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Tag: Stella Oduah

  • Ex-Aviation minister, Stella Oduah did not finish service – NYSC

    The National Youth Service Corps (NYSC) has revealed that former Aviation Minister and Senator representing Anambra North, Stella Oduah did not complete a compulsory service year.

    In a letter replying to the request by the Concerned Anambra North Peoples Democratic Party Stakeholders which sought to validate the claim by the Senator that she lost her NYSC certificate, the Director-General of the service said even though Oduah was mobilised for national service in 1982/83 service year and was deployed to Lagos State, she absconded after the orientation and never completed the service.

    “The consequence of this is that she is not qualified for the issuance of the certificate of national service”, the Director-General wrote in the letter that was signed on his behalf by Eddy Megwa.

    The letter, dated 24th, May 2022, with reference number NYSC/DHQ/PPRU/783/ VILIII, was obtained by our correspondent.

    In 2014, Oduah deposed to an affidavit and obtained a police extract where she stated that she sometime in 2010 while in transit from Akili in Ogboru Local Government Area to Abuja, she discovered that some of her personal belongings were missing.

    The affidavit, a copy of which was obtained by our correspondent read: “I Princess Stella Adaeze Oduah, Christian, Adult , Nigeria Citizen, Politician of Umuoma Village, Akili, Ogbaru Local Government Area of Anambra State do hereby make oath and depose as follows:

    1. That I am the dependent of the affidavit.

    2. That I am a native of Akili Ozizor in Ogbaru Local Government Area of Anambra State.

    3. That sometime in 2010 while in transit from Akili Ozizor in Ogbaru Local Government Area to Abuja I discovered that my personal belongings were missing.

    4. That the missing documents are the originals of my West African School Certificate of 1978 from Zixton Secondary School Ozubulu, First School Leaving Certificate from St. John Odoakpu Onitsha, Bachelor of Science in Business Administration Certificate 1982 from St Paul’s College Lawrencevile Virginia USA, National Youth Service Corps Certificate 1983, National Identity Card, United States of America Social Security Card with the number on it.

    5. That all efforts are to trace the missing documents proved abortive.

    6. That I made this affidavit in good faith believing same to be true and correct and in accordance with the Oaths Act.”

    However, the Concerned Anambra North Peoples Democratic Party Stakeholders wrote to the NYSC Director-General to issue them with a certified true copy of the certificate of national service with the Youth Service Corps issued to Stella Adaeze Oduah in 1982/83.

    By the letter, NYSC has confirmed that Oduah served as minister in breach of the nation’s extant law barring anyone who fails to do the National Service after acquiring the necessary educational level should not be employed by the government and should also not be allowed to hold public offices.

    The group had earlier written to the National Chairman of the PDP to order Oduah to produce her National Youth Service Corps certificate or be disqualified from participating in the party’s primary for Anambra North Senatorial election.

    Oduah’s case is similar to that of Kemi Adeosun, former Minister of Finance, who was forced to step down after it was exposed that she forged her NYSC certificate.

  • Alleged N5bn fraud: Stella Oduah to be arraigned Oct. 12

    Alleged N5bn fraud: Stella Oduah to be arraigned Oct. 12

    A Federal High Court, Abuja, on Tuesday has fixed Oct. 12 for the arraignment of former Aviation Minster, Stella Oduah and others by the Economic and Financial Crimes Commission (EFCC).

    Justice Inyang Ekwo fixed the date following a letter from the office of the Attorney-General of the Federation (AGF) in response to a petition. written by counsel to the 8th defendant in the suit, Ogbu James, SAN.

    Thenewsguru.com reports that Onoja had, on Nov. 22, 2021, raised objection to the defendants taking their plea, informing that a petition had already been written to the AGF, complaining that the defendants were just been persecuted as against prosecution.

    The development prompted the court to adjourn to await a response from the AGF.

    Justice Ekwo also, on Feb. 10, fixed today for report on the petition written to the AGF after the case was stalled.

    Upon resumption of the matter, counsel to the EFCC, Hassan Liman, SAN, informed that the AGF had responded to the petition and given a nod for the matter to proceed.

    “The charge was filed on Dec. 16, 2020. Since then, the plea of the defendants has not been taken,” he said.

    Liman reminded that Onoja in one of the sittings drew the attention of the court to a petition he wrote to the AGF.

