Editorial Team

Emmanuel Udom-Managing Editor, Stephen Dijo Philemon-Deputy Editor, Janet Udom-Senior Correspondent, Precious Udom-Senior Correspondent, Williams Ita-Bureau Chief(Akwa Ibom/Cross River), Fabian Idoko-Senior Correspondent

    Manufacturer's Representative Import Export General Merchandise Contract Adress: Araromi Quarters, Owode Area, Ifo, Ogun state, Nigeria P.O.Box 2632, Oshiodi, Lagos Telephone: 2348166719412

    Thursday, 23 February 2017

    Court freezes Stella Oduah’s 21 bank accounts over debt … I am not indebted to any bank-Oduah

     A federal high court in Lagos, south-west Nigeria  Wednesday restrained Stella Oduah and Sea Petroleum and Gas Company  Limited from making any withdrawal from 21 accounts domiciled with some banks.
    Other companies restrained are: Sea Shipping Agency Limited,   Rotary Engineering Services Limited and Tour Afrique Company Limited.
    The court issued the orders over an alleged indebtedness of the defendants in the sum of about $16.4 million  and N100.5 million.
    The court directed the said commercial banks harbouring the assets of Oduah and the four companies to sequestrate their indebtedness as at November 2016.
    It further ordered that the money should be kept in an interest yielding account in the name of the chief registrar of the federal court, pending the determination of the suit filed before the court to recover the debt.
    The order of the court followed an affidavit by Segun Akinsanya, business manager of Sterling bank Plc filed and argued before the court by Kemi Balogun, the bank’s counsel.
    In the affidavit, Akinsanya averred that on Oct. 8, 2012, the bank granted a lease /Cabotage Vessel Finance Facility (CVFF) to Sea Petroleum and Gas Company in the said sums to finance one unit 5,000 MT tanker vessel.
    He averred that the loan was secured by an unconditional personal guarantee of the companies’ director, Princess Stella Oduah.
    Akinsanya also averred that same was supported by a statement of her net worth, legal mortgage of two properties worth N135 billion, and a power of Attorney of the tanker vessel in favour of Sterling Bank.
    Also in support was a fully executed standing payment order and tripartite remittance agreement between First Bank plc, Sterling Bank and Stella Oduah.
    It was further averred that in June 27, 2013, Sea Petroleum Company requested and was granted additional facilities in the sum of about 450,000 dollars for post delivery expenses.
    He said that also granted was about 993, 000 dollars to meet the requisite conditions in securing the release of the tanker.
    Also, he averred that upon the persistent failure of the defendants to liquidate their indebtedness, Sterling Bank instructed its counsels to recover the debt.
    He said that in spite of several reminders, and demands, the defendants had failed and refused to liquidate their indebtedness which had culminated to 16.4 million dollars, and about N100.5 million as at November 2016.
    Akinsanya also averred that the defendants were also greatly indebted to a number of banks and had conceded a number of assets to AMCON who had stepped into the shoes of those banks.
    He averred that there was imminent risk of the defendants dissipating the assets of the companies.
    The plaintiff urged the court to grant the order restraining Stella Oduah and other directors of the companies from withdrawing money from the account of the companies domiciled with 21 banks pending the determination of the debt recovery suit.
    In an ex -parte application filed and argued before the court by Balogun, he stated that it had been difficult to serve court processes on the defendants.
    Justice Abdulaziz Anka, the presiding judge consequently ordered that court processes be advertised in national newspapers, while the judge fixed March 20 to decide whether or not to vacate the order.
    But, Oduah has described as untrue allegations that she was indebted to Sterling bank and other commercial banks in Nigeria.

    Her words: “I resigned from the company since 2010. Sterling got injunction on earlier order. They gave sea shipping facility to buy vessel. They defaulted. But the order lapsed today. The lawyers appealed for set aside. That was what they argued and order was set aside.”

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