N4.6bn Debt: Ecobank Takes Over Power Firm

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A receiver-manager appointed by Ecobank Nigeria Limited, Taiwo Ogbara, has been empowered by a Federal High Court sitting in Lagos to have unrestricted access to one of the debtors of the financial institution, Shoreline Power Company Limited, into its premises.

The power firm was said to owe the lender about N4.6 billion and that when the bank appointed a receiver to take over the company, it resisted, which prompted a court action and 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 Mr Ogbara in the course of his duties as receiver-manager, pending the hearing and determination of the motion on notice.

According to reports, 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).

In his ruling, Justice Obiozor directed 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 and further 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.

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