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$85.8b debt: Court declines Seplat’s oral bid for property access

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4 years ago

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A Federal High Court in Lagos Monday refused an oral application by an oil firm Seplat Petroleum Development Company, seeking access to its accounts and offices which were shut by court order.

Justice Rilwan Aikawa declined the prayer following opposition to the application by Access Bank through its counsel, Mr Kunle Ogunba, SAN.

Access Bank, the plaintiff/respondent in the suit, recently secured the ex-parte Mareva Injunction from the court to shut Seplat’s premises and freeze its accounts in Nigeria and abroad, following an outstanding loan of about $85.8billion.

Justice Aikawa granted the interim preservative reliefs to preserve the res, pending the hearing and final determination of the motion on notice filed in the suit.

Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako Ambrosie Bryant and Kalu Nwosu are the defendants/applicants in the suit.

Upon being served with the order, first defendant Seplat filed an application dated 3 December, 2020 seeking to discharge the orders. The other defendants did same.

The court heard the applications last Thursday, in a proceeding that took more than five hours. It also heard Access Bank’s application for Interlocutory injunction.

While awaiting the court’s ruling on the applications, Seplat filed another application dated 12 December, 2020, also seeking to discharge or lift the same interim order.

But this was challenged by Ogunba, who described it as “bizarre, unknown to our laws, unprofessional, speculative and utterly presumptions of the reserved ruling of the court”.

At yesterday’s proceedings, Seplat’s Counsel, Mr Abubakar Mamood, SAN, prayed the court to grant his client access to the offices and the accounts that were frozen pursuant to the order of court.

He averred that Seplat had posted a bond of $20 million dollars as security.

But Ogunba opposed him. The Silk told Justice Aikawa not to fall for the temptation thrown to it “by the debtor” who, according to him, owed over $85.8b which was enough to float two banks successfully in Nigeria.
He contended that in view of the agreement taken last week and ruling reserved, no order can be made before the ruling is delivered in order not to pre-empt the outcome of the ruling.

Ogunba also prayed the court to refuse the application on the ground that it was not properly before the court, adding that the rules of court were meant to be obeyed with respect to making an application which must be filed formally.

In a bench ruling, Justice Aikawa upheld Ogunba’s argument.

The judge refused to grant Seplat’s application and assured that ruling on the applications earlier argued last week would be delivered on December 24.

The assets affected by the order include; 25, Lugard Avenue, Ikoyi, Lagos, 6, Agodogba Avenue, Parkview, Ikoyi, Lagos and the one at 11, Oba Adeyinika Oyekan Street, Ikoyi, Lagos.

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Former Governor Ifeanyi Okowa, Spends Second Night In EFCC’s Cell Over N1.3 Trillion Alleged Fraud

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5 hours ago

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November 7, 2024

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Immediate past governor of Delta State, Ifeanyi Okowa, who was arrested and detained by the Economic and Financial Crimes Commission (EFCC) has spent second night in the custody of the anti-graft commission.

 

Okowa is currently being investigated and detained over the alleged diversion of N1.3 trillion.

 

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

 

According to sources within the commission, Okowa was invited to the EFCC office in Port Harcourt, Rivers State, where he’s subsequently detained by officials.

 

One of the sources stated, “Okowa was at our Port Harcourt office following an invitation from investigators probing the allegations against him. He was then arrested. The commission is investigating him regarding the N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

 

“He is also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas. He reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project. The funds are alleged to have been misappropriated for other purposes.

Investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State. He is currently being held at the EFCC facility in Port Harcourt.

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Lagos Government Shuts Down Redeemed Church, Celestial Church, Clubs, Event Centres Over Noise Pollution

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18 hours ago

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November 6, 2024

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The Lagos State government has shut down a branch of Pastor E. A. Adeboye’s Redeemed Christian Church of God, a Celestial church, nightclubs and event centres over noise pollution.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, who made this known on Wednesday, said the churches, clubs and event centres were sealed on Tuesday by the Lagos State Environmental Protection Agency (LASEPA) in the Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota areas of the state.

The sealed establishments include: Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Lounge & Lodging, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.

The commissioner in a post on X said, “In a bid to address noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) took action yesterday, closing down several establishments across different parts of the state.

“This enforcement drive, focusing on areas like Ogudu, Gbagada, Iyana Ejigbo, Isolo, Ajao Estate, Oshodi, Ilasamaja, and Okota, is part of LASEPA’s continuous efforts to uphold environmental standards and safeguard public health.

“The affected establishments include Honourable Lounge & Lodging, Redeemed Christian Church of God, Celestial Church of God, OMA Nightclub and Lounge, Bridge Spot Bar, Okiki Event Center and Hall, Emota Paradise Hotel (Phase 2), CF Hotel & Suites, House 27 Hotel & Suites, Echo Spring Hotel, and Smile T Continental Hotel.”

 

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Gen. Taoreed Lagbaja: Tinubu directs flags be flown at half-mast

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19 hours ago

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November 6, 2024

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President Bola Tinubu has directed that Nigeria’s national flags be flown at half mast for seven days across the country to mourn the passing of the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.

The late Army chief, who was appointed by Tinubu on 19 June 2023, was said to have passed away on Tuesday night after a prolonged illness.

The Secretary to the Government of the Federation, George Akume, in a statement on Wednesday by his office Director of Information & Public Relations, Segun Imohiosen, said the president expressed regret over Lagbaja’s death.

Akume said, “President Bola Tinubu has expressed regret following the death of the Chief of Army Staff, Lieutenant General Taoreed Abiodun Lagbaja, after a brief illness at the age of 56.

“The President has directed that national flags be flown at half mast throughout the country for seven days in honour of the departed Army chief.

“He profoundly appreciates the services of the departed to the nation and wishes the family the fortitude to bear the great loss.”

Meanwhile, the Ministers of Defence, Mohammed Badaru and Bello Matawalle, have commiserated with the president, the military, and Lagbaja’s family over his death.

In a statement by the Ministry’s spokesperson, Henshaw Ogubike, the ministers described Lagbaja’s death as a great loss to his family, the Army, and the nation at large.

“The passing on to eternal glory shocked us at the Ministry of Defence, as our working relationship with him was commendable; he exhibited the spirit of camaraderie and cooperation with us in the discharge of our mandate.

“The late Chief of Army Staff contributed significantly to internal security operations across Nigeria and also exhibited a high level of professionalism.

“He will be greatly missed by the family, the military, and the nation, as he served the nation with commitment and dedication,” the statement added.

 

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