Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has granted leave to advertise the winding-up of Prime Exploration and Production Limited over an alleged indebtedness of N10.06 billion and $36.49 million.
The order was granted in a petition filed by Mutual Benefits Assurance Plc and Mutual Exploration and Production Limited, marked FHC/L/CP/959/2025.
The court granted the application following arguments from Senior Advocate of Nigeria, Gboyega Oyewole (SAN), who appeared with Kolawole Salami and Olusesan Kayode, on behalf of the petitioners.
The respondent company, Prime Exploration and Production Limited, was represented by Professor Fidelis Oditah (QC, SAN), alongside Larenta Okukpon and Isioma Osakwe.
“Upon reading the affidavit in support of the motion sworn to by Inyene Dorcas Ntuk of 233, Ikorodu Road, Aret Adams House, Ilupeju, Lagos, and after hearing Gboyega Oyewole (SAN) with Kolawole Salami and Olusesan Kayode for the petitioner, and Professor Fidelis Oditah (QC, SAN) for the respondent, the court carefully considered the application and submissions of counsel and hereby orders as follows:
“Leave is granted to the petitioner to advertise the winding-up petition in line with Rule 19 of the Companies Winding-Up Rules.
The petition shall be published once in (a) The Punch Newspaper, and (b) The Guardian Newspaper, both circulating in Lagos where the company’s registered office is located.”
Justice Lewis-Allagoa adjourned the matter to October 20, 2025, for a report on compliance.
In urging the court to grant the motion, Oyewole (SAN) argued that the petitioners were entitled to the order under Rule 19 of the Companies Winding-Up Rules.
He noted that the respondent company is indebted to the petitioners by virtue of an unliquidated judgment debt arising from a consent judgment delivered by the Lagos State High Court on November 13, 2023.
He further contended that the advertisement of the petition would serve the public interest by enabling other creditors and contributories of the respondent to participate in the winding-up proceedings.
