A Lagos businessman, Ugochukwu Okolie, who is also a director of Brickcity Company, in a petition filed before a Federal high court in Lagos is urging the court to wind up the company on the ground that the Brickcity Company is insolvent.
In a statement of fact filed before the court by Barrister Soibi Ovia on behalf of Mr Ugochukwu Okolie, it was alleged that the petitioner who is a director of Brickcity Company loaned the company the sum of N10 million to purchase machinery for the company.
Despite several demands made on the company to liquidate its indebtedness, the company has failed, and refused to pay the outstanding debt of N10million.
The petitioner alleged further that, in a manner shrouded by secrecy, absence of transparency through its Manager and Director, Mr Ugochukwu Ekezie, the company has arbitrarily shut the petitioner from the operations and management of the company.
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The co-director Mr Ogochukwu Ekezie was alleged to have unilaterally usurped all powers as the sole director and shareholder of the company.
The company is insolvent and unable to pay its debt. In the circumstances it is just and equitable that the company should be wound up.
Consequently the petitioner humbly prays the court as follows: The Brickcity company is indebted to the petitioner in the sum of N10million
The petitioner has made application to Brickcity Limited for payment of its debt but Brickcity has failed and neglected to pay the same or any part thereof.
Brickcity Limited is insolvent and unable to pay its debt.
In the circumstance, it is just and equitable for Brickcity Limited to be wound up by the court under the provision of the Company and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004.
The case has been adjourned till 24 January 2018 for hearing.
