Justice Ayokunle Faji of the Federal High Court Lagos on Thursday ordered the winding up of Anyiam Osigwe Group Limited due to its inability to pay its N750m debt owed to First Bank of Nigeria (FBN) Plc since November 2006.
The judge arrived at the decision in his May 31, 2023 judgment in a suit between the FBN as petitioner and Anyiam Osigwe Group as respondent. While the case lasted, Dr Kemi Pinheiro (SAN represented FBN, while E. I. Maduabuchi defended the respondent. While arguing on behalf of the old generation bank, Pinheiro said Anyiam Osigwe Group be wound up pursuant to the Companies and Allied Matters Act.
Justice Faji agreed with his submission of that the respondent failed to furnish any satisfactory evidence to show that the unliquidated debt was still being disputed as argued by the respondent. The judge threw out the contention of Anyiam Osigwe Group that the debt was the subject of another suit. Justice Faji noted that there was nothing in the said suit that could amount to a dispute about the debt, as the suit had been struck out and remained unlisted.
The court frowned on the Anyiam Osigwe Group’s contention that it was solvent and able to pay its debt. Justice Faji held that the financial institution had provedandsatisfiedthecourt that the respondent was unable to pay its debt pursuant to Section 408(d) of the Companies and Allied Matters Act, 2004 (being the law at the time of the transaction leading to the dispute).
