Monday, January 21, 2019 7:08 am
Akin Kuponiyi
A Federal high court sitting in Lagos south west Nigeria has entered judgement in favour of Sterling Bank Plc jointly and severally against the former Aviation minister Senator Stella Oduah and her company Sea Petroleum and Gas Limited in the sum of $16,412,819.06 and N100,493,225.59 respectively.
The sum being the outstanding debt owed by the Sea Petroleum and Gas company and duly guaranteed by Senator Stella Oduah as at November 2016 to the bank with accrued interest.
The Presiding Judge, Justice Ayotunde Faji in his judgement while granting six reliefs out of the fourteen reliefs sought by the bank, issued order of attachment in favour of the bank against such entire assets of Sea Petroleum and Gas company, cash in bank, bond, deposit, real estate, stocks,all forms of negotiable instruments in all stock broking firms, discount houses,mortgage institutions, financial houses, microfinance houses, and all licensed banks within Nigeria having Sea Petroleum as beneficial owner funds to the full extent of the unsatisfied portion of the sum of $16,,412,819.06 and N100,493,225.59 respectively as at November 2016.and other accrued interest.
The court also declared that having regard to the clear and unambiguous provisions of the deed of guarantee and indemnity personaly executed by Senator Stella Oduah in favour of Sterling bank over facility advanced to the Sea Petroleum and Gas company limited who has failed upon demands to liquidate same, Judgement can be granted against Senator Stella Oduah for the unsatisfied portion of the sum owed by Sea Petroleum and Gas company to the bank.
The judgement of the court was sequel to a debt recovery suit filed before the court by a Lagos lawyer Barrister Oluwakemi Balogun SAN on behalf of Sterling bank Plc .
In an affidavit sworn to by business manager, Maritime of Sterling bank Plc Mr Segun Akinsanya,with 34 exhibits attached filed and argued before the court by Mr Balogun (SAN),Mr Akinsanya in the said 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 company director, Princess Stella Oduah supported by statement of her networth, 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 tripatite remmitance agreement between First Bank plc, Sterling Bank and Stella Oduah.
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 expences, $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.
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 persuasions emanating from the bank and its solicitor, the defendants failed and refused to liquidate their indebtedness which has culminated in the sum of $16,412,819.06 and N100,493,225.59 as at November 2016.
Consequently, the bank urged the court to enter judgement in its favour as per its claim.
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