Oduah Denies Being Indebted To Sterling Bank, Others

[caption id="attachment_16979" align="alignnone" width="699"]Senator Stella Oduah[/caption]

Senator representing Anambra central senatorial district, Stella Oduah has described as untrue reports that she was indebted to several commercial banks in the country.

This is coming following a Lagos Federal High Court judgement restraining the senator and Sea Petroleum and those of three other companies from making withdrawals from 21 accounts in Sterling Bank some other commercial banks.

The other companies barred from making withdrawals include Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.


Oduah, who was furious with the court action, said she had since 2010 resigned from the company, Sea Petroleum, which was alleged to be indebted to banks.

“I resigned from the company since 2010. Sterling got injunction on earlier order,” she told the News Agency of Nigeria, NAN.

“They gave sea shipping facility to buy vessel. They defaulted. But the order lapsed today.

“The lawyers appealed for a set-aside. That was what they argued and order was set aside.”


The Federal High Court in Lagos on Wednesday issued the orders over an alleged indebtedness of the defendants in the sum of about 16.4 million dollars and N100.5 million.

The court also, the court issued an order directing the said commercial banks to sequestrate their indebtedness as at November 2016 and deposit the assets assets of Stella Oduah and the four companies in a yielding account in the name of the chief Registrar of the Federal court, pending the determination of the suit filed before the court to recover the debt.

The court order was sequel to an affidavit deposed to by Business Manager of Sterling Bank Plc., Segun Akinsanya, filed by its Counsel, Kemi Balogun.

In the affidavit, Mr. Akinsanya averred 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.
He averred that the loan was secured by an unconditional personal guarantee of the companies’ director, Princess Stella Oduah.

Mr. Akinsanya also claimed that the loan 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.


Also, in support was a fully executed standing payment order and tripartite remittance agreement between First Bank plc, Sterling Bank and Stella Oduah.

It was further alleged that in June 27, 2013, Sea Petroleum Company requested and was granted additional facilities in the sum of about 450,000 dollars for post-delivery expenses.

Akinsanya said that despite several reminders, and demands, the defendants had failed and refused to liquidate their indebtedness which had culminated to 16.4 million dollars, and about N100.5 million as at November 2016.

He also claimed that the defendants were also greatly indebted to a number of other banks in the country.

Balogun advised the court to grant the order restraining Stella Oduah and other directors of the companies from withdrawing money from the account of the companies domiciled with 21 banks pending the determination of the debt recovery suit.

Meanwhile, Oduah and the companies urged the court to strike out the suit for lack of jurisdiction. They also filed a preliminary objection to the suit.


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