Thursday, 23 February 2017

Court Freezes Stella Oduah's Companies' Accounts Over $16 million Debt

The Federal High Court in Lagos on Wednesday froze the accounts of four companies linked  Senator Stella Oduah over an alleged indebtedness of over $16.4million and N100.4million.

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

The court order follows an affidavit sworn by the business manager of Maritime of Sterling Bank, Segun Akinsanya, and filed and argued before the court by a Lagos lawyer, Kemi Balogun.

Akinsanya alleged 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 5,000MT tanker vessel.

It was further averred that between June 27, 2013 Sea Petroleum Company requested for and was granted additional facilities in the sum of $449,600.00 for post-delivery expenses, $642,954.00 and $350,000 to meet the requisite conditions in securing of the Federal High Court in securing the release of the tanker.

Meanwhile, based on an ex-parte application filed and argued before the court by Mr Balogun, Justice Abdulaziz Anka ordered that the documents be advertised in the newspapers.

Ms. Oduah and her companies urged the court to discharge the order made against them on grounds that the court lacks jurisdiction to entertain the suit but Mr Balogun opposed the two applications.

Justice Anka adjourned the case to March 2017 for further hearing.

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