The Federal High Court in Lagos has granted an interim mareva injunction directing business banks to dam Shell Petroleum Development Company of Nigeria Ltd accounts.
A mareva injunction is a court docket order freezing a celebration’s belongings, till the dedication of a case they’re invloved in, to cease them from taking it overseas.
The order was in a bid to recuperate the money equal of greater than 16 million barrels of crude oil allegedly diverted by the oil big from AITEO Eastern E & P Company Ltd.
Oluremi Oguntoyinbo, the decide, gave the order Wednesday following an ex parte utility what place AITEO Eastern E & P Company Ltd is the plaintiff/candidates and SPDC Ltd is the primary defendant.
Joined within the swimsuit 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 as second, third, fourth and fifth defendants.
The respondents are the 20 banks what place the Shell firms function accounts in Nigeria.
AITEO’s utility was filed by Kemi Pinheiro, a Senior Advocate of Nigeria, who led six different SANs, together with Mike Ozekhome and Dapo Olanipekun.
The decide directed the 20 banks to “ring-fence any cash, bonds, deposits, all forms of negotiable instruments to the value of $2.7 billion and pay all standing credits to the Shell companies up to the value into an interest yielding account in the name of the Chief Registrar of the court.”
The Court Registrar is to “hold the funds in trust” pending the listening to of the movement and dedication of the movement on discover for interlocutory injunction filed earlier than it by AITEO.
The court docket restrained the defendants or their brokers from presenting to the banks ”any mandate or instrument for the withdrawal of any cash and /or funds standing to the credit score of any of the accounts” of the defendants saved/maintained “at any of the named respondent banks.”
To permit that, the court docket mentioned the banks should first “ring-fence $1.2 million or its equal in some other official exchangeable goods together with however not restricted to the naira and/or pound sterling being the worth of the plaintiff’s 1,022,029 barrels of crude oil. The worth was derived on the fee of $79.50 per barrel as acknowledged within the Department of Petroleum Resources (DPR) letter dated eighth day of July, 2020, the court docket added.
Again, the court docket dominated that the banks mustn’t permit that with out first preserving and or ring-fencing the overall sum of $2,7 million or its equal in some other official exchangeable goods.
The sum contains $799 million being the quantity claimed to have been paid by the plaintiff to the 5 defendants for the acquisition of the Nembe Creek Trunk Line (NCTL) pipelines and the belongings, and $389,631,877.76 claimed as having been misplaced by the plaintiff arising from the leakages within the NCTL and the degraded situations of the NCTL
The relaxation consists of $578,951,901.99 claimed as having been misplaced by the plaintiff arising from the crude theft/larceny within the NCTL, and $933,000,000 claimed as having been expended for the repairs of the pipelines and acquisition of the tools together with well-heads, mills and pumps as well as changing the circulation traces throughout the NCTL.
The decide additional directed the respondents’ banks “to pay any sums of money standing to the credit of the defendants within 48 hours of the service of the order” of court docket into an interest yielding account within the title of the court docket’s Chief Registrar, who’s to carry identical in belief.
“Pending the hearing and determination of the motion on notice for interlocutory injunction, the respondent banks are directed to sequestrate and/or ring-fence any cash, bonds, deposits, all forms of negotiable instruments or chose(s) in the action due to or standing to the credit sum/value of the amounts stated in prayer 1,2,2 and/or 4 above,” the decide added.
When the matter got here up on Monday, the court docket was knowledgeable that the defendants had filed an utility looking for to discharge the order.
The decide adjourned additional proceedings until February 24.