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Court awards Sterling Bank $16.4million, N100.4million judgement against, Senator Stella oduah over unpaid Loan

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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.

However,in her counter affidavit, Senator Stella Oduah, contended that, the Vessel purchased with the loan facility was registered in the name of Sterling Bank until the defendant discharges the facility.          The bank was to appoint technical managers for the Vessel to ensure it is in good condition. The managers appointed by the bank mismanaged the vessel resulting in several losses to the defendants. The bank ignored all pleas for the managers to be changed. The company Sea Petroleum and Gas limited could therefore could  not meet up with its financial obligations.

The non payment of the loan was thus occasions by the bank’s inaction and it would be unjust to impose on the company the liability occasioned by the bank’s inaction. The bank still retained the Vessel since ownership was in the bank. The bank would have expected to sell the vessel but failed to do so in spite of the company’s consent to the sale. The bank is not also seeking a sale of the vessel in this suit.

Consequently the impossibility of performance is a defence to claim for specific performance. Where a Plaintiff defaults in his obligation under an agreement he cannot succeed in an action for specific performance.

The court was then urged to refuse the claim of the bank. The bank was expected to sell the properties pledged,title documents to which are in the bank’s custody. It is only after then that it will be clear who is indebted to who. Thereafter the company ‘s liability can be determined and Senator Stella Oduah’s  liability arise.

In his judgement,Justice Faji said,” The defendant by letter dated 6/2/15 acknowledged it’s indebtedness. This is part of Plaintiff’s case to show that the debt is not disputed. The dependant did not comply with the repayment under the various facilities. The Sea Petroleum and Gas limited statement of account for the period 1/9/12 to 24/11/16 shows a debt balance of $16,412,819.06 and Naira debit balance of N100,493225.59.

As regard Sea Petroleum therefore, it is clear that the company was all material times  indebted to Sterling Bank,Stella Oduah guaranteed the indebtedness and issue a guarantee and indemnity. The bank was to have a lien upon the immediate right of set-off against Stella Oduah whether on any current, deposit, domiciliary, or other accounts and assets.

I do not see any defence to this claim by Sea Petroleum and Gas company,  As regards Stella Oduah, having guaranteed the loan and given an indemnity, she is equally liable with  the company to pay the debt. I grant  reliefs 1-6 in so far as they relate to the assets of Senator Stella Oduah and Sea Petrol and Gas company  limited within Nigeria.

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Elated Polaris Bank Customer commends Bank for excellent customer service

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Polaris BAnk

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

 

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.

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Cristiano Ronaldo wants to leave Manchester United

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Cristiano Ronaldo and his agent Jorge Mendes held meetings with United at Carrington on Tuesday, but his position remains unchanged and he wants to play for a club in the Champions League and win major trophies. United do not want him to go, however, and Ronaldo has started training with the team having missed the club’s pre-season tour of Thailand and Australia due to family reasons.

His potential options elsewhere are limited. Chelsea are not an option anymore, while Bayern Munich and Atletico Madrid appeared to publicly rule themselves out this week. “As we’ve seen on Instagram, Ronaldo has been keeping fit, so there are no concerns from Manchester United over his fitness or physical level; he’s one of the fittest players in world football.

“Ultimately, The Portuguese forward did state his desire to leave Old Trafford, but he’s running out of options, and it seems like he’s actually going to have to stay. Perhaps he will try and swing it where the 25 per cent pay cut in his contract will be waived away by United, perhaps he wants to manoeuvre and muscle a new deal, we’ll have to wait and see. But it doesn’t look like Stamford Bridge is on his cards.

“Chelsea have distanced themselves from a deal for Ronaldo, as have Bayern Munich, Napoli and a lot of other elite clubs that Jorge Mendes, who is Ronaldo’s agent, has tried to sell him to. “An offer from Saudi Arabia is astronomical but ultimately, it does not give Cristiano Ronaldo what he wants, which is that legacy. He wants to achieve Champions League records that he thinks no one else will be able to attain in the future.

“He wants to sign off at the absolute highest level. Now, it looks increasingly like he will have to stay at Manchester United because there are no biters from the big clubs.

“Everyone has their forwards already, and Chelsea, who are the only club looking like they could actually potentially be spun by what Cristiano Ronaldo offers off the pitch because we were told that Mendes, while being in front of these clubs, was putting forward his numbers in terms of social media influence, sponsorship that he rakes in, the commercial gain of his shirt sales and stuff like that. But even they now say he is not in their plans. Their immediate aim is to strengthen the defence.

“So, that leaves Ronaldo really with not many choices. We know that he does want to be competing at the highest level so if he does go to Saudi Arabia that cuts against everything he has said and everything we actually know about him and his career.

“Manchester United have always been very calm and very comfortable. They have insisted he is not for sale, and he will see out the last year of his contract. How they manoeuvre this now going forward we’ll see, but Ronaldo is keeping fit, so they have no issues or problems or fears over what state he’ll report back to pre-season in.”

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CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

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-you must remain a good Ambassador of Christ- Chris Okafor

No fewer than 120 certified Trained Prophetic students of Grace Nation Bible Institute graduated today after they have gone through rigorous prophetic training by the best Teachers Supervised by the anointed servant of God Dr. Chris Okafor. The student was presented with their certificates at the special convocation ceremony held at the International Headquarters of Grace Nation(GBI) in Ojodu Berger Lagos Nigeria. According to the Rector of the institute, they satisfy all requirements and conditions to be awarded a diploma certificate in various fields of Prophetic and Bibles knowledge.

In his words of Encouragement, the President of Grace Nation Bible Institute, Dr. Chris Okafor remarks that he has no doubt in his mind that all the students are well-trained judging by the level and capacity of all the resource Personality who lecture them, train and retraining them to face any challenges that come there ways,
The Apostle of altars also challenged them to be a good ambassador of the school to the outside world through soul-winning to the kingdom of God.

The Generational Prophet of God also remarked that as you have all learned, you must put the name of a school in good repute and always ready to work for the Lord at any time

Some of the course covered in the 8weeks program includes Evangelism and soul-winning, spiritual development and Human Management to mention but few

The highlight of the convocation was the Presentation of Certificates to all the students, according to the Rector all the students perform excellently well

Earlier in his sermon, the Senior Pastor Grace Nation and the Generational prophet of God Dr. Chris Okafor teach on the series, ”The Covenant Day of Settlement” said settlement comes when you fulfill all the Principles of Settlement,
the man of God said nothing come free but when you applied the principles and follow it diligently you will easily get a settlement on all side

The realm of the Prophetic witnessed another higher dimension of Prophetic movement and deliverance through the Set Man, the Generational Prophet of God Dr. Chris Okafor, He visited many family altars and set many captives free, he also delivered people with blood-line diseases while delivering miracle babies to expectant mothers

The service came to a close with a special Prayer for the Set Man, the Generational Prophet of God Dr. Chris Okafor who will be making another birthday tomorrow, 4 April 2022.

 

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