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A Federal High Court in Lagos has appointed a court supervised administrator to take control of key assets linked to Amni International Petroleum Development Co. Ltd., escalating a commercial dispute that has drawn attention because of the company’s owner, oil executive Tunde J. Afolabi.
The court’s ruling, delivered in a case filed by Cenroc FPSO Solutions Nigeria Limited, declared Amni unable to pay its debts and installed lawyer Sam Aiboni as Administrator and Receiver Manager over the company’s assets, funds, business and affairs. The order covers operations tied to contracts and undertakings, whether inside or outside Nigeria.
At the center of the case is a claim of $15,261,329 that the court said Amni failed to settle under its contractual obligations to the applicant. The judge’s decision also recognizes Cenroc as a ranking creditor in the administration process, placing its claim high in the creditor hierarchy, according to details of the ruling reported by local media.
Afolabi, the chairman and chief executive of Amni, founded the company in 1993 and has been a prominent figure in Nigeria’s indigenous oil sector. His firm operates in upstream exploration and production, with an emphasis on offshore activity, and has positioned itself as part of the country’s local content push in the industry.
Under the court order, Aiboni is authorized to take immediate custody, management and control of an office complex at Plot 1377, Tiamiyu Savage Street, Victoria Island, Lagos. The order also extends to a floating production storage and offloading vessel, FPSO Princess Aweni, formerly known as Armada Perkasa, along with related appurtenances and assets.
The court also issued a perpetual injunction restraining Amni, its directors, officers and agents from interfering with the administrator’s duties under Nigeria’s Companies and Allied Matters Act, 2020. The aim, the ruling said, is to stabilize operations, preserve asset value and impose financial controls while the administration runs under judicial supervision.
Within hours of the decision circulating, Amni pushed back on how the order was being described publicly. In a statement, the company said reports suggesting a receiver manager had been appointed over the entire business were inaccurate and materially misleading, arguing the order relates to a limited appointment as administrator for defined purposes linked to the alleged debt.
Amni also said it has filed an appeal and sought a stay of execution and injunctive relief at the Court of Appeal, with those applications still pending. The company said it continues to operate in the ordinary course of business while the matter remains before the courts.
