Authorities in the United Kingdom (UK) have disqualified Next International (UK) Limited, a business that is largely owned by Peter Obi, the Labour Party’s nominee for president.
According to an exclusive investigation by Premium Times, the company was expelled for failing to submit its annual accounts.
The firm was struck off the record in September 2021 as a result of a first and second gazette notification of “compulsory” strike off of the corporation, according to checks by Premium Times.
In the UK, failure to submit annual accounts or neglect to inform Companies House of a change in the official registered office address results in a company being forced to be struck off by creditors or the Companies House.
According to Premium Times, a company that has been struck off will no longer exist after having its information removed from the Companies House record.
The corporation was struck off and dissolved in 2021 as a result of its inability to submit its annual report for the year 2020.
However, the UK mandates that the Registrar of Companies House issue the company at least two formal letters warning that failure to file its annual accounts will result in its removal from the register before a company is struck off.
According to UK Liquidators, a financial consultancy firm, Companies House will publish a first “strike off notice” in the Gazette, which is the official journal of public record, if it doesn’t receive a response to its letters.
Next International received two official notices to be struck off, the first on June 22, 2021, and the second on August 31, 2021. On September 7, 2021, a definitive gazette dissolving the firm was published.
Records indicate that, prior to Next International’s final dissolution, the UK Companies House was required to always issue a “first gazette notice for compulsory strike-off” before Next International filed its annual account for four consecutive years (2017, 2018, 2019 and 2020). The mandatory strike-off action would thereafter be stopped as soon as the company submits its annual reports, according to a gazette.
On May 16, 1996, Next International became a private limited corporation. While his wife Margaret acted as secretary, Mr. Obi was identified as a director. Both Mr. Obi and Next International (Nigeria) Limited, each holding one ordinary share, were named as shareholders.
Records indicate that the business was registered in England and Wales as “agents involved in the sale of a variety of items.”
The company disclosed obtaining a mortgage for a home at 53 Clyde Road in Croydo from Lloyds TSB Bank Plc.
