Court restrains energy firms, others from accessing funds over N32b debt dispute

A Federal High Court, Lagos, has restrained Shebah Exploration and Production Company Ltd, Sheban Petroleum Development Company Ltd and Dr. Ambrose Orjiako and persons acting on their behalf from withdrawing from the accounts of nine other defendants and 29 banks.

Justice Yellin Bogoro gave the interim order while granting an ex parte Mareva application applied for by a new generation bank through its counsel, Mr. Kemi Balogun (SAN), in the matter of an alleged $78,426,578.64, translating to N32, 022,202,080 debt in today’s conversion.
   
The injunction restrained the trio and their proxies in Nigeria, the United States of America, the United Kingdom, the United Arab Emirates, Switzerland, the European Union and any jurisdiction worldwide, pending the hearing and determination of the applicant’s motion on notice.
 

Alternatively, he directed the bank to publish all the originating processes and other processes filed in two national dailies and adjourned till November 17, for Report of Service
   
In arguing the application, Balogun told the court that pursuant to deeds of guarantee executed by the 2nd and 3rd defendants, “the plaintiff availed the 1st defendant several facilities, which have now culminated in outstanding indebtedness of $78,426,578.64 as of August 31, 2021, and interest continues to accrue.
   
He averred: “In a bid to avoid the indebtedness that has arisen from the various facilities to the 1st defendant by the plaintiff, the defendants have started taking steps to dissipate their assets.”