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Green Energy Lekoil $25 million debt dispute has led to a major legal development after the Federal High Court, Lagos Division ordered interim administration for two oil companies over an alleged unpaid financial obligation. The decision follows claims that the firms failed to settle a $25.5 million debt linked to a joint venture oil project.
The ruling places the management and financial affairs of Green Energy International Ltd and Lekoil Oil and Gas Investments Ltd under the control of an appointed administrator pending the determination of a substantive suit.
The development highlights growing concerns about financial accountability and corporate governance in Nigeria’s oil and gas industry.
Green Energy Lekoil $25 million debt: Court orders interim administration
The court directed that an interim administration take over the operations of the companies due to their alleged failure to meet debt obligations. Justice Ambrose Allagoa appointed Chimezie Ihekweazu, an accredited insolvency practitioner, as interim administrator for both firms.
According to the order, the administrator will perform all management functions related to the companies’ operations and financial affairs. However, the court clarified that the administrator does not have authority to distribute the companies’ assets during the interim period.
The interim administration will remain in place until the court reaches a final decision in the substantive case. The move is intended to preserve the companies’ assets and ensure proper oversight of their financial activities.
Green Energy Lekoil $25 million debt and control of company accounts
As part of the ruling, the court directed all banks and financial institutions regulated by the Central Bank of Nigeria to place the companies’ accounts under the control of the appointed administrator or his nominee.
This measure ensures that all financial transactions involving the companies are closely monitored. The directive also aims to protect creditors and prevent possible asset diversion while the case remains before the court.
Financial oversight is a common feature of interim administration in insolvency related disputes. It allows an independent professional to manage company resources while maintaining business continuity.
Green Energy Lekoil $25 million debt linked to Okatikpa oil field
The legal dispute originated from an ex parte application filed by H PTP Energy Services Ltd. The applicant sought restraining and injunctive orders against the respondent companies over the alleged unpaid debt.
According to court filings, the debt arose from a joint venture partnership involving the Okatikpa Field under Petroleum Mining Lease 11 located in Andoni, Rivers State. The oil field is part of a collaborative petroleum production arrangement involving the parties.
The applicant stated that the respondents had been indebted since mid 2025 and had acknowledged the obligation in writing but failed to liquidate the amount. Despite repeated notices and demands for payment, the debt allegedly remained unsettled.
The application also included details of bank accounts, receivables, and crude oil stock connected to operations at the oil field as part of efforts to secure the claimed amount.
Legal implications of Green Energy Lekoil $25 million debt case
The Green Energy Lekoil $25 million debt case reflects the legal and financial risks associated with joint venture agreements in the energy sector. Industry observers note that disputes involving operational assets and financial commitments can significantly affect production activities and investor confidence.
Interim administration serves as a legal mechanism to protect creditors while ensuring that companies continue operating under court supervision. The process helps preserve corporate value and maintain transparency during ongoing litigation.
The outcome of the Green Energy Lekoil $25 million debt dispute could influence future partnerships and financial arrangements within Nigeria’s oil industry. It also highlights the role of judicial oversight in resolving complex commercial disputes.
Next court hearing
The court adjourned the case until February 26 for the hearing of the substantive motion. During the next session, the court will consider arguments from all parties and determine further steps regarding the alleged debt and the interim administration.
Stakeholders in Nigeria’s oil and gas sector are expected to closely monitor the proceedings due to the potential impact on joint venture operations and financial accountability standards.
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