The Federal High Court in Lagos will on May 19, hear a winding-up petition by Mr. Ikechukwu Ago-Amaechi against MBA Trading and Capital Investment Limited.
The petitioner, through his lawyer, Nnamdi Oragwu of Punuka Attorneys and Solicitors, is praying the court to wind up the company under the Companies and Allied Matters Act for its inability to pay a N17m debt.
Ago-Amaechi stated in his petition that sometime in March 2020, the respondent, through its marketing agent Mr Michael Mackintosh invited him to invest in the company.
It was with the agreement that the petitioner would receive a 40 per cent return on the investment (ROI).
Ago-Amaechi invested N10 million and signed an agreement with the company on March 10, 2020.
The petitioner became apprehensive when Mackintosh informed him a few weeks later that the ROI would be delayed for some time due to the COVID-19 pandemic.
According to Ago-Amaechi, the staff of the company acknowledged the debt via email on April 4, 2020, and apologised for the delay.
The in-house counsel of MBA Trading and Capital Investment, Ms Worhu Sonia, also called the petitioner, promising that the company would address the issues as soon as possible.
“Notwithstanding the promises, the respondent still failed to address the concern raised by the petitioner.
“This prompted the petitioner to engage the law firm of Punuka Attorneys and Solicitors to recover his investments and ROI from the respondent,” Ago-Amaechi stated.
The petitioner’s lawyers wrote a demand letter on May 4, 2020, asking the company to honour the contract it executed with the petitioner.
“The respondent, notwithstanding the demand letter served on it failed to pay its debt to the petitioner,” Ago-Amaechi stated.
He wrote a follow-up letter to the company on May 15, 2020, “which it refused to acknowledge nor reply to”.
Ago-Amaechi said the letter was sent physically to the company’s address on Plot 8 Delakes Mall, Admiralty Way, Lekki Phase 1, and via email on August 31, 2020.
He added: “A statutory letter of demand dated the 2nd of September 2020, was also sent to the respondent, giving it notice that a winding-up proceeding would be commenced against it if it fails to pay the sum of N17 million, being the outstanding principal sum and interests which they owe the petitioner.
“Once again, the respondent refused to acknowledge receipt of the statutory letter of demand.
“Despite this statutory letter of demand, the respondent has continued to ignore the petitioner’s demand letters and has refused to pay the petitioner.
“The petitioner avers that the respondent is (insolvent and) unable to pay its debts.
“In the circumstances, it is just and equitable that the respondent should be wound up.”
The matter came up on March 15 before Justice Chukwujekwu Aneke and was adjourned until May 19.