Hon. Justice M.S. Hassan of the Federal High Court, Lagos Division, has granted an injunction against Sea Petroleum Oil & Gas Limited, whose chief promoter is former Minister of Aviation, Princess Stella Oduah-Ogiemwonyi on the application of Asset Management Corporation of Nigeria (AMCON).
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 nearly N20bn.
AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012.
But, despite the overtures and efforts made by AMCON to reach an amicable settlement, AMCON said that the senator and her co-promoters had remained recalcitrant.
A statement by Mr. Jude Nwauzor, Head, Corporate Communications, at AMCON, claimed that the company exhausted all avenues of peaceful resolution of the humongous debt, which failed. He said that the failure of Oduah to ensure peaceful resolution made AMCON to refer the matter to court.
The statement hinted that the court order also affected Oduah’s other business interests, for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as a receiver.
Some of Sea Petroleum's assets include Gas Limited, Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.
He said 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.
The statement added: "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."
He added that in compliance with the order of the court, AMCON, through its receiver, at about 11:00am on Friday simultaneously took possession of the assets of Sea Petroleum & Gas Limited and its affiliated companies.
He added that the court also ordered the Inspector General of Police, Assistant Inspectors General of Police, and the Commissioner of Police in charge of Lagos State, their deputies and all other police officers under them to assist Moyosore Jubril Onigbanjo (SAN), the Receiver and the Bailiffs of the Federal High Court in the enforcement of the orders.
According to him, AMCON, under Ahmed Kuru, Managing Director, had maintained that there would be no sacred cows in its bid to recover the huge debts in the hands of a few Nigerians.