<p>A Federal High Court sitting in Lagos, South West Nigeria, has appointed chief registrar of the court as provisional liquidator of a limited liability company, Chicason Nigeria Limited, to take charge of all the identified traceable assets, and funds of the company in banks and other financial institutions pending the hearing and final determination of the winding up petition filed against the company.</p>



<p>The order of the ; presiding Judge,  ;Nicholas Oweibo, was sequel to a motion on notice filed and argued ; before
the court, urging the court to
appoint provisional liquidator for the company, pending the final determination
of the winding up petition filed against the company.</p>



<p>In an affidavit sworn to by a litigation officer Chima
Chukwuekwe, it was alleged that the petition was presented to wind up Chicason
Nigeria Limited due to its inability to liquidate it&#8217;s admitted huge
outstanding indebtedness to the petitioner.</p>



<p>Chicason Nigeria Limited, was alleged to have obtained
N1,380,000,000.from defunct Intercontinental bank for the purposes of
purchasing machineries and equipment which includes; blow moulding machines,
packaging equipment for vegetable oil, soap and detergent lubricants
production, conveyor system, tin making and folding equipment amongst other
machineries.</p>



<p>In securing the N1,380,000,000.loan the company pledged, amongst others, a property located at Plot 3527,  ;off Osun Crescent, Cadastral Zone, A6 Maitama,
Abuja.</p>



<p>However,  ;an attempt to register the aforesaid
charge, search conducted revealed that statutory right over the property had
been revoked.</p>



<p>After the disbursement of the huge funds to the company,
it became impracticable for the bank to perfect all the securities availed the
company.</p>



<p>Thereafter, the respondent in the face of repeated
demands failed and variously refused to liquidate the entire huge depositors&#8217;
funds as at when due at the evolution of the maturity due date.</p>



<p>Following the company&#8217;s un-ending default and having
suffered various queries from the regulatory Central Bank of Nigeria at the
instance of non-performing ; toxic loans, the bank mandated it&#8217;s solicitor
to call in the entire indebtedness and issue the ; requisite statutory
demand against the company. Intercontinental
bank Plc went under as a result of toxic bad debts. </p>



<p>It was alleged further that the company is Insolvent and
unable to pay it&#8217;s ; just and legitimate debts as demanded, therefore, placing of the company&#8217;s assets in
the custody of provisional liquidator is to preserve the company&#8217;s assets
pending the hearing and final determination of the petition to prevent same
from being dissipated by the company &#8216;s Chairman,its Director, as well as it&#8217;s
agent and privies.</p>



<p>In his ruling, Justice Oweibo acceded to the request of
the petitioner by appointing Chief registrar of Federal high court as
provisional liquidator.</p>



<p>Profile of Chicason
Group, according to information on its website states that it  ;is a home grown and technology driven
conglomerate, with vibrant member companies and affiliated businesses that
epitomize the African enterprise spirit with diverse interests in Oil &; Gas
Trading, Oil &; Gas Exploration, Manufacturing, Mining, Real Estate, Project
Management, Agriculture, travel/tourism, Health care and Construction.</p>



<p>Founded in 1981,
Chicason Group has over the past 36 years built its reputation on the
foundation of integrity, commitment, team work and providing great value through
great people culture. The Group has throughout the years grown into a strong
player in its markets and has continued to demonstrate exceptional performance
through excellent products and service delivery to our clientele and forming
strategic trade relationships with highly reputable companies across the globe.<br>
Chicason Group is headed by Founder/Group Executive Chairman Dr Alex Chika
Okafor.</p>



<p>The Group brands include A-Z Petroleum Products Limited, Rock of Ages Properties PLC, RIMCO Mining, Cason Travels Limited, RIMCO Nigeria Limited, Afro-Asia Automobile and Plastics, Promotex Nigeria Limited, among others that may not have been included on the website.</p>

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