23.9 C
Lagos
Sunday, September 20, 2020
- Advertisement -

Ecobank Sues Shoreline Power Over Billion Naira Debt

Opinion

Osunkeye: An Accounting Doyen Turns 80 – By Tokunbo Abiru

Today, we are celebrating a leading light, role model, mentor, an industry icon and man of integrity as he turns 80. He...

Ibiyeomie Not Different From Those Seeking Death Of Kano Musician For Blasphemy – By Fredrick Nwabufo

We have to face up to the truth; the truth about Christian fundamentalism. The church today has been sculpted in the image...

What If Femi Fani-Kayode, Mr Short Fuse, Was Buhari? By Fredrick Nwabufo

Femi Fani-Kayode makes conceit solemn. He is the sui generis of narcissism. His arrogance dovetails with his foul temper and cutting tongue....

When God’s Grace is Upon a Man – By Tunji Fagbohun

The attitude of the average electorate to a candidate can be easily measured by how they respond to his or her political...

Justice Chuka Obiozor of the Federal High Court, Lagos State, has restrained the management of Shoreline Power Company from interfering with a receiver-manager, Taiwo Ogbara, appointed by Ecobank Nigeria to manage its assets. Shoreline Power is run by Kola Karim, a Lagos-based billionaire oilman.

The other defendants listed in the matter are Orikolade Karim, Tunde Karim, Yinka Karim, Marc Hasenclever and Graeme Stout.

The court restrained them from obstructing Ogbara in the course of his duties as Ecobank’s Receiver-Manager pending the determination of the motion on notice.

Obiozor also granted an order of interim injunction restraining the defendants and/or their agents from tampering with or disposing of the firm’s assets covered by a Deed of All Assets Debenture of March 18, 2013 between Ecobank and Shoreline registered at the Corporate Affairs Commission (CAC).

He directed the Inspector-General of Police (IGP) and his men to assist the receiver-manager in carrying out his duties with respect to the firm’s property and equipment.

The judge also granted a Mareva Injunction restraining all Nigerians banks from honouring any mandate presented by the defendants for the withdrawal of any funds in Shoreline’s accounts pending the hearing of the motion on notice.

The court directed all the banks involved to render within forty-eight hours the company’s statements of account and to transfer such funds to an account as may be requested by the receiver-manager.

In a supporting affidavit to the ex-parte application, an Ecobank employee, Donatus Onoja, said Shoreline was indebted to the bank to the tune of 4.6 billion Naira.

The bank said it wrote the firm to demand the payment of its outstanding debts, but received no response.

Onoja added that despite the receipt of the demand letters, Shoreline Power “neither responded nor did it comply or display any genuine willingness to fulfill its repayment obligations to the first applicant within the time prescribed.”

The bank said the firm utilised the loan and refused to repay it, contrary to their agreement.

The case comes on July 23, 2019.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...