Court Declares AMNI Insolvent Over $2.6m Debt, Appoints Administrator

Wale Igbintade

The Federal High Court sitting in Lagos has declared AMNI International Petroleum Development Company Limited unable to pay a debt of $2,625,429.21 owed to CCM Vessel Management Company Limited and appointed a legal practitioner, Mr. Sam Aiboni, as Administrator over the oil firm’s assets and affairs.

Justice Chukwujekwu Aneke made the orders in Suit No. FHC/L/CS/1463/2025, following an administration application brought under Section 450 of the Companies and Allied Matters Act (CAMA), 2020.

In his ruling, the court held that AMNI had become unable to pay its debts, having regard to its financial position and obligations, particularly its failure to settle the outstanding sum owed to CCM Vessel Management under Contract No. 03-AMN-CCM-LG-CNT-00001 dated April 1, 2019.

The court found that the debt remained unpaid and the company’s inability to meet its financial obligations justified judicial intervention under the administration provisions of CAMA.

Consequently, Mr. Sam Aiboni was appointed Administrator over all the assets, properties, funds, business and affairs of AMNI, including the performance of its contracts with natural and juristic persons, wherever such assets may be located.

The appointment effectively transfers the management and control of the company’s operations to the Administrator, who is empowered to oversee its business pending further steps in accordance with the law.

In a far-reaching order, the court authorised the Administrator to take immediate custody, management and control of AMNI’s office complex at Plot 1377, Tiamiyu Savage Street, Victoria Island, Lagos, as well as any other address from which the company operates.

The court also granted control over the vessel FPSO PRINCESS AWENI, formerly known as ARMADA PERKASA, together with all her appurtenances.

The vessel is currently berthed at Okoro Field, Port Harcourt, Rivers State, within Nigeria’s territorial waters.

The order extends to all other assets of the company, whether located within or outside Nigeria.

The court further directed that CCM Vessel Management Company Limited be recognised as a ranking creditor in the administration process for the purpose of recovering the outstanding debt.

It ordered the applicant’s claim be accorded priority in the creditor ranking, a decision likely to have implications for other creditors of AMNI, as it establishes the applicant’s preferential standing.

In addition, the court granted a perpetual injunction restraining AMNI, its directors, officers, agents, servants or privies from interfering with or obstructing Mr. Aiboni in the discharge of his statutory functions under CAMA 2020.

The order bars the company’s management and representatives from taking any steps capable of undermining the Administrator’s authority or frustrating the administration process.

The administration application was dated July 23, 2025, and filed on July 24, 2025.

At the hearing, O. Kareem, appeared for the Plaintiff/Applicant and moved the motion in line with the reliefs sought.

The Defendant/Respondent opposed the application through its counsel, B. Ademola Bello, SAN.

After considering the arguments and reviewing the processes filed, the court held the application was meritorious and granted the reliefs sought.

However, in its reaction, AMNI International Petroleum Development Company Limited clarified the context of media reports surrounding the ruling, which it said also involved Cenroc FPSO Solutions Limited and CCM.

In a statement issued by its Head of Corporate Communications, Didi Akinyelure, the company said both matters arose from substantially similar commercial disputes relating to contractual claims.

AMNI noted the companies referenced in the proceedings are affiliated entities with overlapping directorship and management structures.

It explained the disputes centre on documentation and substantiation of certain contractual claims, which it has formally challenged in line with the agreements executed between the parties.

The company further stated that both matters are subject to appellate processes, including applications for stay of execution and other related reliefs, adding that it is pursuing all available legal remedies through the appropriate judicial channels.

AMNI emphasised that the proceedings do not relate to insolvency or any inability to meet its obligations.

It added that it would continue to respect the judicial process and provide updates through its official channels as appropriate.