Court Declares AMNI Unable to Pay $15.3 Million Debt, Appoints Administrator Over Assets
The Federal High Court in Lagos has declared oil and gas exploration company AMNI International Petroleum Development Company unable to pay a debt of $15.3 million owed to Cenroc FPSO Solutions Nigerian Limited and appointed an administrator to take control of its assets and operations.
Justice Chukwujekwu Aneke delivered the ruling on Friday, granting an application filed by Cenroc after the company failed to settle outstanding contractual payments. The court appointed lawyer Sam Aiboni as Administrator over AMNI’s assets, properties, business operations and affairs.
In the certified true copy of the ruling, the court held that AMNI failed to pay $15,261,329 due under contracts dated 1 April 2019. The contracts referenced in the decision are CAP-AMN-CFS-1121-AGR-20001 and 03-AMN-CFS-GE-CNT-10001.
Justice Aneke ruled that AMNI had become unable to pay its debts, citing its financial position and its failure to discharge the outstanding contractual sum owed to Cenroc. The decision followed arguments presented by both parties in court.
The Administrator is to assume control over all assets and operations of the company, wherever they are located. This includes AMNI’s office complex at Plot 1377, Tiamiyu Savage Street, Victoria Island, Lagos, or any other address linked to the company.
The order also covers the FPSO Princess Aweni, formerly known as Armada Perkasa, along with its appurtenances. The vessel is currently lying or berthed at the Okoro Field in Port Harcourt, Rivers State, within Nigeria’s territorial waters.
The court’s order extends to other assets owned by AMNI both within and outside Nigeria. Mr Aiboni is authorised to take immediate custody, management and control of these assets as part of the administration process.
Justice Aneke further directed that Cenroc be recognised as a ranking creditor in the administration of AMNI. The court ordered that Cenroc’s claim be accorded priority in the ranking of creditors.
A perpetual injunction was also granted restraining AMNI, its directors, officers, agents and privies from interfering with or obstructing the Administrator in the discharge of his duties. The injunction was issued under the provisions of the Companies and Allied Matters Act (CAMA) 2020.
Under CAMA 2020, administration allows a court-appointed administrator to assume control of a financially distressed company. The process is intended to protect company assets and safeguard the interests of creditors while ensuring orderly management.
The application that led to the ruling was dated 23 July 2025. It was supported by a 24-paragraph affidavit deposed to by Oghenekaro Okodiya, accompanied by documentary exhibits and a written address signed by Olalekan Kareem.
At the hearing, Messrs Kareem and Okodiya moved the motion on behalf of the applicant, Cenroc. The respondent, AMNI, was represented by Bedemi Ademola-Bello, a Senior Advocate of Nigeria, alongside Ochu Agbai-Abosi and Damilola Akeredolu, who opposed the application.
After hearing submissions from both sides, the court delivered its ruling in open court and granted the application in favour of Cenroc. As of the time of filing this report, AMNI had not issued any public statement in response to the judgement.
AMNI is regarded as one of Nigeria’s established indigenous oil producers. The company has operated in offshore exploration and production for more than three decades and manages offshore blocks including OML 112 and OML 117.
The Okoro Field, where the FPSO Princess Aweni is stationed, commenced production in 2008. It remains a significant asset within the company’s operational portfolio.
The ruling comes amid increased scrutiny of indebtedness in Nigeria’s upstream oil sector. In 2025, a review by the House of Representatives identified several oil companies, including AMNI, as owing substantial sums to the federal government in royalties and fees.
By placing AMNI under court-supervised administration, the judgement effectively transfers control of its specified assets and operations to the appointed Administrator. It also restricts actions that could undermine the orderly management of the company and the protection of creditor interests.
