News
Court restrains DMO from paying Vine Oil N628m
By Robert Egbe
A Federal High Court in Lagos on Saturday granted a Mareva Order restraining the Debt Management Office (DMO) from paying Vine Oil & Gas Ltd and a businessman, Ben Chukwujama, N628million standing to the credit of Sterling Bank.
Justice Saliu Saidu made the order following an application by D.A. Awosika, SAN, for 1st Plaintiff/Respondent, Sterling Bank.
Vine Oil & Gas, Chukwujama and DMO are the 1st, 2nd and 3rd defendants/respondents in the suit.
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Awosika had told the judge that the bank has a pending action to recover N3,550.933.501 which liability arose from the grant of several trading facilities and funding of letters of credit for importation of Premium Motor Spirit (PMS) and other Petroleum Support Trust fund (PSP) Scheme, which the 1st Defendant has failed to liquidate despite several demand notices.
He said the 1st and 2nd Defendants were poised to obtain and dissipate the Promissory Note (PN) sum of N628m now in custody of the DMO which is to be paid to them as excess bank interest and Foreign Exchange Differential under the defunct PSFS and prayed that they be prevented from accessing the money until the determination of the substantive suit pending before the court.
Granting the prayers, the judge held, among others that:
“The 3rd defendant, whether by itself, its agents…are restrained from paying the 1st and 2nd defendants/respondents the N628m or any sum standing to the credit of the 1st Defendant/ Respondent as Excess Bank Interest and Foreign Exchange Differentials to be paid as Promissory Notes (PNs) or however described for the Defendant/Respondent’s outstanding payment pending the hearing and determination of the substantive suit.”
