A Federal High Court in Lagos has ordered an interim administration for Green Energy International Ltd. and Lekoil Oil and Gas Investments Ltd. following their alleged failure to pay $25.5 million debt.
Justice Ambrose Allagoa also appointed Mr Chimezie Ihekweazu (SAN), an accredited insolvency practitioner, as the interim administrator for both companies throughout the interim administration.
The judge ordered that Ihekweazu should do all functions of an administrator, except distribution of the assets of the respondents.
The judge ordered that the interim administration would continue until the determination of a substantive suit on the matter.
Allagoa also granted an order directing all banks and financial institutions regulated by the Central Bank of Nigeria to ensure that the accounts of the respondents would be controlled by the administrator or his nominee.
He made the orders following an ex-parte application filed by H-PTP Energy Services Ltd. seeking restraining, mareva and injunctive orders against Green Energy and Lekoil.
The applicant averred in the ex-parte application that it sought the reliefs following alleged failure by the respondents to honour 25.5 million dollars debt obligation.
H-PTL Energy Services Ltd stated that Green Energy and Lekoil were indebted to it to the tune of $25.5 million as Joint venture partners in Okatikpa Field, under Petroleum Mining Lease 11 located at Andoni, Rivers State.
According to H-PTL Energy Services Ltd., the respondents have been indebted to it since mid 2025 and have been unable to liquidate the debt in spite of acknowledging the debt in writing.
H-PTP stated that in spite of demands and notices it made, the debt had remained unpaid and both respondents had become evasive and were attempting to dispute the already-agreed debt.
It stated that it attached all bank accounts, receivables and stock of crude oil belonging to, and produced from the two creditors of Okatikpa field to the application.
Allagoa adjourned the case until February 26, for hearing of the substantive motion.
