$16m debt: Court freezes 21 bank accounts linked to Stella Oduah

by Dolapo Adelana

Stella Oduah and Sea Petroleum and Gas Company Limited have been restrained from making any withdrawal from its account and those of three other companies domiciled with 21 banks by a Federal High Court.

The other companies include: Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.

Oduah allegedly owes the defendants in the sum of about $16.4 million and N100.5 million.

A business manager at Sterling Bank Plc. had filed an affidavit which was argued before the court by its counsel, Kemi Balogun (SAN).

In the affidavit, the manager said 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.

The manager said the loan request was supported with statement of her net worth and legal mortgage of two property worth N135 billion.

The manager said Sea Petroleum Company was granted about $450,000 for post delivery expenses in 2013.

He said also granted was about $993,000 to meet the requisite conditions in securing the release of the tanker.

He said the defendants have refused to pay their debts despite several reminders.

He urged the court to grant the order restraining Oduah and other directors of the companies from withdrawing money from the account of the companies

Oduah and her companies have urged the court to discharge the order made against them.

Presiding judge, Abdulaziz Anna fixed March 20 for further hearing.

The court also directed banks in possession of Oduah’s assets and that of the four companies to keep them in an account in the name of the chief registrar of the federal court.

It said the assets will remain there pending the determination of the suit filed before the court to recover the debt.

Leave a reply

Your email address will not be published.

cool good eh love2 cute confused notgood numb disgusting fail