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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