According to the collected info which revealed that Lagos federal high court has restrained Stella Oduah and Sea Petroleum and Gas Company Ltd. from making withdrawal from its account and those of three other firms with 21 banks.
The other companies include: Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.
The court issued the orders over an alleged indebtedness of the defendants in the sum of about $16.4 million and N100.5 million.
Also, the court issued an order directing the said commercial banks harbouring the assets of Stella Oduah and the four companies to sequestrate their indebtedness as of November 2016.
The court ordered that it should be kept in an interest yielding account in name of chief registrar of the federal court, pending the determination of the suit before the court to recover the debt.
The order of the court was sequel to an affidavit deposed to by a business manager at Sterling Bank Plc., filed and argued before the court by its counsel, Kemi Balogun (SAN).
In the affidavit, the manager 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 said the loan was secured by an unconditional personal guarantee of the companies’ director, Stella Oduah.
He added that same was supported by a statement of her net worth, legal mortgage of two property 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 tripartite remittance agreement between First Bank plc, Sterling Bank and Stella Oduah.
In June 27, 2013, Sea Petroleum Company was said to have 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.
Also, he averred that....READ FULL GIST THROUGH THE LINK>>>>
www.aynaijablog.com/2017/02/latest-federal-high-court-restrained-21.html?m=1

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