A Federal High Court sitting in Lagos presided over by Hon. Justice Ibrahim Kala has discharged the interim mareva orders it earlier made in Suit No. FHC/L/CS/509/2024 in favour of Union Bank of Nigeria Plc against Stallionaire Nigeria Limited and its alter ego Mr. Deji Somoye.
The suit was filed by Union Bank of Nigeria Plc against Stallionaire Nigeria Limited, Mr. Deji Somoye and Supreme Shipping and Marine Services Limited claiming N5,858,692,168.58 as alleged outstanding debt owed by Stallionaire. On 20th May, 2024 the bank obtained mareva orders attaching bank accounts connected with Stallionaire and Somoye.}
But in a Motion on Notice filed on 20th May, 2024 by their lawyers, Chijioke Emeka, SAN & Colleagues (Auxano Law), the defendants prayed the Court to discharge the interim orders as the bank concealed material facts from the Court and misrepresented facts when obtaining the order. They also informed the Court that the case is an abuse of court process as the bank had filed three previous suits on the disputed loan before the present case, and that two interlocutory appeals are also pending.
But Union Bank’s counsel, Temilolu Adamolekun & Co. responded that the materials Stallionaire alleged were concealed from the Court are not material to the case; and that the previously filed cases and appeals are of different subject-matters from the current case filed by the bank.
But when the case up on 24th June, 2024, the defendants’ counsel, C. O. P. Emeka, SAN and the bank’s counsel, Temilolu Adamolekun informed the Court that parties would explore out of court settlement in the dispute. Hon. Justice Kala subsequently granted an application to discharge the interim orders he made on 20th May, 2024 against the defendants and a further order discharging the interim order of Mareva injunction. The case was subsequently adjourned to 18th July, 2024 for report of settlement.
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