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N385m debt: Union Homes sues Stella Oduah

By News Express on 18/06/2018

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Stella Oduah
Stella Oduah


Another creditor Union Homes Savings and Loans Plc, has come knocking at Senator Stella Oduah’s doors, demanding the repayment of N385 million mortgage debt.

The mortgage lender’s lawyer Ken Ahia has filed an application before a Federal high court seeking to join as an intervener in the ongoing 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 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.

In an affidavit, the Business manager of Union homes Savings and Loans Plc, Mr Olayinka Odunoiki, averred that between December 2009 and November 2010 Stella Oduah and the aforementioned persons were granted various sums of mortgage loans.

Some of the properties used as collateral for the loan such as 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, have been taken over by AMCON through a court order.

Mr Odunoiki averred further that despite restructuring the loans 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 matters of public knowledge in the custody of Corporate Affairs Commission and the lands Registry.

Therefore Union Homes is entitled to the protection of its proprietary interest in the said properties.

Union Homes is urging the court to intervene and join it for the purpose of being heard on their prayers regarding the aforementioned properties.

The mortgage lender said it stands the risk of losing its beneficial proprietary interest in the assets unless the court discharges the order and freezes 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.

It said 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.

Justice Muslim Sule Hassan of the Federal High Court in Lagos 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.

Despite the overtures 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.

Some of Sea Petroleum’s assets that have 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.

“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.

In compliance with the order of the court, AMCON, through its receiver, has since taken possession of the assets of Sea Petroleum & Gas Limited and its affiliated companies. (NAN)


Source News Express

Posted 18/06/2018 7:47:26 PM


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