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UNION HOMES DRAGS FORMER MINISTER FOR AVIATION, SENATOR STELLA ODUAH TO COURT OVER UNPAID DEBT, BATTLE AMCON OVER PROPERTY
There is no respite yet for Senator Stella Oduah-Ogiemwonyi, representing Anambra North Senatorial district, at the
upper National Assembly, as a Lagos lawyer Barrister Ken Ahia has filed an
application before a Federal high court on behalf of Union Homes Savings
and loans Plc to join as an intervener in the on going debt recovery
suit filed against the Senator and her company Sea Petroleum Oil and Gas
Group limited by Asset Management Corporation of Nigeria AMCON.
upper National Assembly, as a Lagos lawyer Barrister Ken Ahia has filed an
application before a Federal high court on behalf of Union Homes Savings
and loans Plc to join as an intervener in the on going debt recovery
suit filed against the Senator and her company Sea Petroleum Oil and Gas
Group limited by Asset Management Corporation of Nigeria AMCON.
Union homes Savings and loan Plc (the applicant) is contending that
Senator Stella Oduah, Sea Petroleum Oil and Gas Company and five
Directors of the company namely, Okoh Davis Ifeanyi, Enechukwu Humphrey,
Aaekenwa Theophilous Aguguom, Mrs Nwakaego Ageyingbo and Emmanuel
Nnamdi Nwobu are owing the company about N385,750,000.
Senator Stella Oduah, Sea Petroleum Oil and Gas Company and five
Directors of the company namely, Okoh Davis Ifeanyi, Enechukwu Humphrey,
Aaekenwa Theophilous Aguguom, Mrs Nwakaego Ageyingbo and Emmanuel
Nnamdi Nwobu are owing the company about N385,750,000.
In an affidavit sworn to by the Business manager of Union Homes
Savings and Loans Plc Mr Olayinka Odunoiki and filed before the court by
Barrister Ken Ahia, the Deponent averred that; between December 2009 and November, 2010, Stella Oduah and the
aforementioned persons applied for and were granted various sums of
mortgage loans and some of the properties used as guarantee to secure
the loan E29 and 31E Fat Oboh street Millennium Homes Oniru Private
Estate Lagos as well as F3B, F4A F4B, F5A, F5B, SPG Road Millennium Estate,
Oniru Lekki Lagos State, has now being taken over by AMCON through a
court order.
Savings and Loans Plc Mr Olayinka Odunoiki and filed before the court by
Barrister Ken Ahia, the Deponent averred that; between December 2009 and November, 2010, Stella Oduah and the
aforementioned persons applied for and were granted various sums of
mortgage loans and some of the properties used as guarantee to secure
the loan E29 and 31E Fat Oboh street Millennium Homes Oniru Private
Estate Lagos as well as F3B, F4A F4B, F5A, F5B, SPG Road Millennium Estate,
Oniru Lekki Lagos State, has now being taken over by AMCON through a
court order.
Mr Odunoiki averred further that, despite restructuring the loan
facilities and interest waiver, the borrowers have failed and refused to
take advantage of the concession granted as they are still indebted to
Union homes loans and saving Plc till date, consequently the order
obtained by AMCON and its receiver manager Moyosore Jubril Onigbanjo SAN
as it affects the current status of the legal ownership of the
mortgaged properties, the subject matter of this application and other
ancillary information are matter of public knowledge in the custody of
Corporate Affairs Commission and the lands Registry.
facilities and interest waiver, the borrowers have failed and refused to
take advantage of the concession granted as they are still indebted to
Union homes loans and saving Plc till date, consequently the order
obtained by AMCON and its receiver manager Moyosore Jubril Onigbanjo SAN
as it affects the current status of the legal ownership of the
mortgaged properties, the subject matter of this application and other
ancillary information are matter of public knowledge in the custody of
Corporate Affairs Commission and the lands Registry.
Therefore Union homes loans and saving Plc is entitled to the
protection of its proprietary interest in the said properties.
Consequently, Union homes loans and Saving Plc is urging the court
to intervene and joins it for the purpose of being heard on their
prayers regarding the aforementioned properties, as they stand the risk
of losing their beneficial proprietary interest in its asset comprised
of the said properties. Unless the court discharges the order and
defreezes the applicant’s business assets targeted by the order and
grants vindication of their right to property under the constitution and
African Charter against the plaintiffs, the applicant is at great risk
of being compulsorily and unjustly divested of their legitimate
investment and proprietary interest by the plaintiffs while purporting
to attach asset of the debtors that is no way connected to applicant.
protection of its proprietary interest in the said properties.
Consequently, Union homes loans and Saving Plc is urging the court
to intervene and joins it for the purpose of being heard on their
prayers regarding the aforementioned properties, as they stand the risk
of losing their beneficial proprietary interest in its asset comprised
of the said properties. Unless the court discharges the order and
defreezes the applicant’s business assets targeted by the order and
grants vindication of their right to property under the constitution and
African Charter against the plaintiffs, the applicant is at great risk
of being compulsorily and unjustly divested of their legitimate
investment and proprietary interest by the plaintiffs while purporting
to attach asset of the debtors that is no way connected to applicant.
