By Sam Akpe
The long-drawn legal combat between an indigenous firm, Zomay Marine and Logistics Limited, and Sterling Bank, over a highly disputed debt case, has finally been settled out of court, a Federal High Court, Lagos Division, document seen by our reporter confirmed.
Both parties, which reportedly opted for an out of court settlement, were said to have resolved all issues peacefully and have expressed readiness and mutual commitment to exploring future business opportunities together.
The court document, which spelled out the terms of the settlement indicated that each party in the case consented to comply with all
obligations and conditions contained in the order.
In agreeing to the terms of settlement, the parties prayed that judgement be entered accordingly, based on the terms of the out-of-court settlement contained in the expressions of settlement submitted to the court, presided over by Hon. Justice Akintayo Aluko.
Part of the terms of settlement places a demand on Zomay Marine to pay specified amounts, which constitute a mutually agreed indebtedness to Sterling Bank within a period stated in the agreement already accepted as the ruling of the court.
Both parties had earlier applied for and were granted leave on May 29, 2025 by Justice Frank Onyiri of the Rivers State High Court to resolve their financial disputes and present evidence and modalities of such resolutions to the court.
While Zomay Marine had dragged Sterling Bank plc to court in Port Harcourt for allegedly sealing off its property located on Plot 330 Tombia Street in the Rivers capital, and having its account frozen over conflicting unpaid debts, Sterling Bank had filed a counter case at the Federal High Court in Lagos.
Zomay had stated that there was a subsisting court order restraining Sterling Bank or its agents from either dissipating, confiscating, or selling properties belonging to it (Zomay) located in Port Harcourt, Lagos and Abuja, an order it said the bank had defied.
The position of the company was that the bank had 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 last time the case came up for hearing in Port Harcourt, Mr. Frank Okpara, counsel to Zomay Marine and Logistics Limited, who held brief for Chief Chris Okeke, SAN, had told the court that the parties were exploring avenues for an out-of-court settlement of the matter.
“My lord, there are indications for both parties to explore out-of-court settlement. We are seeking the leave of this honourable court to enable parties settle out of court and report progress,” pleaded Opkara —a position that was confirmed by Mr. Michael Ofurum, counsel to Sterling Bank, who held brief for Kunle Ogungba, SAN.
Following these submissions, Justice Onyiri adjourned the case to allow room for the parties to explore the out-of-court, as affirmed by the two counsels.
Part of the agreement endorsed by the Federal High Court in Lagos is to the effect that as soon as Zomay fulfils the obligations contained in the terms of settlement, Sterling Bank shall issue a comprehensive letter of discharge of any liability whatsoever to Zomay.
