AMNI: Court declares oil firm unable to pay debts, appoints administrator

By Emma Njoku

The Federal High Court of Nigeria, Lagos Division, has ruled that AMNI International Petroleum Development Company is unable to pay its debts and, consequently, ordered the appointment of Mr. Sam Aiboni as Administrator/Receiver-Manager over the company’s assets, properties, funds, business and affairs.

The ruling was delivered in Suit No: FHC/L/CS/1454/2025 between Cenroc FPSO Solutions Nigerian Limited (Applicant) and AMNI International Petroleum Development Company (Respondent).

In the operative part of the ruling, the court ordered:

“An Order of this Honourable Court appointing Mr. Sam Aiboni, Esq. (Legal Practitioner) as Administrator over all the assets, properties, funds, business and affairs of the Respondent (including the performance of any contract of the Respondent with any person – natural or juristic) wherever they may be situated.”

The court found that the Respondent failed to discharge its debt obligations to the Applicant in the sum of US$15,261,329, and, accordingly, declared the Respondent unable to pay its debts within the meaning of the law. The finding formed the basis for the court’s decision to place the Respondent under court-supervised administration.

In further orders, the court authorised the administrator/receiver-manager to take immediate custody, management and control of the Respondent’s assets, including its office complex at Plot 1377, Tiamiyu Savage Street, Victoria Island, Lagos, and the vessel FPSO Princess Aweni (formerly Armada Perkasa), along with all appurtenances within and outside Nigeria.

The court also granted a perpetual injunction restraining the Respondent, its directors, officers, agents or privies from interfering with or obstructing the administrator/receiver-manager in the performance of his duties under the Companies and Allied Matters Act, 2020.

Pursuant to the court’s orders, the administrator/receiver-manager will operate under a court-approved mandate designed to stabilise operations, preserve asset value, and ensure transparent financial and operational controls during the administration period.

The proceedings arose from disputes relating to unpaid contractual obligations. The court’s ruling declaring the Respondent unable to pay its debts led to the appointment of an administrator/receiver-manager to oversee the Respondent’s affairs under court supervision.