PEER REVIEW TOUR

Court Restrains Stella Oduah from Operating Company’s Accounts in 21 Banks

Davidson Iriekpen filed and argued before the court by its counsel, Mr. Kemi Balogun (SAN).

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, 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 tripertite remittance agreement between First Bank Plc, Sterling Bank and 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 for post delivery expenses,

He said 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 its counsel to recover the debt.

He averred that in spite of several reminders and demands, the defendants failed to liquidate their indebtedness which has culminated in the sum of $16.4 million and about N100.5 million as at November 2016.