$25m Debt: H-PTL Appoints Interim Administrator for Green Energy, Lekoil

Mr Chimezie Victor C. Ihekweazu, SAN has been appointed as Interim Administrator for the assets of Green Energy and Lekoil with immediate effect.

The appointment of the Interim Administration is based on the order of a Federal High Court in Lagos, following the alleged failure by both companies to honour a $25.5m debt obligation to H-PTL.

Green Energy and Lekoil are Joint Venture Partners in Okatikpa Field under Petroleum Mining Lease (PML) – 11, located in Andoni, River State. They are indebted to H-PTL Energy Services Limited in the sum of $25.5m since mid-2025, and have been unable to liquidate the overdue debt despite acknowledging the debt in writing.

Despite demands and notices made by H-PTP, the debt remains unpaid and the two debtors had become evasive and, belatedly, attempted to dispute the already agreed debt.

Consequently, H-TPT has commenced a court ordered administration against Green Energy and Lekoil with the appointment of an Interim Administrator and also attached all the bank accounts, receivables and stock of crude oil belonging to, and produced from the two creditors' Okatikpa field for preservation, pending the administration or determination of pending motions.

With this development, the management and administration of the two companies, and their interest in the oil field and finances are now under the control of the Interim Administrator, Mr Chimezie Victor C. Ihekweazu, SAN with immediate effect.