These are not the best of times for late Chief M.K.O Abiola’s first son, Kola Abiola as his company Summit Oil Exploration Limited is now in debt mess.

Summit Oil Exploration Limited has been dragged before a Federal High Court in Lagos by Seistech Energy Company through its lawyer Barrister Fidel Albert, Seistech reveals that it was contracted by Summit Oil Exploration Limited for an end to end design, construction and installation of delivery lines for Summit Oil to enable the respondent transport crude oil and condensate from its Otien-1 Field oil wells in April 2017.

Seistech said that Summit Oil made a payment of ₦N11,868,703.75, being 50% of the agreed-on mobilization fee for the work. Seistech added that Summit however defaulted in issuing any further payments.

Seistech disclosed that it took the option of taking the case to court in order to recover the outstanding debt of around ₦69 million.

However, Summit Oil Exploration Limited responded to the petition through a notice of preliminary objection claiming that the contract signed by both companies stipulate that any dispute between them should be resolved through arbitration. The company thus argued through its lawyer that in failing to trigger the dispute resolution clause before going to court Seistech Oil has committed a legal faux pas and its case should be summarily thrown out of court.