    He said on Feb. 10 when the matter came up, he undertook to produce a letter from the AGF in response to the petition.

    “I confirm that the AGF has acknowledged the receipt of their letter and he has asked the court to proceed on the trial.

    “In view of the response by the AGF, may I apply for a plea of the defendants to be taken,” he said.

    But counsel to all the defendants, including Onoja, said they were unaware of the AGF’s response.

    The judge, who said he was also yet to see the letter, then directed Liman to avail the defence and the court with copies of the AGF letter.

    After copies of the letter were given to all, Justice Ekwo said he was unsatisfied with Paragraph 2 of the AGF letter.

    “I am not satisfied with the second paragraph of the letter,” he said.

    Ekwo, who said he would adjourn the matter so that the prosecution could resolve the issue completely with the AGF, said this would help the court to know whether the trial could go on or be stopped.

    He then fixes Oct. 12 and Oct. 13 for the trial.

    Newsmen reports that Paragraph two of the letter dated May 6 and addressed to the EFCC chairman reads: “I am further directed to inform you that the Honourable Attorney General of the Federation is reviewing the case file and a decision will be communicated in due course.

    “Meanwhile, you are to proceed with the prosecution of the case in court pending the decision of the Honourable Attorney General of the Federation.”

    Oduah, who currently represents Anambra North Senatorial District at the National Assembly, was expected to be arraigned by the EFCC on alleged N5 billion fraud and financial misappropriation

    other defendants in the charge, marked: FHC/ABJ/CR/316/2020, are Gloria Odita, Nwosu Emmanuel Nnamdi and Chukwuma Irene Chinyere.

    They also include Global Offshore and Marine Ltd, Tip Top Global Resources Ltd, Crystal Television Ltd, Sobora International Ltd and China Civil Engineering Construction Corporation (CCECC) Nigeria Ltd.

    They are being charged with conspiracy, money laundering and maintaining anonymous bank accounts with a commercial bank.

    They will be arraigned on 25-count charge.

  • Ebonyi: Umahi’s cold causes chronic flu for PDP defectors

    Ebonyi: Umahi’s cold causes chronic flu for PDP defectors

    … from all indications more elected political officers may backpedal to PDP

    …also, Senator Oduah and others maybe heading back to PDP

    By Emman Ovuakporie

    The Abuja Federal High Court judgment that sent Governor Dave Umahi packing has sent most Peoples Democratic Party, PDP defectors into panic mode as Umahi’s cold has given such decampees acute flu.

    TheNewsGuru.com, (TNG) in this brief analysis will take a look at how this development has placed some of these decampees into a panic mode.

    From all indications, all Federal lawmakers that defected from 2019 till date may have a case to answer because the watertight judgement is laced around the fact that no individual has the right to transfer the votes of his original party to another.

    Call it an iron fist judgment but the crux of the matter is that the valid votes of one party cannot be transferred into another party.
    The court, in a judgement that was delivered by Justice Inyang Ekwo, held that the total number of 393, 042 votes governor Umahi secured during the March 9, 2019 governorship election in Ebonyi state, belonged to the PDP and same could not be legally transferred to the APC.

    According to the court, having defected to the APC, both Umahi and his deputy, not only jettisoned the PDP, but also the votes that belonged to it.

    It held that going by the outcome of the governorship election, the office of the governor and deputy governor in Ebonyi state, “belong to the Plaintiff and no other political party”.

    This development also affected 16 Ebonyi State legislators, if the appellate courts support this judgment, the fate of other PDP defectors including governors will rest squarely on the balance.

    To this end, a concerned indigene of Anambra has gone to court challenging, Rep Chris Azubuogu who defected from PDP to APGA to declare his seat vacant.

    Hear his grounds: Concerned indigene of Nnewi, Stanley Okpala dragged Hon. Chris Emeka Azubogu of the House of Representatives to Court, seeking that his seat be declared vacant.

    The Plaintiff in his originating Summons with suit No. FHC/ABJ/CS/324/2022 filed by his lawyers Johnmary C. Jideobi and Ndubuisi Oko Ukpai, Esq. is also asking the court to cancel (Hon. Chris Emeka Azubogu), the 1st defendant’s certificate of return.

