N8.1b debt: Court Restrains Oduah, Company from Operating 21 banks' Accounts

Justice  Abdulazeez Anka of the Federal High Court, in Lagos  has restrained  Senator  Stella  Ada Oduah and Sea Petroleum and Gas Company  Limited and his directors from making any withdrawal whatsoever  from the accounts of the company and three other Limited Liability companies,  domicile with 21 commercial  banks.
The three other Limited Liability companies are, Sea Shipping  Agency Limited, Rotary  Engineering Services Limited, and Tour Afrique Company Limited .

The court  also granted the order directing the said commercial banks having  Oduah and the four companies' asset to sequestrate up to the indebtedness of  Oduah and Sea petroleum and Gas Company Limited in the sum of $16,412,819.06 and N100,493,225.59 respectively owed by the duo as at November 2016 and keep same in an interest yielding account in the name of the chief Registrar of the court pending the determination of the suit filedt to recover the debt.
The order of the court was sequel to motion ex- partevfiled and argued before the court by  Kemi Balogun  (SAN) on behalf of Sterling Bank  PLC.
The application was supported with 69 paragraphs affidavit sworn to by a manager of the bank, Segun Akinsanya.

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 5,000MTtanker vessel..
At the resumed hearing of the matter yesterday,  Oduah  was represented by Ifeoma Esom, the companies was represented by F A Ayanlere and the plaintiff was Balogun SAN.
Oduah and the companies's counsel, Esom and Ayanlere informed of their pending applications, seeking for the discharge of the order.

The counsel in their argument, urging the court to discharge the order made against them.
 Besides, they also filed preliminary objection to the suit urging the court to strike out the suit on the ground that the court lacks jurisdiction to entertain it.

 However,  Balogun SAN on behalf of the bank vehemently opposed the two applications.
Justice Anka has adjourned till 20th of March, 2017 to decide either to vacate the order or not.

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