The court order was hinged on an allegation of indebtedness on the part of the defendants to the tune of $16.4 million and N100.5 million.
The court thereby directed the commercial banks harbouring the assets of Stella Oduah and the four companies to sequestrate their indebtedness as at November 2016 and that the money should be kept in an interest 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 order of the court followed an affidavit by Business Manager of Sterling Bank Plc., Mr Segun Akinsanya, filed and argued before the court by the bank’s Counsel, Mr Kemi Balogun (SAN).
Addressing newsmen in the National Assembly on Thursday, the Anambra Senator said, “I resigned from the company since 2010. Sterling got injunction on earlier order. They gave sea shipping facility to buy vessel. They defaulted. But the order elapsed today. The lawyers appealed for set aside. That was what they argued today and order was set aside”.
A Lagos Federal High Court, had on Wednesday, restrained Stella Oduah and Sea Petroleum and Gas Company Limited, from making any withdrawal from 21 accounts domiciled with some banks.
Other companies that will suffer the same fate include, Sea Shipping Agency Ltd, Rotary Engineering Services Ltd, and Tour Afrique Company Ltd.