Justice Oluremi Oguntoyinbo of Federal High Court, Lagos, on Tuesday refused to vacate her interim Mareva injunction made on January 25, 2021 directing 20 banks to block accounts of Shell Petroleum Development Company of Nigeria (SPDC) and its subsidiaries.
The judge made the order in her ruling on three applications in a suit marked FHC/L/CS/52/2021, filed by Aiteo Eastern E&P Company Ltd against SPDC and four others sequel to AITEO’s bid to recover from Shell, the cash equivalent of more than 16 million barrels of crude oil allegedly diverted by the oil giant.
Other respondents in the suit are Royal Dutch Shell Plc; Shell Western Supply and Trading Ltd; Shell International Trading and Shipping Company Ltd; and Shell Nigeria Exploration and Production Company Ltd.
Aiteo is claiming about $2.7 billion against SPDC over alleged problems with the Nembe Creek Trunk Line (NCTL) pipeline it bought from the Anglo-Dutch group in 2015 and over claims that Shell undercounted its oil exports.
Justice Oguntoyinbo granted the Mareva injunction, directing 20 commercial banks to block SPDC and its subsidiaries’ accounts and barring Royal Dutch Shell’s Nigerian subsidiaries from withdrawing money at the banks until it “ringfences” potential damages in the lawsuit brought against the firm by Aiteo.
Seventeen of the banks are said to have complied with the order while three of the banks’ have been summon for allegedly disobeying the order made on January 25, 2021.
The court has therefore ordered secretaries of the defaulting banks and their chief financial officers to appear before it on the next adjourned date of March 29, 2021, warning that their failure to appear would result in a warrant for their arrest.
Join the conversation
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...