Skip to main content

Alleged $6 Million Debt & Malicious Publications: Prudent Energy Presents Fact Of The Issue Against Zenon Petroleum





The Management of Prudent Energy and Services Limited (“PESL”) has debunked the news circulated in the media on August 8, 2022, alleging that a “charge” to wind-up PESL over an alleged inability to pay $6 million debt has been presented to the Federal High Court by Zenon Petroleum and Gas Limited (Zenon).


The story, they said is misleading, and is a distortion of the facts of the matter.


The organisation provided their side of the story in a statement, made available to journalists on Tuesday, and stated that Ignite and Zenon, together with its affiliates, recently concluded the arbitration proceedings for the purposes of determining the amount due from Zenon to Ignite, saying that the arbitrators have indicated that a decision will be made in the month of August 2022.



PESL, the parent company of Ignite, the statement added, provided a corporate guarantee to Zenon in respect of any obligations of Ignite to Zenon.  


"The actual obligations of Ignite to Zenon (or vice versa) can only really be determined after the arbitral award has been delivered.


"Zenon presented a winding-up petition against PESL to enforce the corporate guarantee even though the arbitral award that will provide clarity on what may be due to either side is still pending. This petition has neither been argued nor ruled on by the court before which it has been presented.


"To Zenon’s knowledge, the subject of Zenon’s Winding-Up petition and its entitlement to any sum from PESL is vigorously contested by PESL through a High Court suit commenced by PESL against Zenon on 21 July 2022 to prevent Zenon from frivolously enforcing the corporate guarantee until the arbitral award has been delivered.


"Zenon is aware that the subject of its petition will be resolved by arbitration very soon. It has nevertheless commenced winding-up proceedings against PESL, a move that obviously seeks to pre-empt the imminent decision of the arbitrators," the statement read.


It was added that the de facto advertisement, in the form of media publications, of the Winding-Up Petition commenced by Zenon against PESL, when no court has authorised the advertisement of such Petition, is illegal and prejudicial, adding that it is prohibited by Rule 19(1) of the Companies Winding-Up Rules 2001.


They maintained that PESL will file a complaint with the Nigerian Press Council "against the perpetrators of the malicious, libellous, and illegal publications."


"In the meantime, the Board and Management of PESL assure all our stakeholders that we run a sustainable business based on sound corporate governance principles and best ethical standards. We continue to generate robust cashflows that are in excess of our requirements to fulfil all commitments to counterparties.


"Finally, we confirm that the matter with Zenon is being handled via the proper channels. We kindly request that you ignore the blatant and malicious falsehoods being circulated in the media," the statement read.

Comments

Post a Comment

Popular posts from this blog

Sanwo-Olu's Mistress, Aisha Achimogu, Embarrassed At Wedding Of Governor's Daughter

Saturday, April 6, 2024, is a day that Ms. Aisha Achimogu, the mistress of Governor Babajide Sanwo-Olu of Lagos, won't forget easily. The birthday celebration of Ms. Achimogu in Grenada early in the year, attended by Governor Sanwo-Olu, sparked controversies.  Many residents and stakeholders accused the Governor of extravagantly spending millions of naira from the state government on the event. Therefore, when Ms. Achimogu was spotted at the wedding of Governor Sanwo-Olu's daughter, Modupeoreoluwa, a lawyer, to Oladele, it provided an opportunity for those who disapproved of her presence around the Governor to take action. The woman and her troop were said to have been stationed at No 9A McDonald in Ikoyi by Governor Sanwo-Olu. Sources at the event revealed that Ms. Achimogu was promptly asked to leave by some guests as soon as she was noticed. Reportedly, what angered them was Ms. Achimogu's audacity to attend the ceremony, especially in the presence of the Governor's ...
Post a Comment
Read more

How I Was Beaten Up By Boys In Canaanland, Ota, On The Orders Of An Italian- Man Laments

Mr. Victor, a welder from Port Harcourt, Rivers State, experienced a harrowing incident on Wednesday, February 21, 2024, while at work in Ota, Ogun State. While going about his daily duties at a construction company responsible for building the ark in Faith Tabernacle, also known as Winner's Chapel, Victor faced an unexpected altercation with his boss, an Italian man named Mr. Lucas. According to Victor, the altercation escalated when Mr. Lucas suddenly slapped him on the ear from behind, without any apparent provocation. Shocked by the unwarranted assault, Victor instinctively retaliated by delivering a slap in return.  However, the situation took a drastic turn when Mr. Lucas allegedly instructed some Nigerian boys to physically assault Victor in retaliation. Subsequently, Victor was subjected to a brutal beating by the group of assailants, resulting in severe injuries, including pores coming out of his ears. Since the incident, Victor has been struggling to recover both physical...
Post a Comment
Read more

Waliu Taiwo Not Fit to Represent Ogun West in the Senate – Stakeholders

As preparations for Nigeria’s 2027 general elections gain momentum, political activities are heating up, with aspirants beginning to declare their intentions to contest various offices. In Ogun State, one of the emerging contenders for the Ogun West Senatorial District seat under the All Progressives Congress (APC) is Hon. Waliu Taiwo, Chairman of the Ogun State House of Assembly Service Commission.  Taiwo reportedly seeks to replace Senator Solomon Adeola Olamilekan, popularly known as Yayi, who is rumoured to have plans to succeed Governor Dapo Abiodun after his second term. However, some political stakeholders and elders in the Ogun West Senatorial District are reportedly opposing Taiwo’s ambition, arguing that he is unfit to represent the area in the Senate. Sources within the APC claimed that these stakeholders believe Taiwo lacks the credentials, vision, and capacity required for such a position.  They accused him of being driven by personal interests rather than a genui...
Post a Comment
Read more