Senator denies owing $16M

monjola sotubo

February 23, 2017 12:43 PM

Oduah made the denial after a Federal High Court in Lagos, on Wednesday, February 23, ordered the freezing of 21 bank accounts linked to her.

Stella Oduah

Senator Stella Oduah has denied claims that she is

The court also restrained Oduah and a company, Sea Petroleum and Gas Company Limited from making any withdrawal from the accounts.

Other companies involved include Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.

“I resigned from the company since 2010. Sterling [Bank] got an injunction on an earlier order,” Oduah said.

“They gave Sea Shipping a loan facility to buy a vessel. They defaulted. But the order lapsed today. The lawyers appealed for set aside. That was what they argued today and the order was set aside,” she added.

The court’s order was based on an allegation of indebtedness on the part of the defendants to the tune of $16.4 million and N100.5 million.

The order of the court followed an affidavit by Business Manager of Sterling Bank Plc., Segun Akinsanya.

In the affidavit, Akinsanya stated that on Oct. 8, 2012, the bank granted a lease /Cabotage Vessel Finance Facility (CVFF) to Sea Petroleum and Gas Company in the said sums to finance one unit 5,000 MT tanker vessel.

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He added that the loan was secured by an unconditional personal guarantee of the companies’ director, Princess Stella Oduah which was supported 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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