The Federal High Court in Lagos has restrained Senator Stella Oduah and Sea Petroleum and Gas Company Ltd from making any withdrawals from its account and those of three other companies in 21 banks.

The other firms are Sea Shipping Agency Ltd, Rotary Engineering Services Ltd and Tour Afrique Company Ltd.

It is over an alleged debt of $16.4million and N100.5 million owed Sterling Bank Plc.

The order followed an affidavit deposed to by Sterling Bank’s business manager Mr Segun Akinsanya.

The bank said it granted a lease /Cabotage Vessel Finance Facility (CVFF) to Sea Petroleum and Gas Company to finance one unit 5,000 MT tanker vessel..

The loan was secured by an unconditional personal guarantee by Princess Oduah, the bank said.

The bank said the guarantee was backed by a statement of her net worth, legal mortgage of two properties worth N135 billion, and a power of Attorney of the tanker vessel in favour of Sterling Bank.

The bank said between June 27, 2013, Sea Petroleum requested and was granted additional loan of $450,000 for post delivery expenses, as well as $993,000 to meet the requisite conditions in securing the tanker’s release.

Akinsanya said despite several reminders, and demands, the defendants failed to liquidate the indebtedness which has culminated to $16.4million and about N100.5million as at last November.

He said there was an imminent risk of the defendants dissipating the companies’ assets if not restrained.

The bank, therefore, urged the court to grant the order restraining Oduah and other directors of the companies from withdrawing from their accounts in all the banks pending the determination of the debt recovery suit.

Oduah and her companies have urged the court to discharge the order.
They also filed a preliminary objection to the suit, urging the court to strike it out for lack of jurisdiction.

Justice Abdullazeez Anka adjourned until March 20.