Court Bars Stella Oduah From Operating Company’s Account In 21 Banks
The judge issued the orders, over an alleged indebtedness of the defendants in the sum of about 16.4 million dollars and N100.5 million to Sterling bank Plc
The other companies include: Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.
Justice Anka also ordered the said commercial banks harbouring the assets of Senator Oduah and the four companies, to sequestrate their indebtedness, as at November 2016.
The judge further directed that the sum should be kept in an interest yielding account in the name of the chief Registrar of the Federal High Court, pending the determination of the suit filed before the court to recover the debt.
The order of the court was sequel to an affidavit deposed to by business manager of Sterling bank Plc, Segun Akinsanya, filed and argued before the court by its counsel, Mr Kemi Balogun (SAN).
In an affidavit attached to the suit, Akinsanya averred that on October 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 alsp averred that the loan was secured by an unconditional personal guarantee of the companies director, Princess Stella Oduah.
He 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 between 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.
He averred that upon the persistent failure of the defendants to liquidate their indebtedness, Sterling Bank instructed it’s counsels to recover the debt.
He averred that in spite of several reminders, and demands, the defendants have failed and refused to liquidate their indebtedness which has culminated in the sum of 16.4 million dollars.and about N100.5 million as at November 2016
Akinsanya also averred that the defendants are also greatly indebted to a number of banks and have conceded a number of Assets to AMCON who have stepped into the shoes of those banks.
He averred that there is imminent risk of the defendants dissipating the assets of the companies.
The plaintiff therefore, 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 listed before the court, 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 has been difficult to serve court processes on the defendants.
The presiding judge, justice Abdulaziz Anka consequently ordered that court processes be advertised in National Newspapers.
Meanwhile, Stella Oduah and her companies while urging the court to discharge the order made against them also filed a preliminary objection to the suit urging the court to strike out the suit for lack of jurisdiction.
Justice Anka has fixed March 20 to rule whether or not to vacate the order.