    Mr. Okpala’s sole issue was whether upon an intimate reading and complete understanding of section 68(1) (g) of the 1999 Constitution of the Federal Republic of Nigeria as amended, and especially in view of the decision of the Nigerian Supreme Court in Abegundu v. Ondo State House of Assembly, (2015) 8 NWLR. Part 1461 Page 314, the 1st Defendant who defected to the All Progressives Grand Alliance [APGA] from the People’s Democratic Party [on which platform he was elected Member of the Federal House of Representatives and where there was no faction as at time of his defection] ought not to have his seat in the House of Representatives declared vacant by this Honourable Court?

    Other defendants in the suit are the Independent National Electoral Commission and the Peoples Democratic Party, sued as 2nd and 3rd defendants respectively.

    According to Mr. Okpala, He is entitled to the following reliefs from the Honourable Court against the Defendant.

    A DECLARATION of the Court that upon an intimate reading and complete understanding of section 68(1) (g) of the 1999 Constitution of the Federal Republic of Nigeria as amended, and especially in view of the decision of the Nigerian Supreme Court in Abegundu v. Ondo State House of Assembly, (2015) 8 NWLR. Part 1461 Page 314, the 1st Defendant who defected to the All Progressives Grand Alliance [APGA] from the People’s Democratic Party [on which platform he was elected Member of the Federal House of Representatives and where there was no faction as at time of his defection] ought to have his seat in the House of Representatives declared vacant by the Court.

    AN ORDER of Court declaring vacant the seat of CHRIS EMEKA AZUBOGU and cancelling his Certificate of Return issued to him by the Independent National Electoral Commission.

    More of these challenges will soon mount the centre stage as the 2023 general elections approaches.

    Also, there are speculations that Senator Stella Oduah and some Federal lawmakers that defected from PDP may backpedal soon.

    Although unconfirmed sources claim that anytime from now Oduah maybe heading back to her original party the PDP.

    TNG recalls that since 2019, it was almost on a daily basis that lawmakers were defecting particularlly at the Federal legislature in a bid to grab juicy committees or out of sheer greed.

    This judgment may just change the narrative if it flies through the appellate courts.

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  • Court fixes Nov 22 for arraignment of ex-Aviation Minister, Stella Oduah

    Court fixes Nov 22 for arraignment of ex-Aviation Minister, Stella Oduah

    A Federal High Court, Abuja on Wednesday fixed November 22 for the arraignment of ex-Aviation Minister, Stella Oduah, over allegations bordering on fraud while she served in the office.

    Although Oduah, who currently represents Anambra North Senatorial District at the National Assembly, was scheduled for arraignment before Justice Inyang Ekwo on Tuesday, the proceeding could not take place due to a public holiday.

    However, a check at the court on Wednesday revealed that the matter, though not on the cause list, had been fixed for Nov. 22 and Nov 23 for trial.

    Justice Ekwo had, on July 12, threatened to issue a warrant of arrest against the former minister if she failed to appear in court by the next adjourned date (Oct. 19).

    The judge had given the warning after Dr Hassan Liman, counsel to the Economic and Financial Crimes Commission (EFCC) in the alleged N5 billion trial against Oduah and eight others told the court that Oduah and one other defendant were not in court to take their plea.

    The court had earlier fixed February 9 for the arraignment of the former minister.

    But due to the fact that she was not served with the court processes then, the arraignment could not go on.

    The court also fixed April 19 for the arraignment but due to the strike by the Judiciary Staff Union of Nigeria (JUSUN), the matter could not hold.

    The lawmaker is facing a fraud charge alongside others in a suit with number: FHC/ABJ/CR/316/20.

    The anti-corruption agency is alleging that Oduah misappropriated public funds to the tune of N5 billion while serving as Minister of Aviation.

    When the matter was called in the last adjourned date, Liman, who informed that the case was scheduled for arraignment, said the anti-corruption agency had carried out the court order made on February 9.

    “On Feb. 22, 2020, my lord made an order of substituted service on the 5th and 6th defendants in the trial.“We have carried out the order my lord,” he had said.

  • Stella Oduah reveals reason she defected from PDP to APC

    Stella Oduah reveals reason she defected from PDP to APC

    Senator Stella Oduah, former Minister of Aviation says she dumped the Peoples Democratic Party, PDP, for the All Progressives Congress (APC) to be part of the process of changing the political narrative in the South East.

