N2.1bn Alleged Debt: Court Blocks Five Customers’ Funds in 24 Banks

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A Federal High Court in Lagos has restrained Triton Aqua Africa Limited, Bharat Ventures Limited, Globus Resources Limited, Seafood Products Limited and Mr. Ashvin Samtani from accessing their funds of up to N2, 193, 610, 859. 47 billion in 24 banks.

Justice Oluremi Oguntoyinbo, who gave the order in suit number FHCLCS/354/2021, ruled that the interim order subsists pending the hearing and determination of the motion and notice filed by the Union Bank of Nigeria Plc.

The judge also restrained the defendants in the interim from disposing of their assets at 49 Apapa-Oshodi expressway, Ijeshatedo, Lagos, and No 27, Inuwa Abdulkadir Road, Kakuri Industrial Layout, Kaduna South Local Government Area in Kaduna State.

The order followed the plaintiff, Union Bank’s March 4, 2021, motion ex-parte in the alleged debt recovery suit.

The judge stopped the five defendants in the interim “from dealing with any of the monies standing to their credit in custody or that may come to be in custody of the sixth to 28th respondents up to the tune of N2, 193,610,859.47 billion or its equivalent in any foreign currency, pending the hearing and determination of the motion and notice.”

She further restrained the 24 banks and Union Bank or anyone acting on their behalf from releasing to the first to fifth defendants any money, funds or any other instrument belonging to them up to N2,193,610,859.47 billion or its equivalent in any foreign currency, that may be or found in their custody or possession.

The Judge further restrained in the interim Triton Aqua Africa, Bharat Ventures, Globus Resources, Seafood Products and Samtani or anyone under their authority from tempering with their assets/property within their premises at 49 Apapa-Oshodi expressway, Ijeshatedo, Lagos State.

The first to fifth defendants or anyone under their authorities were also restrained in the interim from tempering howsoever with any of the first to third defendants’ assets/property “within the premises of the property at No 27 Inuwa Abdulkadir Road, Kakuri Industrial Layout, Kaduna South LGA in Kaduna State, particularly but not limited to all the assets/property of the fourth defendant, which have been charged in favour of the plaintiff by virtue of a Deed of All Assets Debenture dated May 25, 2011, between Seafood Products Limited (the issuer) and the plaintiff on the account of the second defendant.”

The sixth to 28th respondents were also directed “to disclose on oath whatever sum of money that may be in their custody belonging to the defendants for further direction of the court.”

Justice Oguntoyinbo adjourned till April 14, 2021, for hearing of the interlocutory application