Business News

Rak Unity Petroleum concludes voluntary winding up 

The RAK Unity Petroleum Company Plc has said that the members’ voluntary winding up of the company has been concluded.

This was contained in a statute report on the voluntary winding up of the company obtained from the NGX.

According to the statement signed by Mrs. Chinwe Chiwete, (Liquidator),

It noted, however, that all unclaimed funds were transferred to the CAC to deposit into Companies Liquidation Account as required by the law.

Naijaonpoint reported recently that the company Plc notified all its shareholders that the Registrars of the Company (First Registrars and Investor Services Limited) had commenced the distribution of final payments to shareholders.

The authorization for the folding up of the company was given by the company’s shareholders at its 18th Annual General Meeting (AGM) held on Friday, June 4, 2021, at the Shell Hall, Muson Centre, Onikan, Lagos.

A notice from the energy firm said that the shareholders were unanimous in approving the proposal put forward by the board of the company at the gathering.

It was also agreed at the meeting that Mrs Chinwe Chiwete of the law firm EPIC Legal, which is in Lekki Phase 1, Lagos, be appointed as a liquidator to wind up the company.

According to the statement signed by the liquidator, the Company has uploaded a list of shareholders to claim their payments on its website.

The company has notified that following section 631 of the Companies and Allied Matters Act 2020 (Act), the Final Meeting of the members of RAK Unity Petroleum Company Plc will be held at The Muson Center Lagos, on Friday, 2nd June 2023 to lay before the meeting an Account of the Liquidator’s acts and dealings and the conduct of the Winding-Up to closure.

The Company was incorporated on 20 December 1982, as RAK Unity Nigeria Company Limited under the Companies Act 1968, and was converted to a public company on 16 November 1987, and the name changed to RAK Unity Petroleum Company Plc.

The Company was incorporated to, among others, carry on the business of sale, distribution, and transportation of petroleum products, liquid, and gaseous hydrocarbons.

In summary, the principal activity of the Company before the commencement of liquidation was the sale and distribution of petroleum products.

At the annual general meeting of RAK Unity, Petroleum Company Plc held on 4 June 2021, shareholders resolved to put the Company into members’ voluntary winding up, leading to the appointment of Chinwe Chiwete (Liquidator) of EPIC Legal as the liquidator of the Company.

Before liquidation, the Company had disposed of its physical assets to Asharami Synergy Limited at a total cost of N59,541,562, and the said amount was factored into payment due from Asharami Synergy Limited.