Court appoints receiver-manager for FPSO Solutions

The Federal High Court of Nigeria, Lagos Division, has declared AMNI International Petroleum Development Company unable to pay its debts in Suit No: FHC/L/CS/1454/2025 between Cenroc FPSO Solutions Nigerian Limited (Applicant) and AMNI International Petroleum Development Company (Respondent).

In its ruling, the court appointed Sam Aiboni, as Administrator/Receiver-Manager over the Respondent’s assets, properties, funds, business and affairs.

In the operative part of the judgment, the court ordered the appointment of Mr. Sam Aiboni, a legal practitioner, as Administrator over all the Respondent’s assets and undertakings, including the performance of any contract with any person, whether natural or juristic, wherever such assets may be located.

The court further authorised the Administrator/Receiver-Manager to take immediate custody, management and control of the Respondent’s office complex at Plot 1377, Tiamiyu Savage Street, Victoria Island, Lagos, as well as the vessel FPSO Princess Aweni (formerly Armada Perkasa), together with all appurtenances and related assets within and outside Nigeria.

The court held that the Respondent had failed to discharge its contractual obligation to the Applicant in the sum of $15,261,329 and was therefore unable to meet its debt obligations.

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Cenroc FPSO Solutions Nigerian Limited was recognised as a ranking creditor in the administration process, with its claim accorded priority in the creditor hierarchy

The court also granted a perpetual injunction restraining the Respondent, its directors, officers, agents or privies from interfering with or obstructing Mr. Aiboni in the discharge of his statutory duties under the Companies and Allied Matters Act, 2020.

Pursuant to the orders, the Administrator/Receiver-Manager is to operate within a court-supervised framework aimed at stabilising the company’s operations, preserving asset value and enforcing financial controls.

The ruling effectively places the Respondent’s defined operations under judicial administration, transfers operational control to the court-appointed Administrator/Receiver-Manager and bars existing officers from taking steps capable of frustrating the administration process.

The framework is intended to safeguard assets, promote transparency and ensure orderly compliance with the court’s directives.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.