Modupe Gbadeyanka
By Modupe Gbadeyanka
The federal government has been directed to pay the sum of N1.56 billion accrued to a local oil company, Obat Oil Petroleum Limited, as subsidy for importing petroleum products into the country, to Sterling Bank Plc.
This directive was given by Justice Nicholas Oweibo of the Federal High Court in Lagos, who said the amount should be paid to the bank through the Federal Ministry of Finance and Debt Management Office (DMO).
Justice Oweibo gave this order while ruling in a mareva order application to preserve the monies and other financial instruments as subsidy payment, due to Obat Oil and Petroleum Limited by the federal ministry of finance and DMO, filed by Sterling Bank and Petrocam Trading Nigeria limited by their lawyer, Mr Gbenga Akind-Peters of Temilolu Adamolekun Law firm.
According to Justice Oweibo, this directive will subsist till the determination of suit marked FHC/L/CS/1100/19, filed against Obat Oil by Sterling Bank and Petrocam Trading Nigeria limited.
In urging the court to grant the mareva order, Sterling Bank and Petrocam stated that the request for order was due to the failure of the Obat Oil to pay back credit facilities of N1.558 billion granted to it.
Further ruling on the matter, Justice Oweibo restrained Obat Oil and its agents, privies and any other person on behalf of the oil company, from dealing any money, instruments, sovereign debt notes and promissory notes standing in the company’s accounts, records and whatsoever, held with the federal ministry of finance and DMO, to the tune of N1.558 billion.
The court further ordered the finance ministry and the DMO to disclose on oath the total sum of money, funds, Sovereign Debit Notes (SDNs) either processed or yet to processed within the purview of petroleum subsidy scheme in their custody or possession or that may come into their possession or custody belonging to Obat Oil for further direction of the court.
