The
Federal High Court in Lagos has restrained Senator Stella Oduah and Sea
Petroleum and Gas Company Ltd from making any withdrawals from its account and
those of three other companies in 21 banks.
The
other firms are Sea Shipping Agency Ltd, Rotary Engineering
Services Ltd and Tour Afrique Company Ltd.
It
is over an alleged debt of $16.4million and N100.5 million owed Sterling Bank
Plc.
The
order followed an affidavit deposed to by Sterling Bank’s business manager Mr
Segun Akinsanya.
The
bank said it granted a lease /Cabotage Vessel Finance Facility (CVFF) to Sea
Petroleum and Gas Company to finance one unit 5,000 MT tanker vessel..
The
loan was secured by an unconditional personal guarantee by Princess Oduah, the
bank said.
The
bank said the guarantee was backed 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.
The
bank said between June 27, 2013, Sea Petroleum requested and was granted
additional loan of $450,000 for post delivery expenses, as well as $993,000 to
meet the requisite conditions in securing the tanker’s release.
Akinsanya
said despite several reminders, and demands, the defendants failed to liquidate
the indebtedness which has culminated to $16.4million and about N100.5million
as at last November.
He
said there was an imminent risk of the defendants dissipating the companies’
assets if not restrained.
The
bank, therefore, urged the court to grant the order restraining Oduah and other
directors of the companies from withdrawing from their accounts in all the
banks pending the determination of the debt recovery suit.
Oduah
and her companies have urged the court to discharge the order.
They
also filed a preliminary objection to the suit, urging the court to strike it
out for lack of jurisdiction.
Justice
Abdullazeez Anka adjourned until March 20.
Source:Nation
Tags
Society