Akin Kuponiyi
A Federal high court sitting in Ikoyi, Lagos has adjourned till 29 September, 2017 to decide whether or not to stay proceeding in a suit filed by the Federal Republic of Nigerian and two of its agencies against Atlantic Energy Drilling concepts Nigeria Limited (AEDC) and Atlantic Energy Brass Development Limited (AEBD) to recover the sum of $1,762,338,184.40.
Joined as co –defendants in the suit are two Nigerian businessmen- Olajide Omokore and Kolawole Aluko who are Chairman and Director of the two companies respectively.
There is a pending application by Omokore and Aluko urging the court to stay proceedings on the suit on the ground that they have filed an appeal against its earlier the ruling.
There is also another pending application filed by a limited liability company, Virtual Properties and Investment limited as an intervener.
The company is urging the court to discharge or vary its earlier order, as it relates to Marion Apartments, on the ground that the property known as Marion Apartments located at Block 8 Plots 4 & 5 Onikoyi Estate, Banana Island, Ikoyi consisting of 56 apartments owned and developed by the intervener by virtue of two separate deeds of sublease. The intervener said though it has conveyed its interest in 43 out the 56 apartments to Realblanc Energy Engineering limited, an affiliate of the defendants, it still retains ownership of the 13 out of the 56 apartments, therefore the order of the court is prejudicial to its interest and interferes with its right ownership over these flats.
It will be recalled that sometimes last year, the Federal Government , Nigerian Petroleum Development company (NPDC ) limited and Nigeria Petroleum corporation (NNPC) had dragged Atlantic Energy Drilling Concepts Nigeria Limited, Atlantic Energy Brass Development limited and two of their Directors, Olajide Omokore and Kolawole Aluko before the court
FG and the other defendants in the suit had urged the court to restrain the defendants and their agents however called within and outside Nigeria from giving instructions, demanding, accepting or receiving payment from 19 commercial banks in Nigeria, eight offshore banks, and eight other companies listed before the court.
In an affidavit filed before Justice Oluremi Oguntoyinbo by a Lagos lawyer Oladipo Okpeseyi SAN, the deponent averred that Jide Omokore, Kola Aluko and their two companies are indebted to Nigerian government to the tune of $1,762,338,284.40 on account of crude oil lifting under strategic Alliance Agreements between them and Federal Government.
It was further averred in the affidavit that the defendants by virtue of the agreement was granted license to lift crude oil and other associated products in Nigeria for sale and for parties to share the profits in agreed terms.
According to the court papers, the defendants indeed lifted and sold the crude oil and have been paid, but bluntly and deliberately refused to pay Federal Government. Rather, it was alleged that they unlawfully diverted and converted the share of the profits due to the Federal Government in the sum of $1,762,338,184.40 to their private use.
In a particular, the Federal Government alleged that the defendants diverted funds due to it from the crude oil sale to buy :
- Several vehicles with combined value of over N800,million as donation given to the Peoples Democratic Party (PDP) through its National chairman, Prince Seconds.
- Additional vehicles valued at over N130million were purchased by the defendants and distributed to former minister of Petroleum Mrs Dieziani Alison Maduekwe and some other managerial staff of Nigerian Petroleum Development Company (NPDC).
- Sums of $18,548,619.99and N1, 070,000,000 paid to FBN Mortgages limited by Kolawole Aluko as part payment for block A consisting of 26 Flats at 46, Gerard Road, Ikoyi Lagos purchased at a total cost of N5, 210,520,315.
Payment of a total sum of $25,839,606.77and N95, 000,000 was made to Real Bank for the purpose of part financing the acquisition of the Atlantic Energy Drilling concepts Nigeria limited (AEDC) and Atlantic Energy Brass Development limited (AEBD) companies property as well as renovation of the properties listed below:
(1) Mason apartments situated at 6 Gerrard Road Ikoyi Lagos comprising 60 units of 3 bedrooms apartment valued at $78,000,000.
(2) Marion apartments Block 8 located at 4&5, Onikoyi Estate, Banana Island, ikoyi, Lagos consisting of 43 units of apartments valued at $76,160,000
(3) Renovation of apartments Block at 33A Cooper Road, Ikoyi, Lagos at a total cost of $4,937,750.
(4) Renovation of the Admiralty Towers at 8 Gerrard Road, Ikoyi, Lagos.
Additional funds transfers among others to the tune of $69,912,981.15 were made to several companies namely: Mia Hotels limited, First Motors limited, V.I. Petrochemicals, Evergreen Reality &Management, WIz Trade limited, DE First Union Integrated Services and Amity Plus limited.
Mr Ogini also averred that Kolawole Aluko literally took residence outside the shores of Nigeria in order to facilitate the diversion of the proceeds of the crude oil lifted
The ventures which Aluko diverted the proceeds to as stated in court documents include physical assets, cash in the bank and shares as at 2014 listed as follows :
(1) Grove end Road, London
(2) 755 Sarbone Road, Los Angeles
(3)952 North Alpine drive Los Angeles,
(4)815 Cima Del Mundo, Los Angeles.
(5) 807 Coma Del Mundo(Land)
(6)1049 Fifth Avenue, New York
(7)1948&1952 Tolls Avenue, Santa Baraba
(8)157 West 57th St,New York
(9) 4100 Let Revenge, Dubai
(10) Residences in Nigeria
(11) Avenue Towers, Lagos Nigeria
(12) Land in Mont Tremblat, Canada
(13) Colina D’oro Montagnola, Switzerland
CASH IN BANK ACCOUNTS
(1) LDT Switzerland -$25milion
(2) Corner Bank, Lugano, Switzerland -$ 1million.
(3) Deutsche Bank, Geneva -$40million
(4) HSBC London $175,000.
INVESTMENT IN SHARES
(1) 75% shareholding in Atlantic Energy Drilling concepts Nigeria and Atlantic Energy Brass Development
(2)10% Shareholding in Seven Energy.
OTHER HOLDINGS
(1) Galactica Star.
(2) 20 Year Berth Lease -Barcelona
(3) Watch Collections
(4) Car Collections (58 Vehicles)
(5) Aeroplane-Global Express S5-GMG
(6) Aeroplane-Bombardier Global 6000 9H-OPE.
(7) Aeroplane Bombardier.
Consequently, the court was urged as a matter of utmost urgency and public interest, in aid of administration of Justice to issue a worldwide Mareva order restraining the defendants from dissipating all known assets directly or indirectly by the defendants including but not limited to assets listed on the face of the motion paper filed before the court.
After hearing the submission of the counsel to the Federal Government, Oladipo Okpeseyi SAN, the presiding judge Oluremi Oguntoyinbo issue an order restraining the defendants and their agents from demanding, receiving, transacting, mortgaging or whatsoever dealing in any manners with the assets of the defendants in banks, houses, land and shares in Nigeria and others located outside Nigeria.
Nigerian banks listed in the motion papers were ordered to within 7days to sequestrate all money and negotiable instruments standing to the credit of the defendants in the sum of $1,762,338,184.40 and keep same in an interest yielding account in the name of the Chief Registrar of the court as trustee of same pending the determination of the motion on notice.
The court also ordered that the order of the court should be served on the affected parties by way of advertisement in Newspapers circulating within and outside the Federal Republic of Nigeria.