WIKIFX REPORT: Court to hear suit against MBA Trading

The Federal High Court, Lagos will on May 19 hear a winding-up petition filed by Mr. Ikechukwu Ago-Amaechi against MBA Trading and Capital Investment Limited.

Justice Chukwujekwu Aneke gave the date when the matter came up on March 15.

The petitioner had through his counsel, Nnamdi Oragwu, urged the court to wind up the company under the Companies and Allied Matters Act for its inability to pay a N17m debt.

In the petition, Ago-Amaechi stated that sometime in March 2020, the respondent, through its marketing agent, Mr. Michael Mackintosh invited him to invest in the company.

Consequently, he invested N10million and signed an agreement with the company on March 10, 2020 and it was with the agreement that the petitioner would receive a 40 per cent return on the investment (ROI).

However, the petitioner became apprehensive when Mackintosh informed him a few weeks later that the ROI would be delayed for some time due to the COVID-19 pandemic.

According to him, a staff of the company acknowledged the debt via email on April 4, 2020 and apologised for the delay. The in-house counsel of MBA Trading and Capital Investment, Ms Worhu Sonia, also called the petitioner, promising that the company would address the issues as soon as possible.

Notwithstanding the promises, the respondent still failed to address the concern raised by the petitioner.

“This prompted the petitioner to engage the law firm of Punuka Attorneys and Solicitors to recover his investments and ROI from the respondent,” Ago-Amaechi stated.

The petitioner also said his lawyer wrote a demand letter on May 4, 2020, asking the company to honour the contract it executed with the petitioner.

He also petitioned the Central Bank of Nigeria (CBN) over the activities of MBA Trading and Capital Investment, which was responded to by the CBN Legal Adviser/Director H. E. Fomah in August 14, 2020.