Alleged N4.6bn debt: Court orders taken over of a firm

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*Federal High Court, Lagos

(Nigeria) A Federal High Court sitting in Lagos has restrained the management of Shoreline Power Company Ltd from interfering with a receiver-manager, Taiwo Ogbara, appointed by Ecobank Nigeria Ltd over the firm’s assets.
Justice Chuka Obiozor restrained the defendants, namely Orikolade Karim, Tunde Karim, Yinka Karim, Marc Hasenclever and Graeme Stout, from interfering with or obstructing Mr Ogbara in the course of his duties as receiver-manager pending the hearing and determination of the motion on notice.
The judge granted an order of interim injunction restraining the defendants or their agents from tampering with or disposing of the firm’s assets and properties covered by a Deed of All Assets Debenture of March 18, 2013 between Ecobank and Shoreline Power Company, registered at the Corporate Affairs Commission, CAC.
Justice Obiozor gave an order directing the Inspector-General of Police and his men to assist the receiver-manager in carrying out his duties over the firms properties and equipment.
He granted an order of interim mareva injunction restraining all Nigerians banks from accepting or honouring any mandate or cheques presented by the defendants for the withdrawal of any sum kept in Shoreline Power Company’s account pending hearing of the motion on notice.
The banks were also directed to file within 48 hours the company’s statement of account with them and to transfer such funds into a receivership account as may be requested by the receiver-manager.
In a supporting affidavit to the ex-parte application, an Ecobank staff member, Donatus Onoja, said Shoreline Power Company was indebted to it to the tune of N4.6billion.
The bank said it wrote the firm to demand the payment of the outstanding indebtedness but got no response.
It said despite receipt of the demand letter, the firm “neither responded nor did it comply or display any genuine willingness to fulfil its repayment obligations to the first applicant within the time so prescribed.”
The bank said the firm utilised the loan and refused to repay it, contrary to their agreement.
The case comes up on July 23, for hearing.

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