The Federal High Court has appointed Amala Umeike as the Administrator of Eroton Exploration and Production Ltd, signalling a major court-supervised effort to restructure the oil firm.
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The appointment, effective immediately, follows a January 29, 2026, court order in Suit No: FHC/L/CS/2499/2025, a case involving the Lagos State Internal Revenue Service. The move was made pursuant to Section 450 of the Companies and Allied Matters Act (CAMA) 2020.
In a public notice, Eroton (In Administration) confirmed that Umeike would also serve as the Chief Restructuring Officer (CRO).
His mandate is to stabilise operations, preserve asset value, and overhaul the company’s affairs for the benefit of its creditors and stakeholders.
Under the provisions of CAMA 2020, the CRO has assumed full oversight of the company’s business and assets.
The company clarified that this move does not signify a winding-up or cessation of business. Instead, it is a governance “clean-up” intended to restore operational continuity and position the company for a future value-maximising transaction within Nigeria’s upstream sector.
The company stated that it would continue to engage with customers, suppliers, and partners in the ordinary course of business, albeit under the supervision of the CRO.
The development represents a significant step in the restructuring of the oil exploration and production company as it seeks to address its obligations to creditors while maintaining operations in Nigeria’s upstream petroleum sector.
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