We’re not insolvent, BRT operator replies diesel supplier

We’re not insolvent, BRT operator replies diesel supplier

By Adeyemi Adeleye

The Primero Transport Services Limited, operator of the Bus Rapid Transit (BRT) in Lagos, says it is not in anyway, shape or form insolvent to be liquidated.

Mr Fola Tinubu, Managing Director of the firm said this is in a statement on Tuesday in Lagos while reacting to a petition by a diesel supplier, Seapro Energy Limited, calling for liquidation of Primero over indebtedness.

Recalled that Seapro Energy Ltd, according to a newspaper’s report on Tuesday had filed a winding-up petition on grounds of insolvency against the BRT operator.

The diesel supplier, in the petition to the Federal High Court, Lagos through its counsel, Tochukwu Onyiuke, prayed the court to declare Primero insolvent and wind it up on grounds that the respondent’s liabilities owed to the petitioner and other creditors are in excess of its assets.

The petitioner was seeking for an order of the court directing the liquidator to pay petitioner the total outstanding debt of N166, 407, 768 from the respondent’s assets.

Reacting, Tinubu said: “Our attention has been drawn to a publication in The Guardian newspaper of today, Tuesday, 29 June 2021 titled “Firm seeks wind-up of BRT Transport over alleged insolvency” by Seapro Energy Limited.

“We will like to put the record straight. The publication does not in any way reflect the reality of the matter. We think there is a misconception here and a lacuna between the two parties.

“The company is not insolvent. We are working with the aggrieved diesel supplier to address their grievance.”

The managing director assured the public that the company had been meeting its financial obligations squarely.