debt of $3.2 million owed an oil and gas firm, ICS Energy Limited.

Trial judge in the matter is Justice Ayotunde Faji.

The petitioner, ICS Energy Limited, through its lawyer, Chief Emeka Okwuosa, is asking the court for an order to wind up Emerald Energy Resources Limited in accordance with the provisions of the Companies and Allied Matters Act CAP C20 Laws of the Federation of Nigeria, 2004.

However, the respondent, in a notice of preliminary objection, has asked the court to dismiss the suit in its entirety.

The respondent is contending that no payment liability has arisen under the settlement agreement dated June 20, 2004 upon which the alleged debt of $3,288,600 in the instant proceedings is hinged.

The petitioner in the suit, ICS Energy Limited is asking the court to appoint liquidators to supervise the winding up process in order to pay the petitioner the sum of $3.288 million, being the outstanding balance due to the petitioner for successfully sourcing and facilitating the payment by Diamond Bank Plc of signature bonus of $11 million in respect of OPL 229, on behalf of the respondent, with interest at 22 per cent per annum from September 16, 2015 until full payment and to others or creditor(s) as may be entitled by their respective claim(s).

The petitioner  further  stated that sometime in January 12, 2000, the respondent engaged the services of the petitioner as a consultant to source and facilitate the payment of $11 million signature bonus on OPL 229, on behalf of the respondent.

It said: “On August 10, 2001 Diamond Bank granted and provided the $11 million. Thereafter, the respondent agreed to pay to the petitioner the sum of $8 million, which was later discounted to $4 million by mutual agreement between  parties, culminating in the settlement agreement of June 20, 2004 between the petitioner and the respondent.”

The petitioner claimed that the respondent has thus far paid it the sum of $686.400, while the balance remained unpaid till date as confirmed by the respondent in their inventory list of payment to the petitioner dated August 15, 2016.

Meanwhile, trial judge, Justice Faji has adjourned the matter till May 4, 2017 for hearing of the petition.