    Oduah’s defection was revealed in a statement issued by APC spokesperson, Salisu Na’inna Dambatta.

    The statement said the former minister was was received at a brief ceremony in Abuja on Thursday and admitted into the party by the Chairman of the APC Caretaker/Extraordinary Convention Planning Committee (CECPC) and Govermor of Yobe State, Alhaji Mai Mala Buni and the Chairman of the Progressive Governors’ Forum, Alhaji Abubakar Atiku Bagudu of Kebbi State, Imo State Governor, Hope Uzodimma and the Deputy President of the Senate, Obarisi Ovie Omo-Agege.

    Speaking, Buni congratulated Oduah for joining the party and assured her of rights as all other members of the party.

    According to him, Oduah “will enjoy the privileges enjoyed by all members of the party because you will have a waiver.”

    In her remark, the former minister said she joined the APC family as part of the process of the changing political narrative in the South East.

    Oduah assured that she joined the APC along with her multitude of supporters who have been jubilating in Anambra State.

  • BREAKING: Sen. Stella Oduah dumps PDP, joins APC

    BREAKING: Sen. Stella Oduah dumps PDP, joins APC

    Former Aviation Minister, Stella Oduah has dumped the Peoples Democratic Party (PDP) for the ruling All Progressives Congress (APC).

    Stella, who is currently the Senator for Anambra North, was part of President Goodluck Jonathan’s cabinet.

    The lawmaker defected on Thursday at a brief ceremony the APC held in Abuja to admit her into the ruling party.

    In attendance were the Chairman, APC Caretaker/Extraordinary Convention Planning Committee (CECPC) and Yobe Governor, Mai Mala Buni.

    Others were Deputy Senate President, Ovie Omo-Agege; Chairman, Progressive Governors’ Forum and Kebbi Governor, Atiku Bagudu; Imo Governor, Hope Uzodimma, among others.

    The Anambra APC governorship candidate, Senator Andy Uba was present.

    Buni congratulated Oduah for joining the APC and assured her of equal rights with existing members

  • Alleged fraud: Court threatens to issue arrest warrant on ex-Aviation Minister, Stella Oduah

    Alleged fraud: Court threatens to issue arrest warrant on ex-Aviation Minister, Stella Oduah

    A Federal High Court, Abuja, on Monday, threatened to issue a warrant of arrest against former Aviation Minister, Stella Oduah, if she failed to appear in court by the next adjourned date.

    Justice Inyang Ekwo gave the warning after Dr Hassan Liman, counsel to the Economic and Financial Crimes Commission (EFCC) in the alleged N5 billion trial against Oduah and eight others told the court that the former minister and one other defendant were not in court to take their plea.

    The court had earlier fixed Feb. 9 for the arraignment of the former minister and eight others.

    But due to the fact that Oduah, who currently represents Anambra North Senatorial District at the National Assembly, was not served with the court processes then, the arraignment could not go on.

    The court also fixed April 19 for the arraignment but due to the strike by the Judiciary Staff Union of Nigeria (JUSUN), the matter could not hold.

    The lawmaker is facing a fraud charge alongside others in a suit with number: FHC/ABJ/CR/316/20.

    The anti-corruption agency is alleging that Oduah misappropriated public funds to the tune of N5 billion while serving as Minister of Aviation.

    When the matter was called, Liman, who informed that the case was scheduled for arraignment, said the anti-corruption agency had carried out the court order made on Feb. 9.

    “On Feb. 22, 2020, my lord made an order of substituted service on the 5th and 6th defendants in the trial.

    “We have carried out the order my lord,” he said.

    Justice Ekwo, however, said that since the court did not sit on the last adjourned date, today’s proceeding should be for a report on the development and another date would be fixed for arraignment.

    “How many witnesses are you calling,” the judge asked.

    Liman, who said the EFCC would be calling at least 32 witnesses in the trial, said while some of the witnesses were within the court jurisdiction, others were not.

    He added that the agency would produce two witnesses in the first day of trial commencement.

    The lawyer called the court attention to the fact that Oduah, who is the 1st defendant, and another defendant listed as 4th in the trial were not in court.

    “I will fix another date for arraignment and if they like, let them not come,” Ekwo said.

