Uniterm Nigeria Limited Seeks Winding Up of Oriental Energy Resources over $1.45 Million Debt
Uniterm Nigeria Limited files a winding-up petition at the Federal High Court in Lagos against Oriental Energy Resources Limited over an alleged debt of $1,453,356.76.
Despite repeated calls and demands, Oriental Energy Resources Limited has not been able to settle its outstanding debt, according to the petitioner.
The Statutory Demand Notice was served on the respondent on April 13, 2022, but the debt remains unpaid, with over eight weeks having elapsed since the notice was served.
Uniterm Nigeria Limited describes Oriental Energy’s actions as repulsive, malicious, and predatory, accusing the company of deliberately ignoring demand letters and refusing to honor final invoices.
Opinion: The case between Uniterm Nigeria Limited and Oriental Energy Resources Limited highlights the significant challenges faced by businesses in recovering outstanding debts in Nigeria. Such prolonged disputes can be detrimental to the financial health of contracting parties and the overall business environment. It is essential for the legal system to provide efficient mechanisms for resolving commercial disputes and enforcing debt recovery, promoting transparency and confidence in business transactions.