Lagos — A High Court sitting in Ghana will on Friday, May 24th, 2019 deliver a ruling in a civil dispute between Fortune Global Shipping & Logistics Limited (a Nigeria Company) and Ranger Subsea Nigeria Limited & WAG SPV1 LLC, (an American Company).
Ranger Subsea Nigeria Limited & WAG SPV1 LLC are alleged to be owners of the barge Sea Horizon currently within the territorial jurisdiction of the court. The barge has since been a subject of a warrant of arrest by order of the court since 2018.
It is alleged that Fortune Global Shipping & Logistics Limited provided logistics services to Ranger Subsea Nigeria Limited amounting to over $3 million dollars which debts remain unpaid till date.
It is also alleged that Rangers Subsea Nigeria Limited unceremoniously absconded from Nigeria after obtaining goods and services on false pretenses from contractors and vendors with no intention of paying.
It is further alleged that the company, aware of its huge indebtedness to vendors/contractors in excess of about $50 million and cognizant of the legal dispute that may arise from their inability to pay, initiated moves to transfer their assets which include the Sea Horizon in very questionable circumstances.
The whole exercise surrounding actual ownership of the barge appears to be a façade.
Preliminary investigations show that Akirfa holdings, 100% owners of the Sea Horizon, have 6,000,000 preferential shares in Ranger Subsea Nigeria Limited.
It was gathered that criminal investigation has also been initiated to unearth the actual owners of the entities, their activities and the intention behind their formation.
Further investigations also show a number of suits in different Nigeria courts against Ranger Subsea Nigeria Limited, Ranger Offshore Inc., WAG SPV1 & others.
The interesting aspect of this whole scenario is the fact that Ranger Subsea Nigeria Limited, WAG SPV1, Akirfa, Ranger Offshore Inc. have the same set of Directors.
It will be interesting to see how this matter and all others pending in the Nigerian courts are decided in the coming days.