A financial advisory and consulting firm, Hydrocarbon Advisors Limited has dragged Accugas Limited (a subsidiary of Savannah energy Petroleum limited) before a Lagos State High Court, asking the court to compel Accugas to pay it $1.75m and N50m for breach of agreement for professional services and as general damages.
Hydrocarbon Advisors is the sole Claimant, while Accugas – a gas development and processing company – is the defendant against whom the reliefs are sought.
FBN Capital is a nominal party and was the Facility Agent.
The claimant filed the Originating summons on November 23, through its counsel Seni Adio, SAN, praying the court to determine four issues, which include whether Accugas breached an October 26, 2017 agreement for professional services between Hydrocarbon Advisors and the defendants, together with the change order of November 23, 2018, and e-mail of September 10, 2018 (collectively, the “AGREEMENT”) by failing to pay the Claimant $1m professional fees plus 7.5 per cent value-added tax (VAT);
And whether Accugas’ request proscribing Hydrocarbon Advisors from providing professional services to a consortium of financial institutions constitutes an unlawful restraint on trade under the Federal Competition and Consumer Protection Act 2018 and the Local Content Act 2010 and is, therefore, unlawful under Nigerian Law.
Contact: [email protected]