The interim orders of injunction were procured by suppression non-disclosure and misrepresentation of material facts which the disclosure
would have affected the decision of the court. It would be recalled that, Justice Muslim Sule Hassan, presiding over a Federal High Court in Lagos
south west Nigeria, granted an injunctive order against Sea Petroleum
Oil & Gas Limited, whose chief promoter is former Minister of
Aviation, Princess Senator Stella Oduah-Ogiemwonyi on the application of
Asset Management Corporation of Nigeria (AMCON).
would have affected the decision of the court. It would be recalled that, Justice Muslim Sule Hassan, presiding over a Federal High Court in Lagos
south west Nigeria, granted an injunctive order against Sea Petroleum
Oil & Gas Limited, whose chief promoter is former Minister of
Aviation, Princess Senator Stella Oduah-Ogiemwonyi on the application of
Asset Management Corporation of Nigeria (AMCON).
Stella Oduah-Ogiemwonyi, a serving member of the current
Senate, has been having a running battle with AMCON over her inability
to settle a huge debt of about N20billion AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012. However despite the overtures and efforts made by AMCON to reach
an amicable settlement, the senator and her co-promoters of Sea
Petroleum and Gas limited had remained recalcitrant.
Senate, has been having a running battle with AMCON over her inability
to settle a huge debt of about N20billion AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012. However despite the overtures and efforts made by AMCON to reach
an amicable settlement, the senator and her co-promoters of Sea
Petroleum and Gas limited had remained recalcitrant.
Failure of the two parties to reach amicable settlement, resulted
in AMCON instituting legal action to recover the debt, alleged to have
been overdue for repayment. AMCON had since appointed a lagos lawyer
Moyosore Jubril Onigbanjo (SAN) as a receiver.
in AMCON instituting legal action to recover the debt, alleged to have
been overdue for repayment. AMCON had since appointed a lagos lawyer
Moyosore Jubril Onigbanjo (SAN) as a receiver.
Some of Sea Petroleum’s assets that has been taken over
include Gas Limited, Sea Petroleum and Gas FZE as well as Star Tourism
and Hotels Limited.
The court also ordered the freezing of the funds of Sea Petroleum
& Gas Limited and its affiliated companies and principal promoters
held anywhere by any entity or persons in Nigeria, adding that it also
authorised AMCON and its receiver, Moyosore Jubril Onigbanjo, to take
over all assets pledged as collateral for the facility by Sea Petroleum
Oil & Gas Limited.
include Gas Limited, Sea Petroleum and Gas FZE as well as Star Tourism
and Hotels Limited.
The court also ordered the freezing of the funds of Sea Petroleum
& Gas Limited and its affiliated companies and principal promoters
held anywhere by any entity or persons in Nigeria, adding that it also
authorised AMCON and its receiver, Moyosore Jubril Onigbanjo, to take
over all assets pledged as collateral for the facility by Sea Petroleum
Oil & Gas Limited.
“Justice Hassan specifically ordered Sea Petroleum Oil & Gas Limited
and its affiliated companies to hand over the company’s business, which
sits on over 9000 square kilometres of land in the fastest developing
area of Lagos State along the Lekki-Epe Express Way; two Tank Farms of
500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki
Peninsula Scheme 11, Lagos Island and a filling station complex at
kilometre 14, Lekki Epe Expressway, Ikota, Lagos State.
“The court order also listed a host of other assets across the country, including Plot 2, block 12C, Babafemi Osapa Crescent Lekki, Lagos State; Block 5, house 4A
Mobolaji Johnson Estate, Lekki, Lagos State; Office/filling station at
Jakande, Lekki, Lagos State; Office complex 1,2 and 3 km 14, Lekki-epe Expressway , Ikota, Lagos State; Filing station Complex at km 14, Lekki Epe Expressway,
Ikota Lagos State; Staff residential Quarters, Ikota Lagos State;
E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos State and
F3-F5, SPG Road, Millennium Estate, Oniru, Lagos State. The rest
include, SPG Agungi 2 Lekki Lagos State; Office/Filling station complex
at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja;
Filing station Complex, Lugbe, FCT Abuja and Agriculture Farm at Kuje,
FCT Abuja.”
Mobolaji Johnson Estate, Lekki, Lagos State; Office/filling station at
Jakande, Lekki, Lagos State; Office complex 1,2 and 3 km 14, Lekki-epe Expressway , Ikota, Lagos State; Filing station Complex at km 14, Lekki Epe Expressway,
Ikota Lagos State; Staff residential Quarters, Ikota Lagos State;
E25-E36, Gat Oboh Drive, Millennium Estate, Oniru, Lagos State and
F3-F5, SPG Road, Millennium Estate, Oniru, Lagos State. The rest
include, SPG Agungi 2 Lekki Lagos State; Office/Filling station complex
at Funmilayo Ransome Kuti, FCT, Abuja; Gas plant at Karu, FCT, Abuja;
Filing station Complex, Lugbe, FCT Abuja and Agriculture Farm at Kuje,
FCT Abuja.”
In compliance with the order of the court, AMCON, through its
receiver, has since took possession of the assets of Sea Petroleum
& Gas Limited and its affiliated companies.
receiver, has since took possession of the assets of Sea Petroleum
& Gas Limited and its affiliated companies.