Alleged N8.5bn debt: Court bars Stella Oduah from operating company”s account in 21 banks

Justice Abdulaziz Anka of the Federal High Court Lagos on Wednesday issued an order, restraining  Senator Stella Oduah and Sea Petroleum and Gas Company  Limited from making any withdrawals from its account and those of three other companies domiciled with 21 banks. The other companies are: Sea Shipping  Agency Limited, Rotary  Engineering Services Limited and […]

Justice Abdulaziz Anka of the Federal High Court Lagos on Wednesday issued an order, restraining  Senator Stella Oduah and Sea Petroleum and Gas Company  Limited from making any withdrawals from its account and those of three other companies domiciled with 21 banks.

The other companies are: Sea Shipping  Agency Limited, Rotary  Engineering Services Limited and Tour Afrique Company Limited.

The order of the court was sequel to an affidavit deposed to by the business manager of Sterling bank Plc, Mr Segun Akinsanya, filed and argued before the court by its counsel, Mr Kemi Balogun  (SAN).

The court issued the orders, over an alleged indebtedness of the defendants in the sum of about $16.4 million and N100.5 million.

In the affidavit, 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 averred that the loan was secured by an unconditional personal guarantee of the companies director, Princess Stella Oduah.

According to the affidavit, 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.

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  for post delivery expences.

Akinsanya said that also granted was about $993, 000  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.

Akinsanya further averred that inspite 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

He  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 the 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 decide whether or not to vacate the order.