A London court has granted a stay of proceedings in a $111 million loan dispute involving Nigerian businessman Emeka Offor’s engineering company, Kaztec Engineering Ltd.
The dispute, which centered on a loan used to finance the acquisition of oil assets, had been ongoing for years.
The court has effectively frozen the proceedings, allowing Offor and Kaztec room to negotiate, refinance, or restructure the debt without the immediate threat of a full trial.
The settlement, reached between Kaztec and Unity Bank PLC, has eased pressure on Offor, who acted as guarantor on the loan.
Offor, a prominent figure in Nigeria’s oil, gas, and power sectors, has been trying to build a $1 billion fabrication yard in Lagos and is also involved in various philanthropic efforts through the Sir Emeka Offor Foundation.
