Justice Frank Onyiri of the Rivers State High Court has granted permission to Zomay Marine and Logistics Limited and Sterling Bank Plc to resolve their dispute over unpaid debts through an out-of-court settlement.
The decision came during the resumed hearing of a suit filed by the indigenous firm against Sterling Bank, following the sealing of its offices by the financial institution.
At the proceedings, counsel to the plaintiff, Frank Okpara—standing in for Chief Chris Okeke, SAN—informed the court that both parties were exploring the possibility of settling the matter amicably outside the courtroom.
“My Lord, there are indications that the parties intend to explore out-of-court options. We seek the leave of this honourable court to proceed accordingly,” Okpara stated.
Counsel to the defendant, Michael Ofurum, who held brief for Kunle Ogungba, SAN, did not oppose the motion.
“My Lord, that is the position. We are exploring an out-of-court settlement,” Ofurum confirmed.
Following the submissions, Justice Onyiri adjourned the case to June 30, 2025, to allow both parties time to finalize their negotiations and report back to the court.
-Advertisement-
Grab our latest Magazine, "Chief Wole Olanipekun, CFR, SAN, A man of wide horizons and deep intentions". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
