Court Bars Oduah from Operating 21 Bank Accounts over $16.4m Debt

Ladipo Sanusi

Twenty-one banks have been ordered to deny access to Senator Stella Ada Oduah’s account because of her indebtedness to Sterling Bank.

A Federal High Court, in Lagos today restrained Oduah and Sea Petroleum & Gas Company Limited, alongside it’s directors from making any withdrawal whatsoever from the company’s account, and three other Limited Liability companies domiciled with 21 commercial banks in Nigeria, over a debt of $16, 412, 819.06, and N100, 493, 225. 59.

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

The Court, presided over by Justice AbdulAziz Anka, also granted an order directing the commercial banks having the asset of Oduah and the four companies, to sequestrate the $16,412,819.06 and N100, 493, 225. 59 respectively owed by Oduah and Sea Petroleum and Gas Company as at November 2016, and keep same in an interest yielding account in the name of the Federal High Court’s Chief Registrar, pending the determination of the suit filed before the court to recover the debt.

The Court followed an affidavit sworn to by the Business Manager, Maritime, of Sterling Bank Plc, Mr Segun Akinsanya. It was filed and argued before the court by a Lagos lawyer Barrister Kemi Balogun (SAN).

Akinsanya, in the affidavit, averred that on October 8, 2012, the bank granted a lease/cabotage vessel finance facility to Sea Petroleum and Gas Company in the sum of $10,069,620.25 to finance one unit 5,000 MT tanker vessel.

The loan was secured by unconditional personal guarantee of the companies director, Princess Stella Oduah, supported by statement of her net worth, legal mortgage of two properties worth N135 million, power of Attorneys of the tanker vessel in favour of Sterling Bank and fully executed irrevocable standing payment order and tripartite remittance agreement between First Bank plc, Sterling Bank and Oduah.

It was further averred that as at June 27, 2013, Sea Petroleum Company requested for and was granted additional facilities in the sum of $449,600 for post delivery expenses, $642,954 and $350,000 to meet the requisite conditions in securing the release of the tanker.

Upon the persistent failure of the defendants to liquidate their indebtedness, Sterling Bank instructed the law firm of Oluwakemi Balogun to recover the debt.

Despite several reminders, demands, pleas and persuasion that emanated from the bank and it’s solicitor the defendants allegedly failed to liquidate their indebtedness which has culminated in the sum of $16, 412, 819.06, and N100, 493, 225.59 as at November 2016.

Akinsanya also disclosed that the defendants are greatly indebted to a number of banks and have conceded a number of assets to AMCON.

He said, “There is imminent risk of the defendants dissipating the assets of the companies.”

He urged the court to grant the order restraining Oduah and other directors of Sea Petroleum and Gas Company from withdrawing money from the account of the companies in 21 banks listed before the court, pending the final determination of the debt recovery suit.

Meanwhile, based on ex-parte application filed and argued before the Court by Balogun, that it has been difficult to serve court process and order on the defendants, the judge ordered that court process should be advertised in Newspapers.

Meanwhile, Oduah and her companies, while urging the court to discharge the order made against them, also filed preliminary objection to the suit urging the court to strike it out because the court lacks jurisdiction to entertain the suit.

Balogun, on behalf of the bank, vehemently opposed the two applications.

Justice Anka has adjourned the case till March 20, 2017, when he would either vacate the order or not.

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