Union Homes Savings and Loans battles Stella Oduah over N385m debt

Senator Stella Oduah and her company, Sea Petroleum Oil and Gas Company owes Union Homes Savings and Loans Plc over N350, 000
Senator Stella Oduah
Senator Stella Oduah and her company, Sea Petroleum Oil and Gas Company owes Union Homes Savings and Loans Plc over N350, 000
Senator Stella Oduah and her company, Sea Petroleum Oil and Gas Company owes Union Homes Savings and Loans Plc over N350, 000

There is no respite yet for Senator Stella Oduah-Ogiemwonyi representing Anambra North Senatorial district as Lagos lawyer Barrister Ken Ahia has filed an application before a Federal high court on behalf of Union Homes Savings and Loans Plc 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 Savings and Loan Plc (the applicant) 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 sworn to by the Business Manager of Union homes Savings and Loans Plc, Mr Olayinka Odunoiki and filed before the court by Barrister Ken Ahia, the deponent averred that between December 2009 and November, 2010 Stella Oduah and the aforementioned persons applied for and were granted various sums of mortgage loans and some of the properties used as guarantee to secure the loans are 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,has now being taken over by AMCON through a court order.

Mr Odunoiki averred further that despite restructuring the loan facilities and interest waiver, the borrowers have failed and refused to take advantage of the concession granted as they are still indebted to Union Homes Savings and Loans 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 matter of public knowledge in the custody of Corporate Affairs Commission and the Lands Registry.

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

Consequently, Union Homes Savings and Loans Plc is urging the court to intervene and joins it for the purpose of being heard on their prayers regarding the aforementioned properties, as they stand the risk of losing their beneficial proprietary interest in its asset comprised of the said properties.

The company argues that 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, 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.

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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.

It would be recalled that Justice Muslim Sule Hassan presiding over a Federal High Court in Lagos south west Nigeria 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 AMCON.

Stella Oduah-Ogiemwonyi, a serving member in the 8th assembly has had a running battle with AMCON over her inability to settle a huge debt of about N20 billion.

AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012.

However despite the overtures and efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters of Sea Petroleum and Gas Limited have 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 has 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.