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.
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| Sen. Stella Oduah: Union Homes Savings and Loans plc comes knocking |
The mortgage lender’s lawyer Ken Ahia has
filed an application before a Federal high court seeking 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 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 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.
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 took possession of the assets of Sea
Petroleum & Gas Limited and its affiliated companies.
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