By Sam Akpe
Temporary relief came the way of Sterling Bank PLC and an indigenous firm, Zomay Marine and Logistics Limited on Thursday, May 29, in a highly disputed debt case when both parties were granted leave to have the matter settled out of court.
Justice Frank Onyiri of the Rivers State High Court gave the two parties until June 30, 2025 to resolve their financial disputes and present evidence and modalities of such resolution to the court.
Zomay Marine and Logistics Limited had dragged Sterling Bank PLC to court for allegedly sealing off its property located on Plot 330 Tombia Street in the Rivers capital, and having its account frozen over alleged conflicting unpaid debts.
The company stated that the bank had acted in total defiance of the earlier order granted by the court restraining it or its agents from either dissipating, confiscating, or selling properties belonging to Zomay Marine company located in Port Harcourt, Lagos and Abuja.
From the information before the court, Zomay Marine and Logistics Limited said it has so far paid N3 billion to the commercial bank on the understanding that it was the total debt owed, only for the bank to arbitrarily seal off its premises, after freezing its account based on additional unjustified claims.
On April 11, the court had, based on an interlocutory application by Zomay Marine and Logistics Limited, further restrained Sterling Bank from taking over the company’s properties located in Abuja, Lagos and Port Harcourt, which were used as collaterals for the controversial loan.
The position of the company was that the bank acted in bad faith by not only defying the orders of the court, but also going ahead to secretly appoint receiving managers to the company’s properties.
The court had in its ruling taken notice of the fact that the bank had initially acted inappropriately by not revealing the entire debt owed by Zomay Marine and Logistics Limited to the Central Bank of Nigeria (CBN), which had intervened to settle the issue.
It noted that granting the interlocutory injunction demanded by Zomay Marine and Logistics was to stop the bank from afflicting further injury on the applicants who had proven that its legal rights had not only been threatened, but breached when the process sought to sustain such rights had been initiated already.
When the case came up on Thursday, May 29, at the resumed hearing, Justice Onyiri expressed displeasure at the persistent sealing up of the company’s premises by the commercial bank, despite the court order.
Counsel to the plaintiff, Zomay Marine and Logistics Limited, Mr. Frank Okpara, who held brief for Chief Chris Okeke, SAN, told the court that the parties were exploring avenues for an out-of-court settlement of the matter.
According to Okpara, “My Lord, there are indications for parties to explore out-of-court settlement (option). We are seeking the leave of this honourable court to enable parties settle out of court.
Counsel for the defendants, Mr. Michael Ofurum, who held brief for Kunle Ogungba, SAN, agreed to the request of his opposing colleague.
In agreement, the defendants counsel confirmed, “My Lord, that is our position. We are exploring an-out-of court settlement.”
Following the submissions of the two counsels, Justice Onyiri adjourned the case to June 30, 2025, to allow room for the parties involved to settle the matter out of court, as affirmed by the two counsels.
