Pier Dredging and Marine Technologies Limited, has filed a winding-up petition against Allianz Energy and Oilfield Support Limited at the Federal High Court in Lagos over an alleged unpaid debt of ₦62.1 million.
The petition, filed by Barrister Fidel Albert, counsel to the petitioner, was brought pursuant to Section 572 of the Companies and Allied Matters Act (CAMA) 2020.
According to the filing, Allianz Energy is “insolvent and unable to meet its financial obligations.”
Court documents reveal that the dispute stems from a lease agreement dated January 16, 2023, under 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 agreement was valued at ₦10 million per month for an initial three-month term and included penalty clauses for late payment and failure to return the equipment.
Despite repeated extensions and “multiple assurances from Allianz Energy” to settle the debt, the petitioner alleged that the company defaulted on payment obligations and failed to return the leased equipment.
Pier Dredging stated that it “made several attempts to recover the outstanding sums,” issuing invoices and reminder notices throughout 2023 and 2024. This culminated in a statutory demand notice served on May 13, 2024.
By March 2024, the debt had reportedly risen to ₦92 million. Although Allianz Energy allegedly made part payments totaling ₦30 million in April 2024, an outstanding balance of ₦62.1 million remains unpaid.
The petition also noted that Pier Dredging’s solicitor had “personally contacted the Managing Director of Allianz Energy” in an effort to resolve the matter amicably. According to the petitioner, the managing director “promised to settle the debt shortly,” but the commitment “was never fulfilled.”
Pier Dredging contends that Allianz Energy’s failure to pay the debt, return the equipment, or offer any meaningful repayment plan is “sufficient proof of insolvency.”
It is therefore urging the court to wind up Allianz Energy and issue “any further orders deemed just and equitable.”
