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American Seeks Winding Up Order Against Adenuga’s Oil Firm

One Baker Hughes Group has approached a Federal High Court in Lagos with a petition seeking an order to wind up Belbop Nigeria Limited, an oil company said to be owned by Nigerian businessman, Mike Adenuga.

In the petition filed before Justice Babs Kuewumi, Baker Hughes Group, which described itself as an American international oil and gas services conglomerate, claimed that Belbop is indebted to it to the tune of $12, 092,531.66.

The debt, the petitioner claimed, was the payment due to it for the services it rendered to Belbop for the development and operation of an oil block.

Counsel for Baker Hughes Group, Yusuf Kadiri, claimed that Belbop awarded a contract numbered BEL/HH/2009 to his client in 2009 for the provision of “directional drilling, MWD/LWD services and supply of drilling fluids and drilling bits, Logging cabin and surface acquisition system.”

But Kadiri claimed that though his client “duly discharged its obligations under the contract and rendered requisite services for the benefit of the respondent (Belbop), and issued invoices for the services rendered, the respondent failed to pay despite repeated demands.”

Kadiri claimed that Belbop is indebted to Baker Hughes Company Limited to the tune of US$9, 440, 021.20, and BJ Services Company Limited to the tune of US$2, 652, 510.46. Both companies are subsidiaries of Baker Hughes Group.

Already the petitioner had secured an order of interim injunction from Justice Kuewumi, barring the respondent and its privies from dissipating the assets of Belbop pending the determination of the suit.

In the said order made on April 12, 2016, Justice Kuewumi restrained “the respondent, its directors, staff, management, employees, officers, agents, privies, servants or any other person or group of persons by whatever name so called under the authority of the respondent from alienating, assigning, charging, dissipating, disposing of, dealing, tampering or interfering with assets and properties of Belbop including tangible and intangible assets, and movable and immovable assets, as well as liquid assets, stocks, securities and/or monies wherever found, and in any manner whatsoever pending the hearing and determination of the suit.”

But the judge refused the prayer of the petitioner for an order freezing the bank accounts of Belbop and  appointing the Chief Registrar of the Federal High Court as the as the receiver/manager of Belbop to take charge of the entire business operations.

In his ruling, Justice Kuewumi said it was inappropriate to make such an order at this stage in the case.

He also ordered Baker Hughes Company Limited to sign an undertaking that it would pay damages to Belbop if it turned out that the court ought not to have made a restraining injunction against Belbop.

Further hearing in the matter has been adjourned till June 1, 2016.

Petition for Winding Up Adenuga's Oil Company
Petition for winding up (1).pdf