The Federal High Court in Lagos has granted Silena Trade Corporation leave to advertise its winding-up petition against Alkem Nigeria Limited, rejecting objections that the proceedings constituted an abuse of court process.
- +Court Approves Advertisement of Winding-Up Petition Against Alkem Nigeria
Justice D.I.
Justice D.I. Dipeolu, in a ruling delivered on June 9, 2026, authorised the petitioner to publish notices of the winding-up petition in the Federal Government Gazette, The Punch newspaper and any other widely circulated newspaper.
The decision marks a significant development in the protracted corporate dispute involving Alkem Nigeria Limited and its directors, Laju Chanrai, Ravi Chanrai and A. Ramalingam, as it paves the way for wider public notification of the winding-up proceedings.
At the hearing, Bolu Agbaje Akadiri, Esq., appeared with Edwin Ugboaja, Esq., for the petitioner, while M.O. Ajana, Esq., appeared with O.O. Osadolor, Esq., for the respondents.
Silena had approached the court through a Motion on Notice dated October 29, 2019, seeking leave to advertise its winding-up petition in compliance with the Companies Winding-Up Rules, 2001.
Arguing the application, counsel to the petitioner contended that under Order 19 Rule 1 of the Companies Winding-Up Rules, no winding-up petition can be advertised without the prior approval of the court. Counsel maintained that the purpose of the advertisement is to notify creditors, shareholders, directors and other stakeholders whose interests may be affected by the proceedings.
The petitioner further argued that Alkem Nigeria Limited is a registered company with numerous stakeholders who ought to be informed of the winding-up petition to enable them take appropriate steps, including filing claims where necessary.
Silena also maintained that its petition was founded on the “just and equitable” ground for winding up a company under the Companies and Allied Matters Act (CAMA), relying on allegations which it said justified judicial intervention.
The respondents, however, opposed the application, arguing that the petition was an abuse of court process.
They contended that Silena had earlier instituted another suit before the Federal High Court seeking orders to preserve the assets of Alkem Nigeria Limited while simultaneously pursuing a winding-up action against the same company.
According to the respondents, the two proceedings sought contradictory outcomes, as one was aimed at preserving the company while the other sought its liquidation.
They informed the court that a preliminary objection challenging the competence of the petition was already pending and urged the court to refuse the application for advertisement.
The respondents further alleged that the winding-up petition was not brought in good faith but was intended to pressure them into accepting the petitioner’s financial demands arising from failed commercial negotiations.
They argued that the petitioner had engaged in multiple legal and regulatory actions against the company following disagreements over financial claims and that the winding-up proceedings were part of a broader strategy to exert commercial pressure on the respondents.
In determining the application, Justice Dipeolu observed that developments in the case had substantially altered the circumstances relied upon by the respondents in opposing the application.
The judge noted that despite contending that the petition was an abuse of process, the respondents subsequently filed an application in November 2020 seeking the valuation of the company’s assets and liabilities and requesting the court to make appropriate determinations based on the valuation report.
The court thereafter appointed the firm of Ademola Oladeinde & Co. to conduct a valuation of the company’s assets and later directed that a liquidation-based valuation be carried out to determine the actual winding-up value of the company.
Following difficulties encountered in completing the exercise, the court subsequently appointed Leke Sanni & Associates to undertake the valuation.
Justice Dipeolu also referred to the petitioner’s further affidavit, in which it alleged that despite offering to bear the cost of the valuation exercise, the respondents failed to provide the necessary documents, information and access required by the court-appointed valuers.
The judge noted that those allegations were not challenged by the respondents through a further counter-affidavit and therefore remained uncontroverted.
Relying on established legal principles, the court held that facts contained in an affidavit that are not disputed are deemed admitted unless they are manifestly incredible.
“Based on what has transpired between the parties, especially since the filing of the instant application, and the current positions of the parties in this case, I am inclined to grant the petitioner’s application,” the judge held.
Justice Dipeolu consequently granted Silena Trade Corporation leave to advertise the winding-up petition in the Gazette, The Punch newspaper and any other widely circulated newspaper.
The ruling is expected to bring the winding-up proceedings to the attention of creditors, shareholders and other stakeholders of Alkem Nigeria Limited ahead of further proceedings in the case.
