A firm, Cabota Power Company Limited has broken its silence on the ongoing case before the Federal High Court of Nigeria, saying the dispute stems from a currency swap deal with Ocean Lord Limited and stressing that business operations remain unaffected.
Speaking through its legal team, led by Bar. Solomon Muazu, on Friday, the firm noted it would not delve into issues reserved for the court.
Muazu, in a statrment, said this was out of respect for judicial sanctity and the subjudice rule.
According to the statement, the matter arose from a commercial transaction within an existing business relationship between Cabota Power and Ocean Lord Ltd.
The company described it as a contractual disagreement, not a breakdown of operations.
Cabota Power disclosed that it had already made substantial payments exceeding ₦450 million under the swap arrangement.
The company said the complainant grew dissatisfied with the pace of payments, prompting legal action.
The firm added that both parties have continued constructive talks aimed at settling the outstanding balance.
Recent court filings, the statement said, reflected those ongoing settlement discussions.
At the last adjourned sitting, the Federal High Court was briefed on the payment negotiations.
The judge then adjourned the matter to dates in July and October, after the court’s annual vacation, to allow parties time to finalise a settlement agreement.
Cabota Power reiterated its commitment to lawful conduct and responsible commercial practice.
The company said it is pursuing all legitimate mechanisms that can lead to an amicable resolution in line with Nigerian law and standard business practice.
The company also dismissed concerns about its financial health.
It stated that the court case does not affect its operational capacity, business continuity or corporate obligations.
Cabota Power cited active engagements with Access Bank UK Limited, which has offered a $16 million working facility, and ongoing repayment of the $3.7 million already drawn.
“Additional partnerships with Zenith Bank, investors, technical partners, and other stakeholders remain intact,” the firm said.
Management expressed confidence in the judicial process and optimism that the adjournment period will allow room for a commercially reasonable resolution.
The solicitors commended stakeholders, clients, and financial institutions for their maturity and continued support.
Cabota Power concluded that disputes rooted in contracts are often resolved through structured settlement and reconciliation, especially where there is evidence of substantial performance and willingness to settle.