Mr. Peter Obi

Regulatory Affair: British authorities dissolve Peter Obi’s company, Next International

*Investigation revealed that the company, Next International (UK) Limited, largely owned by the Presidential Candidate of the Labour Party, was struck off September 2021, following the British authorities’ earlier notice to the company in August of the year

Isola Moses | ConsumerConnect

For failing to submit its annual accounts, the United Kingdom (UK) regulators have struck off Next International (UK) Limited, a company largely owned by Mr. Peter Obi, a Nigerian and Presidential Candidate of the Labour Party in the forthcoming 2023 General Elections.

Checks revealed that the company was removed from the record September 2021, following a first and second gazette notice of “compulsory” strike off of the entity, reports Premium Times.

In the UK, a compulsory strike off is imposed on a company by creditors or by the Companies House for non-submission of annual accounts or failure to notify Companies House about a change of official registered office address.

Once a company is struck off, its details will be removed from Companies House register and the company ceases to exist, report said.

It was learnt that Next International (UK) Limited failed to submit its annual accounts for the year 2020, hence, the company was struck off and liquidated 2021.

Before a company is struck off, however, report indicates the UK requires the Companies House’s Registrar to send at least two formal letters to the company, warning that a failure to file its annual accounts will lead to its removal from the register.

According to UK Liquidators, a financial consulting firm, if Companies House receives no reply to its letters, it will then publish a first ‘strike off notice’ in the Gazette, which is the official journal of public record.

The first official notice to strike off Next International was issued June 22, 2021, then a second notice was given  August 31, 2021.

A final gazette to dissolve the company was issued September 7, 2021, according to report.

Before its final dissolution, records show that for four consecutive years (2017, 2018, 2019 and 2020) the UK Companies House had to always issue a “first gazette notice for compulsory strike-off” before Next International filed its annual account. Then, immediately the company submitted its annual accounts, a gazette will be issued to discontinue the compulsory strike-off action.

A private limited company, Next International (UK) was incorporated May 16, 1996.

Obi was listed as a Director while his wife, Margaret, served as the company’s Secretary.

Next International (Nigeria) Limited (with 999 ordinary shares) and Mr. Obi (with one ordinary share) were listed as shareholders.

Records show that the company was registered as business “agents involved in the sale of a variety of goods” in England and Wales.

The firm reported taking a mortgage from Lloyds TSB Bank Plc for a property on 53 Clyde Road, Croydon.

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