Man Seeks to Wind up MBA Trading over N17m Debt

The Federal High Court in Lagos will on May 19, 2021 (tomorrow) hear a winding-up petition by Mr. Ikechukwu Ago-Amaechi against MBA Trading and Capital Investment Limited.

The petitioner, through his lawyer, Mr. Nnamdi Oragwu of Punuka Attorneys and Solicitors, is praying the court to wind up the company under the Companies and Allied Matters Act for its inability to pay a N17million debt.

Ago-Amaechi stated in his petition that sometime in March 2020, the respondent, through its marketing agent, Mr. Michael Mackintosh invited him to invest in the company and that he would get a 40 per cent return on the investment (ROI).

Ago-Amaechi invested N10million and signed an agreement with the company on March 10, 2020, but Mackintosh informed him a few weeks later that the ROI would be delayed for some time due to the COVID-19 pandemic.

The petitioner said when the money was not paid, his lawyers wrote a demand letter on May 4, 2020, asking the company to honour the contract it executed with the petitioner, but “the respondent has continued to ignore the petitioner’s demand letters and has refused to pay the petitioner”.

“The petitioner avers that the respondent is (insolvent and) unable to pay its debts. In the circumstances, it is just and equitable that the respondent should be wound up,” Ago-Amaechi added.

Ago-Amaechi had also petitioned the Central Bank of Nigeria (CBN) over the activities of MBA Trading and Capital Investment.

In an August 14, 2020 response, the CBN’s Legal Adviser/Director, HE Fomah wrote: “We wish to thank you for alerting the CBN on the fraudulent activities of MBA Trading & Capital Investments Ltd, being perpetrated on unsuspecting and innocent members of the public.

“From our available records, the company is not a licensed financial institution under the regulatory purview of the CBN.

“However, we assure you that the CBN would take necessary steps to investigate the alleged fraudulent activities and prosecute the company if found culpable of operating as a financial institution without a valid licence.”

The matter came up on March 15 before Justice Chukwujekwu Aneke and was adjourned until May 19.