EKO NEWS
Fuel Supplier Asks Court To Stop Lagos BRT Operations Over Unpaid Debt
- Petrocam Trading Nigeria Limited has asked the court to halt Lagos BRT operations over unpaid debt
EKO HOT BLOG reports that a Fuel Supplier, Petrocam Trading Nigeria Limited has applied to a Federal High Court in Lagos to stop Primero Transport Service Limited, the operator of Bus Rapid Transport (BRT), from operating over alleged indebtedness.
In a suit marked FHC/L/CP/1702/20, brought before the court, pursuant to Order 19, Rule 1, of the Company Winding-Up Rules 2001, Petrocam Trading Nigeria Limited asked for a leave of court to advertise Primero’s winding-up petition in widely circulating newspapers.
Read Also: 2023 Election: Primate Ayodele Reveals What Will Happen On Presidential Election…
The petitioner stated that its request before the court is sequel to Primero’s alleged failure and continued failure to pay a debt of N63,466,000.00.
The petition and verifying affidavit in support of the petition deposed to by Financial Manager, Taiwo Abiodun, stated that sometime between the months of January 2019 and January 2020, upon the request of the respondent, the petitioner made a supply of automated gas oil, lubricant oil and gear oil worth the sum of N174,046 million and that the supply was made on credit on the agreement that the Respondent would pay N10 million, as advance payment before the delivery and balance payment 30 days after the invoice date.
The Financial Manager stated that Petrocam supplied the Automated Gas Oil as agreed, however, contrary to the agreement of the parties, the Primero failed to make payment to the Petitioner.
The petitioner’s Financial Manager stated however that when it became glaring that the respondent did not want to pay the outstanding of N63, 466 million, the petitioner, Petrocam Trading Nigeria Limited, instituted a Suit marked FHC/L/CP/1239/20 against the respondent but the same was discontinued a promise by the Respondent to pay the total outstanding sum by November 6, 2020, but the Respondent has, despite receipt of the said letter, failed and or neglected to accede to same.
He stated that the respondent, having fully utilised the products and despite several and persistent demands by the Petitioner, the Respondent has willfully failed, refused and/or neglected to repay the outstanding sums due to the Petitioner.
He also stated that the respondent had not in any way whatsoever denied its indebtedness to the Petitioner. But it had become insolvent and therefore unable to pay its debt because it was more than 21 days and the company had not made the payment as demanded in the petitioner’s several letters of demand dated May 14, 2020, June 1, 2020, and July 1, 2020, respectively, adding that the amount demanded exceeds N200, 000, 00.
He also alleged that Pursuant to Sections 571 (d) and 572 (a) of the Companies and Allied Matters Act 2020, Primero Transport Services Limited had shown its incapacity to pay its debts contrary to Section 571 and 572 of the Companies and Allied Matters Act 2020.
He, therefore, prayed the court to declare that Primero Transport Services Limited be wound up under the provisions of the Companies and Allied Matters Act.
However, the BRT operator asked the court to dismiss the Winding-Up suit against it on the ground that the debt referred to by the Petitioner was nonexistent.
Primero in its counter-affidavit deposed to by a legal practitioner, Mejulu Henry of Hawkes Legal, stated that the petitioner centred on an obligation to pay money pursuant to the supply of Automated Gas Oil, Gear oil and other oil additives between parties.
Mejulu averred that he was aware that the respondent since the commencement of their business relationship with the petitioner had always enjoyed a credit relationship as a result of the volumes/orders requested from the petitioner.
Meanwhile, Justice Lewis Allagoa has fixed February 25, for a hearing of the suit.
Justice Allagoa fixed the date after counsel to the parties, told the court on January 18, 2022, that all efforts to reach an amicable settlement of the debt had broken down.
The petitioner’s counsel, Tokunbo Davis of Kemi Pinheiro LP, told the court that parties had attempted to resolve the matter but such moves had collapsed.
You May Also Like: General Hospital Ifako-Ijaye Marks Y2022 World Cancer Day
Click to watch our video of the week:
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611