Ecobank’s receiver takes over Shoreline Power’s assets over debt

The Federal High Court in Lagos has restrained Shoreline Power Company Limited’s management from interfering with a receiver-manager, Taiwo Ogbara, appointed by Ecobank Nigeria Limited to take over the firm’s assets.

Justice Chuka Obiozor restrained the firm’s management, including Orikolade Karim, Tunde Karim, Yinka Karim, Marc Hasenclever and Graeme Stout, from interfering with or obstructing Ogbara in the course of his duties as receiver-manager, pending the hearing and determination of the motion on notice.

The judge granted an order of interim injunction restraining the defendants or their agents from tampering with or disposing of the firm’s assets and properties covered by a Deed of All Assets Debenture of March 18, 2013 between Ecobank and Shoreline Power Company, registered at the Corporate Affairs Commission (CAC).

Justice Obiozor gave an order directing the Inspector-General of Police (IGP) and his officers and men to assist the receiver-manager in carrying out his duties over the firm’s properties and equipment.

He granted an order of interim mareva injunction restraining all Nigerian banks from accepting or honouring any mandate or cheques presented by the defendants for the withdrawal of any sum kept in Shoreline Power Company’s account, pending hearing of the motion on notice.

The banks were also directed to file the company’s statements of account with them within 48 hours and to transfer such funds into a receivership account as may be requested by the receiver-manager.

In a supporting affidavit to the ex-parte application, Ecobank, through its staff member, Donatus Onoja, said Shoreline Power Company was indebted to the bank to the tune of N4.6 billion.

The bank said it wrote the firm to demand the payment of the outstanding indebtedness but got no response.

It added that despite receipt of the demand letter, the company “neither responded nor did it comply or display any genuine willingness to fulfil its repayment obligations to the first applicant within the time so prescribed”.

Ecobank said Shoreline Power Company utilised the loan and refused to repay it, contrary to their agreement.

The case comes up tomorrow for hearing.

 

Source: The Nation

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