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Court Urged to Wind Up Omatek Company Over Unpaid N850M Loan

In a bid to recover a loan of N838,337,562.69 First bank  of Nigeria Limited has filed  a winding up   Petition  against a limited Liability company Omatek Computers Limited dealing in computer accessory
     In the said winding up petition filed before a Federal high court Lagos south-west Nigeria  by a Lagos lawyer Barrister ADE OYEBANJI on behalf  of First Bank, it was alleged that Omatek Computers Company between 20th of May, 2014 and 12th November, 2015.apply for and was granted various type  of loans in the sum of N 743,224,440
        In respect of the loan granted to the company (Dr.) Mrs. Florence Seriki who is the Director and alter ego of the company issued Personal guarantee while Omatek Ventures PLC and  Omatek Ventures Distribution Limited who are sister companies issued corporate guarantee                      However the company has had difficulty in servicing the facilities and has also defied the terms of the loans which has exceeded the time frame for its repayment as stipulated in the terms of the offer letter.
           The total outstanding indebtedness of the company to the bank as at 31st of January, 2016 stood at N838,337,562.69.and the sum continue to accrue interest on a daily basis.
       The petitioner had written several letters to the company requesting for the liquidation of the due and unpaid debt while the guarantors were also written asking them for repayment of the facilities they guaranteed, but the company while admitting it's indebtedness had always cited constraints and challenging market conditions
     The petitioner has made several demands to the company to pay its debt but the company has been unable to pay its debts because it is insolvent.
       Consequently, the bank urged the court, that in the circumstances, it is just and equitable that Omatek company be wound up by the court under the provisions of the company and Allied Matters Act cap C20, Laws of the Federation 2004.
      Mr. OYEBANJI has also filed an application before the court urging the court to make an order appointing a Lagos Lawyer   Barrister Olujumobi Orioye of Filial Partners of 72, Queens street Allagomeji, Yaba Lagos state as professional liquidator of the company pending the hearing and determination of the winding up petition
Meanwhile, Omtek company in an objection filed before the  court by Professor Taiwo Osipitan SAN urge the court dismiss  the petition on the ground that the petition is incompetent, non-compliance with company winding-up rules, because as at the time  of filing the petition the tenor of the loan had not expired.

     The presiding judge, Hadizat Shagari has adjourned till 13thJune, 2016 for further hearing.

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