Posted on July 7, 2025
A Lagos-based maritime services firm, Pier Dredging and Marine Technologies Limited, has filed a winding-up petition at the Federal High Court in Lagos against Allianz Energy and Oilfield Support Limited over an alleged unpaid debt of N62.1 million.
The petition, brought before the court by counsel to the petitioner, Barrister Fidel Albert, invokes Section 572 of the Companies and Allied Matters Act (CAMA) 2020. It alleges that Allianz Energy is insolvent and unable to meet its financial obligations.
According to court documents, the dispute arose from a lease agreement dated January 16, 2023, in which Pier Dredging leased 50 units of floating hoses and dredging pipes to Allianz Energy for use in a dredging project in Opobo, Rivers State.
The lease, valued at N10 million monthly for an initial three-month term, also included penalty clauses for late payment and failure to return equipment.
Despite multiple extensions and repeated assurances from Allianz Energy to settle the debt, Pier Dredging alleged that the company defaulted on its payments and failed to return the leased equipment.
The petitioner said it made several attempts to recover the outstanding sums, issuing invoices and reminders throughout 2023 and 2024, culminating in a statutory demand notice served on May 13, 2024.
By March 2024, the alleged debt had ballooned to N92 million. Although Allianz Energy reportedly made part payments amounting to N30 million in April 2024, a balance of N62.1 million remains unpaid.
The petition also noted that Pier Dredging’s solicitor personally contacted the Managing Director of Allianz Energy in a bid to resolve the matter amicably.
The managing director allegedly promised to settle the debt shortly, but the commitment was never fulfilled.
Pier Dredging contended that the company’s failure to pay the debt, return the leased equipment, or propose any viable settlement plan is “sufficient proof of insolvency.”
It is therefore urging the court to issue an order to wind up Allianz Energy and make any further orders deemed just and equitable.