    The judge, who told the prosecution lawyer to put his house in order, said “once the plea is taken, I am proceeding with trial.”

    Ekwo, therefore, warned that any defendant who was not in court in the next adjourned date would be issued with an arrest warrant.

    “Apart from the 2nd and 3rd defendants, the order defendants are absent today. This is a note of warning that any one who is absent will be issued with a warrant of arrest,” he ruled.

    He adjourned the matter until Oct. 19 for arraignment and trial.

  • Loan saga: Court enters $16.4m judgment against Stella Oduah

    A Federal High Court sitting in Lagos south west Nigeria has entered judgement in favour of Sterling Bank Plc jointly and severally against the former aviation minister Senator Stella Oduah and her company Sea Petroleum and Gas Limited in the sum of $16,412,819.06 and N100,493,225.59 respectively.

    The sum being the outstanding debt owed by the Sea Petroleum and Gas Company and duly guaranteed by Senator Stella Oduah as at November 2016 to the bank with accrued interest.

    The Presiding Judge, Justice Ayotunde Faji in his judgment while granting six reliefs out of the 14 sought by the bank, issued order of attachment in favour of the bank against such entire assets of Sea Petroleum and Gas company, cash in bank, bond, deposit, real estate, stocks, all forms of negotiable instruments in all stock broking firms, discount houses, mortgage institutions, financial houses, microfinance houses, and all licensed banks within Nigeria having Sea Petroleum as beneficial owner funds to the full extent of the unsatisfied portion of the sum of $16,,412,819.06 and N100,493,225.59 respectively as at November 2016 and other accrued interest.

    The court also declared that having regard to the clear and unambiguous provisions of the deed of guarantee and indemnity personally executed by Senator Stella Oduah in favour of Sterling Bank over facility advanced to the Sea Petroleum and Gas company Limited who has failed upon demands to liquidate same, judgment can be granted against Senator Stella Oduah for the unsatisfied portion of the sum owed by Sea Petroleum and Gas company to the bank.

    The judgment of the court was sequel to a debt recovery suit filed before the court by a Lagos lawyer Barrister Oluwakemi Balogun SAN on behalf of Sterling bank Plc.

    In an affidavit sworn to by business manager, Maritime of Sterling bank Plc Mr Segun Akinsanya,with 34 exhibits attached filed and argued before the court by Mr Balogun (SAN), Mr Akinsanya in the said affidavit averred that on October 8, 2012, the bank granted a lease/cabotage vessel finance facility to Sea Petroleum and Gas Company in the sum of $10,069,620.25 to finance one unit 5,000 MT tanker vessel.

    The loan was secured by unconditional personal guarantee of the company director, Princess Stella Oduah supported by statement of her net worth, legal mortgage of two properties worth N135 million, power of Attorneys of the tanker vessel in favour of Sterling Bank and fully executed irrevocable standing payment order and tripatite remmitance agreement between First Bank Plc, Sterling Bank and Stella Oduah.

    It was further averred that between June 27, 2013 Sea petroleum Company requested for and was granted additional facilities in the sum of $449,600.00 for post delivery expenses, $642,954.00 and $350,000 to meet the requisite conditions in securing the release of the tanker.

    Upon the persistent failure of the defendants to liquidate their indebtedness Sterling Bank instructed the law firm of Oluwakemi Balogun to recover the debt.

    Despite several reminders, demands, pleas and persuasions emanating from the bank and its solicitor, the defendants failed and refused to liquidate their indebtedness which has culminated in the sum of $16,412,819.06 and N100,493,225.59 as at November 2016.

    Consequently, the bank urged the court to enter judgment in its favour as per its claim.

    However, in her counter affidavit, Senator Stella Oduah, contended that, the vessel purchased with the loan facility was registered in the name of Sterling Bank until the defendant discharges the facility.

    The bank was to appoint technical managers for the vessel to ensure it is in good condition. The managers appointed by the bank mismanaged the vessel resulting in several losses to the defendants. The bank ignored all pleas for the managers to be changed. The company Sea Petroleum and Gas limited could therefore not meet up with its financial obligations.

    The non payment of the loan was thus occasioned by the bank’s inaction and it would be unjust to impose on the company the liability occasioned by the bank’s inaction. The bank still retained the vessel since ownership was in the bank. The bank would have expected to sell the vessel but failed to do so in spite of the company’s consent to the sale. The bank is not also seeking a sale of the vessel in this suit.

