N6.2b debt: Bank files winding-up petition against Emzor Pharmaceutical 

Nova Merchant Bank Limited has filed a winding-up petition before a Federal High Court sitting in Lagos, against Emzor Pharmaceutical Industries, seeking to recover a loan of N6,205, 575,569.93 granted the firm.
   
The suit marked: FHC/L/CP/1044/2024 has been assigned to Justice Chukwujekwu Aneke. Listed as respondents in the suit are: Central Securities Clearing System Plc, Access Bank Plc, Ecobank Nigeria Limited, Citi Bank Plc, Fidelity Bank Plc, First City Monument Bank Plc, and First Bank of Nigeria Limited.
   
Others are Guaranty Trust Bank Plc, Jaiz Bank Plc, Keystone Bank Ltd, Polaris Bank Plc, Providus Bank Plc Stanbic Ibtc Bank Plc, Sterling Bank Plc, Standard Chartered Bank Plc, Union Bank of Nigeria Plc, United Bank For Africa Plc, TAJ Bank Limited, WEMA Bank Plc, and Zenith Bank Plc.
   
In a Motion on Notice filed by counsel to the bank, Mr Oluwakemi Balogun, he stated that the petitioner has issued on the respondent, the statutory three weeks demand notice required by Section 572 of the Companies and Allied Matters Act (CAMA) 2020.
   
He said three weeks demand notice had since elapsed, yet the respondent has neglected to pay or to secure or compound for same to the reasonable satisfaction of the petitioner. 
   
Balogun stated that the respondent is unable to liquidate its indebtedness, by virtue of Section 574(1) of the Companies and Allied Matters Act (CAMA), Section 6(6) of the Constitution of the Federal Republic of Nigeria, 1999 as amended, Rule 183 of the Companies Winding-Up Rules, 2001, and by JB Order 30 of the Federal High Court (Civil Procedure) Rules, 2019.
   
In an affidavit deposed in support of motion on notice deposed to by Azeezat Adeniji, a Principal Officer in the employment of Nova Merchant Bank, the deponent stated that upon an application by Emzor Pharmaceuticals Industries Limited, the Petitioner by an offer letter dated April 5, 2022 with reference number NVB/22/CBG/APRIL/05/004, granted a 2 type credit facility to Emzor Pharmaceuticals Industries Limited. 

The Facility Type 1 is in the sum of $4,583,333.00 to finance importation of various raw materials while the Facility for the Facility Type 2 is in the sum of N500,000,000 to augment working capital requirement of the company. 
   
Consequently, the petitioner is seeking for an order of court appointing the Deputy Chief Registrar of the Federal High Court, Lagos, as Provisional Liquidator of the respondent to take over and oversee the affairs and continuous running of the respondent’s company pending the grant of the winding-up order by the court.