Federal High Court in Lagos yesterday granted an order for stay of execution of judgment in a suit by Cenroc FPSO Solutions Nigeria Limited against AMNI International Petroleum Development Company Limited.
Justice Chukwujekwu Aneke granted the order while delivering a ruling on a motion for a stay of execution of an order of the court delivered on February 13 in suit FHC/L/L/CS/1454/2025, reports The Nation.
The plaintiff’s action against the defendant stems from an underlying commercial relationship and contractual engagements with AMNI.
The plaintiff had approached the court through an Administration application filed on July 23, 2025, seeking, among other reliefs, a declaration that AMNI had become unable to pay its debt to the company.
It also asked the court for an order appointing Mr Sam Aiboni as Administrator over affairs of the defendant.
On February 13, Justice Aneke granted the reliefs sought by the plaintiff and appointed Sam Aiboni as Administrator of the company.
Dissatisfied with the judgment and order appointing the Administrator, the respondent filed an appeal, challenging the judgment and the order appointing the Administrator.
The respondent asked for a stay of execution, pending determination of the appeal.
Delivering his ruling yesterday, Justice Aneke held that the judgment/debtor had made out a case, warranting a grant of stay of execution.
The court held: “Therefore, having considered the materials placed before this court, especially exhibit AO1 attached to the affidavit in support of the application, it is my view that the defendant/applicant has made out a case for the grant of the application for stay of execution of the judgement delivered on Feb. 13, and I so hold,” he said
Justice Aneke distinguished between Administrator and a Receiver under Companies and Allied Matters Act 2020, indicating that in the suit, the court’s order was for an Administrator and not a Receiver.
The judge held: “However, I must correct the impression created by the first appointed Administrator in processes, as if Receivership is synonymous with Administration
“In a Receivership, a Receiver acts as an agent and is accountable only to the appointing creditor, who also bears liability for his default; the receiver realises assets and applies the proceeds to the secured debt and remits any surplus to the company…”
The court said that over time, it became clear that the concept of receivership was deficient as it lacked stakeholder balance and led to parallel enforcement actions.
“The judgment/debtor application for stay of execution pending appeal dated and filed on Feb. 13, is hereby granted,” Justice Aneke held.
