A Federal High Court in Lagos has granted an application by Union Bank, restraining finance houses from releasing funds up to N5.8 billion or its equivalent in any foreign currency to three defendants. The defendants are Stallionaire Nigeria, Deji Matthew Somoye, and Supreme Shipping and Marine Services Limited.
Justice Ibrahim Kala ordered that the injunction subsists pending the hearing and determination of Union Bank's Motion on Notice, which was dated and filed on May 20. The suit, identified as FHC/L/CS/509/2024, lists commercial banks and FinTech companies as respondents.
Union Bank's legal team, consisting of T. Adamolekun, G. Akinde-Peters, and Boluwatife Oloyede, filed the motion ex-parte application. This application was supported by an affidavit sworn by Segun Omoshola, seeking specific prayers from the court.
Among the orders sought was the variation of an Interim Order for Mareva Injunction made by the court on March 25. This variation aimed to discharge certain orders that had previously attached the defendants' vessels. Additionally, the application sought to strike out the names of the fourth to eighth respondents.
Upon hearing the counsel, the court granted the order to freeze the defendants' accounts. This order affects accounts connected with the second defendant’s BVN, domiciled with the fourth to 31st respondents, with amounts up to N5,858,692,168.58 or its equivalent in foreign currency.
Justice Kala ruled:
"It is ordered as follows: Order as prayed per prayers 1 and 2 of the application pending hearing and determination of the motion on notice of May 20. An Order discharging orders (1), (2), (3), and (4) principally attaching the Defendants’ Vessels i.e. MT ADEBOMI 1, Oil Tanker with Official No: 377872."
The court's decision effectively freezes the defendants' accounts and detaches their vessels, ensuring that Union Bank's claims are secured pending further court proceedings.
