Sunday, May 15, 2016 7:06 pm
In a bid to recover a loan of N838.3 million, First bank of Nigeria Limited has filed a winding up petition against a limited liability company, Omatek Computers Limited, dealing in computer accessories.
In the said petition filed before a Federal high court Lagos, South West Nigeria by a Lagos lawyer, Barrister Ade Oyebanji on behalf of First Bank, it was alleged that Omatek Computers Company, between 20th of May, 2014 and 12th November, 2015, applied for and was granted various types of loans in the sum of N 743.2 million.
In respect of the loan granted to the company, (Dr ) Mrs Florence Seriki, who is the Director of the company, issued a personal guarantee while Omatek Ventures PLC and Omatek Ventures Distribution Limited that are sister companies, issued corporate guarantee. However the company has had difficulty in servicing the facilities and has also defied the terms of the loans which has exceeded the time frame for its repayment as stipulated in the terms of the offer letter.
The total outstanding indebtedness of the company to the bank as at 31st of January, 2016 stood at N838.3 million and the sum continued to accrue interest on a daily basis.
The petitioner had written several letters to the company requesting for the liquidation of the unpaid debt. The guarantors were also written for repayment of the facilities they guaranteed. However, the company while addmiting its indebtedness had always cited constraints and challenging market conditions. The petitioner has made several demands to the company to pay its debt but the company has been unable to pay its debts because it is insolvent.
Consequently, the bank urged the court, that in the circumstances, it is just and equitable that Omatek company be wound up by the court under the provisions of the Company and Allied Matters Act cap C20, Laws of the Federation 2004.
Mr Oyebanji has also filed an application before the court. urging it to make an order appointing a Lagos Lawyer, Barrister Olujumobi Orioye of Filial Partners of 72, Queens street Alagomeji, Yaba Lagos state as professional liquidator of the company pending the hearing and determination of the winding up petition.
Meanwhile Omatek company, in an objection filed before the court by Professor Taiwo Osipitan, SAN, urge the court to dismiss the petition on the ground that the petition is incompetent. Also Osipitan cited non-compliance with company winding up rules.
The presiding judge, Hadizat Shagari, adjourned till 13th June, 2016 for further hearing.