N1.4bn Debt: Court Stops Firms From Accessing Funds In 24 Bank Accounts

Justice Akintayo Aluko of Federal High Court in Lagos has granted an interim order of mareva injunction restraining two firms, Duport Midstream Company Limited, Platform Capital Investment Partners Limited and their Managing Director, Akintoye Akindele, from accessing the sum of N1, 379,400,918 or its equivalent in any currency in 24 banks, pending the hearing and determination of a motion on notice filed by Union Bank Plc.

The judge made the order following the granting of an ex parte motion filed and moved by the bank through its lawyer, Temilolu Adamolekun. Union Bank Plc. had alleged that the defendants were indebted to it to the tune of N1, 379, 400, 918 as of June 30, 2023 “(while interest continues to accrue) under the terms of the various facilities granted by it to the first defendant, for several purposes as captured on the various offer letters.”

Granting the ex parte motion, Justice Aluko held: “It is hereby ordered as follows: “That an interim order of Mareva Injunction restraining the defendants from dealing with any of the monies standing to their credit in all of their accounts, records or howsoever held with the 4th to 27th respondents and also their monies standing to their credit in custody of the plaintiff up to the tune of N1,379,400,918 or its equivalence in any foreign currency pending the hearing and determination of the motion on notice is hereby granted.”

The court further restrained the banks from releasing to the defendants any monies, funds or any other instrument belonging to the defendants to the tune of N1, 379,400,918 or its equivalence in any foreign currency that may be or found in their custody. The judge further granted an order directing the banks “to disclose on oath whatever sum of money that may be in their custody belonging to the defendants for further direction. Justice Aluko adjourned the matter till September 13 for a hearing of the motion on notice.