By Favour Nnabugwu

The federal high court sitting in Lagos has cleared the former managing director/CEO of Staco Insurance Plc, Dr. Sakiru Oyefeso, of bankruptcy allegations

Justice I.N Oweigbo, who presided over the judgement delivered on the 29th of June, 2021 said, all Exhibits submitted by the creditor, that is, Staco Insurance Plc, before the court, lack substance to declare Oyefeso bankruptcy.

According to the judge, “the picture of the activities of the debtor painted above cannot in my mind constitute a debt. I am not satisfied that there exists a debt or that the debtor committed acts of bankruptcy to entitle the creditor to the reliefs sought. The petition is accordingly dismissed. I award cost of N50,000 against the creditor in favour of the debtor.”

Staco Insurance Plc had earlier filled a petition against Oyefeso, praying that the court adjudge him bankrupt, and that all assets, interests and holdings, either held personally or through third parties and the privies be liquidated.

The insurer alleged that, Mr Sakiru Oyefeso owed the company the sum of; N575, 943, 276.70; $2,175,000 and €219,498.

The Insurance firm also prayed for an order divesting the debtor, Sakiru Oyefeso, of all shares, interests and holdings in all public and private companies as well as perpetual injunction restraining Dr. Sakiru Oyefeso from appointment as a director in any company in Nigeria.

The petition was filled in 2019, along an application for issuance of bankruptcy notice, Notice of bankruptcy and an affidavit of truth of statement in the petition.