The Federal Excessive Courtroom in Lagos has mounted April 29, 2026, to listen to all processes related to a winding-up case filed by Shell East Workers Funding Cooperative Society Restricted in opposition to an actual property agency, Femab Properties Restricted, over an alleged excellent N96 million debt.
Nairametrics gathered that Justice Deinde Isaac Dipeolu rescheduled the listening to on pending purposes to April 29 on Wednesday.
Femab Properties Restricted is a Nigerian-based actual property improvement and funding firm, whereas Shell East Workers Funding Cooperative Society Ltd (CoopEast) is a registered cooperative society that serves its members who’re workers and retirees of Shell Firms in Nigeria by means of commodity gross sales, housing schemes, amongst others.
Each events are embroiled in a contractual dispute tied to a earlier N850 million obligation related to a land buy for the proposed Shell Property Improvement at Oniru, Lagos State, Nigeria.
On the resumed proceedings on Wednesday, the authorized groups for each events had been current.
Justice Deinde Isaac Dipeolu held that, in view of the court docket’s docket being full of pending judgments and rulings, different contentious issues, together with the moment winding-up case and related processes, stand adjourned for listening to till April 29.
He argued that, by advantage of Order 19 of the Firms Winding-Up Guidelines 2001, the court docket has the facility to make an order for commercial to wind up the respondent.
He added, nonetheless, however that the 21 days allowed by the Firms and Allied Issues Act had lengthy elapsed, the respondent was unable to pay its debt, thus necessitating this winding-up petition.
Nonetheless, of their counter-affidavit seen by Nairametrics, Ajibade Alimat, a litigation officer for Femab, confirmed that on October 28, 2015, the petitioner/respondent executed a Property Improvement Settlement for the development of a hard and fast improvement of a residential housing property and supporting infrastructure in Lagos.
The official maintained that the respondent will not be indebted and can’t be mentioned to be indebted to the petitioner.
She urged the court docket to say no approving the winding-up of the respondent, as her consumer can be tremendously prejudiced by the grant of the appliance.
All different pending purposes by the events can be heard on the subsequent adjourned date.
Recall that the Federal Excessive Courtroom headquarters in 2015 introduced the creation of an “Insolvency Unit” for the court docket, geared toward addressing the implementation of legal guidelines referring to firm restructuring and dissolution in Nigeria.
In keeping with the court docket, the legal guidelines relate to “Firm Voluntary Preparations (CVA), Administration, Receivership, Winding Up (Dissolution), and varied types of restructuring of corporations” in Nigeria.
The Federal Excessive Courtroom has jurisdiction to decide whether or not an organization is bancrupt or not.
Recall that in December 2025, in a bid to flee liquidation following a current order of the Federal Excessive Courtroom, Abuja, Dantata & Sawoe Development Firm Restricted hurriedly paid in full the $1.4 million settlement settlement overlaying a $1,257,592.83 debt owed to Zutari Consulting Nigeria Ltd for subcontract work on the Dangote Fertilizer Plant venture in Lekki, Lagos.
