:: Cover Story... Wednesday, February 22, 2017.

Stella Oduah, Sea Petroleum Barred From Withdrawing From Bank Accounts Over Mega Debt To Sterling Bank
The Federal High Court in Lagos has restrained Senator Stella Oduah and Sea Petroleum and Gas Company Limited from making any withdrawal from its account and those of three other companies in 21 banks.

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

The judgment was over an alleged $16.4million and N100.5 million debt 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 through an unconditional personal guarantee provided 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.


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