Former minister of aviation, Senator, Stella Oduah-Ogiemwonyi, is feeling the heat of altered fortunes in recent times as she continues to swim in troubled waters.
Several properties belonging to one of her companies Sea Petroleum Oil and Gas Group Limited has been seized by AMCON through a court order and placed under receivership.
Thinking that all was over, Union Bank Savings and Loans has filed an application praying the federal high court to join it in the ongoing suit between AMCON and her company.
The mortgage lender through its lawyer Barrister Ken Ahia, claimed that some of the properties seized by AMCON were used as by Stella, Star Properties and five of its directors to secure various mortgage loans between December 2009 and November 2010 amounting to ₦385, 750,000.
The application claimed that despite several loan restructuring arrangements and interest waivers made to encourage the borrowers to pay up, they remain indebted to the company till date. It is therefore arguing that the properties used by the borrowers as collateral ought to be forfeited to it and not to AMCON.
The application averred that Union Homes Savings and Loans is entitled to the protection of its proprietary interest in the specified properties. It is therefore praying the court to join it as an interested party in AMCON’s suit against Sea Petroleum so that it can defend and safeguard its own interests and prevent being compulsorily and unjustly divested of its legitimate investment and proprietary interest by the plaintiffs.
The properties in question are E29 and 31E Fat Oboh street Millennium Homes, Oniru Private Estate Lagos as well as F3B, F4A, F4B, F5A, F5B SPG Road, Millennium Estate, Oniru Lekki Lagos State. They form part of the assets of Sea Petroleum Oil and Gas Group Limited seized by AMCON after an interim order by a federal high court. AMCON is seeking to recover a ₦20 billion debt allegedly owed by Star Petroleum.