•As Legal Battle Over N131 Billion, $19.8 Million Debt Intensifies
The Federal High Court in Lagos will on March 27, 2025, entertain the insolvency suit filed by Sterling Bank Plc against Zomay Marine and Logistics Limited and several individuals, including Nigerian billionaire Timi Alaibe, his children, and business associates.
The legal action designated FHC/L/CS/321/2025, revolves around an alleged unpaid debt of N131,101,725.96 billion and $19,874,600.01 million.
The respondents in the case include Vinewhite Limited, Ebiye Alaibe, Ebitari Alaibe, Muyiwa Odufalu, Alali Hallday, Thomas Lokoson, as well as two vessels, Merchant Vessel (M.V.) Princess Ebikenie and Merchant Vessel (M.V.) Sir Emeka Offor.
It would be recalled that the court, presided over by Justice Akintayo Aluko had previously granted Sterling Bank several interim reliefs on February 26, 2025, following an ex parte motion filed by the bank’s counsel, Adekunle Ogunba (SAN).
These orders empowered the bank to take over the assets, both movable and immovable, of the respondents, pending the full hearing of the case.
The court’s orders included restraining the respondents and their agents from interfering with the court-appointed Receiver/Manager; authorizing the Receiver/Manager to take control of all identified assets and properties, including high-value real estate in Ikoyi, Lagos, Garki, Abuja, and Port Harcourt, Rivers State, prohibiting financial transactions and the movement of funds by the defendants in all banks and financial institutions within Nigeria, freezing business dealings between the defendants and major corporations, including Oilserv Limited, Total JV, ExxonMobil, First E&P Development & Company Limited, and NNPC Engineering and Technical Company Limited, restricting the movement of the two vessels, M.V. Sir Emeka Offor and M.V. Princess Ebikenie, outside Nigerian waters, and directing security agencies, including the Nigerian Navy, Nigeria Police Force, and NIMASA, to enforce the detention of the vessels.
At the latest hearing, Sterling Bank’s counsel, Ogunba (SAN), informed the court of the bank’s decision to discharge its claim over a specific property at No. 5a Onilegbale Road, Ikoyi, Lagos.
This development coincided with a motion filed by an interested party seeking to be joined in the case, which also requested the court to discharge the order over the same property.
In response, Justice Aluko discharged the previous court order concerning the Ikoyi property and struck out the application for a joinder.
As proceedings continued, Ogunba (SAN) sought to argue the bank’s application for an interlocutory injunction, reinforcing the previous orders and securing the assets in dispute.
However, Chris Okeke (SAN), counsel for the defendants, countered by insisting that their application to set aside the February 26 court order should be heard first.
Justice Aluko ruled that both applications; Sterling Bank’s interlocutory injunction and the defendants’ motion to set aside the court order, would be heard together, with priority given to the application for discharge.
The case was subsequently adjourned to March 27, 2025, for the hearing of these motions.
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