    Consequently the impossibility of performance is a defence to claim for specific performance. Where a plaintiff defaults in his obligation under an agreement he cannot succeed in an action for specific performance.

    The court was then urged to refuse the claim of the bank. The bank was expected to sell the properties pledged, title documents which are in the bank’s custody. It is only after then that it will be clear who is indebted to who. Thereafter the company’s liability can be determined and Senator Stella Oduah’s liability arise.

    In his judgement, Justice Faji said, “The defendant by letter dated 6/2/15 acknowledged it’s indebtedness. This is part of Plaintiff’s case to show that the debt is not disputed. The defendant did not comply with the repayment under the various facilities. The Sea Petroleum and Gas Limited statement of account for the period 1/9/12 to 24/11/16 shows a debt balance of $16,412,819.06 and Naira debit balance of N100,493225.59.

    As regards Sea Petroleum therefore, it is clear that the company was all material times indebted to Sterling Bank, Stella Oduah guaranteed the indebtedness and issue a guarantee and indemnity. The bank was to have a lien upon the immediate right of set-off against Stella Oduah whether on any current, deposit, domiciliary, or other accounts and assets.

    ”I do not see any defence to this claim by Sea Petroleum and Gas company, As regards Stella Oduah, having guaranteed the loan and given an indemnity, she is equally liable with the company to pay the debt. I grant reliefs 1-6 in so far as they relate to the assets of Senator Stella Oduah and Sea Petrol and Gas company Limited within Nigeria.

  • AMCON takes over Sen Oduah’s companies, other assets over unpaid debts

    The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Sen. Stella Oduah-Ogiemwonyi over an unpaid debt of about N20 billion.

    AMCON said the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos against Sea Petroleum Oil & Gas Ltd.

    The corporation in a statement by its Head, Corporate Communications, Mr Jude Nwauzor, on Friday said that Oduah-Ogiemwonyi had been having a running battle with AMCON over her inability to settle her huge debt of nearly N20 billion.

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

    It said that in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had remained recalcitrant.

    “Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.

    It said that the order also affected the senator’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.

    The statement said that the court also ordered the freezing of the funds of Sea Petroleum & Gas and its affiliated companies and principal promoters, held anywhere by any entity or persons in Nigeria.

    It also authorised AMCON and its receiver, Onigbanjo to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.

    “In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum & Gas Ltd. and its affiliated companies.

    “Justice Hassan specifically, ordered Sea Petroleum Oil & Gas Ltd. 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 Expressway,” it said.

    Other affected assets, according to AMCON, are 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.

    The court order also listed a host of other assets across the country, including Plot 2, Block 12C, Babafemi Osapa Crescent Lekki; Block 5, House 4A Mobolaji Johnson Estate, Lekki, and office/filling station at Jakande in Lekki, Lagos, among others.

  • Unpaid Debt: AMCON takes over Sen. Oduah’s assets

    The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Sen. Stella Oduah-Ogiemwonyi over an unpaid debt of about N20 billion.

    AMCON said the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos against Sea Petroleum Oil & Gas Ltd.

    The corporation in a statement by its Head, Corporate Communications, Mr Jude Nwauzor, on Friday said that Oduah-Ogiemwonyi had been having a running battle with AMCON over her inability to settle her huge debt of nearly N20 billion.

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

    It said that in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had remained recalcitrant.

    “Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.

    It said that the order also affected the senator’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.

    The statement said that the court also ordered the freezing of the funds of Sea Petroleum & Gas and its affiliated companies and principal promoters, held anywhere by any entity or persons in Nigeria.

    It also authorised AMCON and its receiver, Onigbanjo to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.

    “In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum & Gas Ltd. and its affiliated companies.

    “Justice Hassan specifically, ordered Sea Petroleum Oil & Gas Ltd. 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 Expressway,” it said.

    Other affected assets, according to AMCON, are 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.

    The court order also listed a host of other assets across the country, including Plot 2, Block 12C, Babafemi Osapa Crescent Lekki; Block 5, House 4A Mobolaji Johnson Estate, Lekki, and office/filling station at Jakande in Lekki, Lagos, among others.