A Lagos State High Court, Ikeja division has ordered one of the foremost oil and gas exploration company in Nigeria, SEPLAT Petroleum Development Company Plc to pay it’s outstanding indebtedness of $2,112,500.00 (N1,499,875,000 .00) to an oil servicing company, ABM Global Resources Limited.
Justice O. A Dabiri gave the order while delivering judgement in a debt recovery suit instituted by ABM Resources Limited against SEPLAT Petroleum Development Company Plc in suit number LD/2457GCMW/2016
ABM Resources Limited in a bid to recover the money owed her by SEPLAT Petroleum Development Company Plc for materials supplied to the oil prospecting company, had in 2016 through her lawyer, Mr Ade Oyebanji, SAN, instituted a debt recovery suit at the Lagos State High Court Ikeja.
In the amended statement of claim dated 23rd November, 2020 and filed by Mr Ade Oyebanji , SAN, on behalf of ABM Resources Limited, the claimant said that sometimes between 2012 and 2014, SEPLAT Petroleum Development Company Plc secured her service to supply 9-5/8 N80 VAM Top Casing Pipes and 2-7/8 N80 HCS Tubing within the space of 3years.
ABM added that it supplied the defendant (SEPLAT) with all the numbers of 2-7/8 N80 HCS Tubing Pipes which were received by the defendant.
Plaintiff further averred that in fulfilment of the terms of contract for the supply of them materials and in adherence to the purchase order of the defendant , it made several supplies.
In fulfilling part of it’s obligations in accordance with the contract term , plaintiff said SEPLAT made an upfront payment of $3,640,000.00 being 80% of the total cost of the 50,000 feet of 9-5/8 N80 VAM Top Casing Pipes supplied leaving a balance sum of $910,000.00 and $227,500.00 as Value Added Tax totaling $1,137,500.00.
The oil servicing company said it supplied the products requested by the defendant satisfactorily through it PO number 013537 and the defendant issued Work Completion Certificate for the job.
Plaintiff stated that it issued invoice number ABM /MD/ SEPLAT/14/Vol. 4/892 dated November 17,2014 to the defendant in respect of the balance sum of $1,137,500.00 due on the supply, but the defendant has refused to settle the outstanding invoice.
It was further contended by the claimant that the defendant also requested for the supply of 120,000 feet of 2-7/8 N80 HCS pipes and made an upfront payment of $3,120,000.00 being 80% of the total cost of the 120,000 feet of 2-7/8 N80 HCS Pipe in accordance with the terms of contract, leaving a balance sum of $780,000.00 and $195,000.00. ( Value Added Tax) , totaling $975,000.
The plaintiff said all the goods were said supplied, with SEPLAT issuing a Work Completion Certificate, but that the defendant has refused to settle the outstanding debt despite repeated demands, hence the resort to litigation.
