30 C
Monday, September 28, 2020
- Advertisement -

Ecobank Sues Shoreline Power Over Billion Naira Debt


What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

Justice Chuka Obiozor of the Federal High Court, Lagos State, has restrained the management of Shoreline Power Company from interfering with a receiver-manager, Taiwo Ogbara, appointed by Ecobank Nigeria to manage its assets. Shoreline Power is run by Kola Karim, a Lagos-based billionaire oilman.

The other defendants listed in the matter are Orikolade Karim, Tunde Karim, Yinka Karim, Marc Hasenclever and Graeme Stout.

The court restrained them from obstructing Ogbara in the course of his duties as Ecobank’s Receiver-Manager pending the determination of the motion on notice.

Obiozor also granted an order of interim injunction restraining the defendants and/or their agents from tampering with or disposing of the firm’s assets covered by a Deed of All Assets Debenture of March 18, 2013 between Ecobank and Shoreline registered at the Corporate Affairs Commission (CAC).

He directed the Inspector-General of Police (IGP) and his men to assist the receiver-manager in carrying out his duties with respect to the firm’s property and equipment.

The judge also granted a Mareva Injunction restraining all Nigerians banks from honouring any mandate presented by the defendants for the withdrawal of any funds in Shoreline’s accounts pending the hearing of the motion on notice.

The court directed all the banks involved to render within forty-eight hours the company’s statements of account and to transfer such funds to an account as may be requested by the receiver-manager.

In a supporting affidavit to the ex-parte application, an Ecobank employee, Donatus Onoja, said Shoreline was indebted to the bank to the tune of 4.6 billion Naira.

The bank said it wrote the firm to demand the payment of its outstanding debts, but received no response.

Onoja added that despite the receipt of the demand letters, Shoreline Power “neither responded nor did it comply or display any genuine willingness to fulfill its repayment obligations to the first applicant within the time prescribed.”

The bank said the firm utilised the loan and refused to repay it, contrary to their agreement.

The case comes on July 23, 2019.

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...