Court enters $16.4m, N100m judgement against Stella Oduah

Stella Oduah

A Federal High Court sitting in Lagos has entered judgement in favour of Sterling Bank Plc jointly and severally against 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 huge sums are the outstanding debts owed by her company and duly guaranteed by her as at November 2016 to the bank with accrued interest.

The presiding judge, Justice Ayotunde Faji, in his judgment, granted six reliefs out of the 14 sought by the bank.

Mr Faji issued order of attachment in favour of the bank against such entire assets of the 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 said sums as at November 2016 and other accrued interest.

The judgment of the court was sequel to a debt recovery suit filed before the court by a Lagos lawyer, Oluwakemi Balogun, on behalf of Sterling bank Plc.

In an affidavit sworn to by business manager, Maritime of Sterling bank Plc, Segun Akinsanya, with 34 exhibits attached filed and argued before the court by Mr Balogun, 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, Oduah, supported by statement of her net worth, 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 Oduah.