Timi Alaibe’s Firm; Zomay Marine & Logistics Ltd in N131.1m; $19.9m debt

Further hearing of the insolvency suit filed by Sterling Bank Plc against Zomay Marine and Logistics Limited, linked to a Nigeria billionaire, Timi Alaibe, His children and others over alleged unpaid N131,101,725.96 million and $19, 874, 600.01 USD million, before a Federal High Court, Lagos, has been adjourned to March 27, 2025.

Others listed as the respondents in the suit marked FHC/L/CS/321/2025 are: Vinewhite Limited: Mr. Ebiye Alaibe; Ebitari Alaibe; Mr. Muyiwa Odufalu; Mr. Alali Hallday; Mr. Thomas Lokoson; Merchant Vessel (M.V.) Princess Ebikenie and Merchant Vessel (M.V.) Sir Emeka Offor.

The court presided over by Justice Akintayo Aluko had on February 26, 2025, while granting an Exparte motion filed before the court by Sterling Bank Plc’s lawyer, Adekunle Ogunba (SAN), had empowered the bank to take over all properties moveable and immovable belonging to all the respondents in the suit.

Ogunba (SAN) in the Exparte motion brought pursuant to Companies and Allied Matters Act. Cap C20 Laws of the Federation of Nigeria 2020, had asked the court for the following reliefs: “an order of interim injunction a restraining the defendants/respondents, the defendants’ directors, staff, employees, officers, agents, privies or any other person or group of persons whatsoever under the defendants’/respondents’ authority or any other authority (however derived or sourced) from interfering with, obstructing or otherwise disturbing the Receiver/Manager appointed by the plaintiff/applicant over the affairs and endeavours defendant/respondent, in the execution of his statutory duties or tasks ancillary thereto pending the hearing and final determination ot the Motion on Notice.

“An interim order of this Honorable court, authorizing the plaintiff/applicant herein and/or its duly appointed Receiver/Manager to take over and preserve all! the Assets, Funds,) Shares, etc, of the Defendants pending the hearing and final determination of the motion on Notice; particularly the underlisted properties/assets:

Property lying and situate at No.5 Onigbale Road, Off Gerard, Road, Ikoyi, Lagos; Property lying and situate at NO. 22, Temple Road (now Olu Holloway Road), Ikoyi, Lagos; Property lying and situate, Plot. 1048, Ahmadu Bello, Way, Cadastral zone, A03, Garki Area, Abuja; Property lying and situate at Plot 30, Tombia Street, G.R.A. Phase 11, Port Harcourt, Rivers State; Merchant Vessel (M.v.) Sir Emeka Offor with registration number SR2474 at the Nigerian Maritime Administration and Safety Agency (NIMASA), via Merchant Vessel (M.V.) Princess Ebikenie with IMO No. 9779678, and any other asset(s) wherever found within the jurisdiction of this Court without any interference, obstruction and/or hindrance in any manner whatsoever by the defendants or: any other person(s) acting under the authority or any person whether a Director or Shareholder, officer or employee of the Defendants.

“An order of interim Injunction restraining the underlisted Companies from further dealing with the Defendants, the Defendants’ directors, staff; employees, officers, agents, privies or any other person or group of persons whatsoever under the Defendants’/Respondents’ authority or any other authority (however derive or sourced) pending the hearing and final’ determination of the Motion on Notice namely: Oilserv Limited, Total JV and or Total; P. Limited and its subsidiaries; Exxon Mobil and its subsidiaries; First E & P Development & Company Limited; NNPC Engineering and Technical Company Limited, and Green Swift Investment Nigeria Limited.

“An order of this Honorable Court, directing the companies listed in ‘3’ above to furnish the duly appointed Receiver Manager with details, Contracts and/or Servicing entered into Limited and all its Marine and Logistics Merchant Vessels (MVO),

“An order of this Honourable Court directing the companies listed in ‘3’ above to recognize and only deal with the duly appointed Receiver Manager appointed by the plaintiff/applicant as the only one vested with the requisite powers to act on behalf of the 1st Defendant forthwith pending the hearing and final determination of the Motion on Notice.

“An order of interim injunction restraining the underlisted Defendants/ Respondents, the Defendants’ directors, staff, employees, officers, agents, privies or any other person or group of persons whatsoever under the Defendants/Respondents authority or any other authority (however derived or sourced) from withdrawing, tampering with and/or dealing with any of the funds of the underlisted defendants/respondents in any of their respective bank accounts in all banks and financial institutions within the jurisdiction of this Honourable court, pending ‘the. hearing and final determination of the Motion on notice filed in the suit herein; namely; Zomay Marine and Logistics Limited; Vinewhite Limited; Mr. EbiyeAlaibe with Bank, Verification Number (BVN): 22241293151; Mr. Ebitari Alaibe with Bank Verification Number (BVN): 22380414972; Mr. Muyiwa Odufalu with Bank Verification Number 22149316474; Mr. Alali Hallday With Bank Verification Number (BVN): 22236916779) and Mr. Thomas Lokosom With Bank Verification Number (BVN): 22275349424.

“An order directing all the banks and/or financial institutions in Nigeria and other company contractually obligated to the Defendants to furnish the Receiver/Manager and/or his office the details of any sums outstanding to the credit of of all of the defendants listed in ‘6’ above within” (seven) days of being furnished/availed the Interim Order of Court in this suit.

“An order of interim injunction restraining the defendants/ respondents, their agents, servants, cronies, assigns and/or privies by whatsoever name called from disposing of, selling, mortgaging, pledging or otherwise transferring, appropriating or dealing with the pledged assets of the Defendants/Respondents properties/assets listed’ in ‘2’ above or any other assets/funds of the Defendants, without regard to the vested fright of the plaintiff/applicant, the Appointor of the duly appointed Receiver/ Manager over the pledged Assets of the Defendants/ReSpondents pending the hearing and final determination of the Motion on Notice.

“An order of interim injunction for the arrest and/or restraining the 8th and 9th Defendants/Respondents, Merchant Vessel (M.V.) Sir Emeka Offor and Merchant Vessel (M.V.) Princess Ebikenie being assets duly charged to the plaintiff/applicant from sailing and/or being moved outside the Jurisdiction of this Honourable Court pending the hearing and final determination of the Motion on Notice.

“An order directing the Admiralty Marshal to seeking the assistance of the Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), the Chief of Naval Staff, Nigerian Navy, particularly the (Flag Officer Commanding, Western Naval Command, the Flag Officer Commanding, Eastern Naval Command, the Flag Officer Commanding, Central Naval Command, the Flag Officer Commanding and/or the relevant Commissioner of Police, Nigeria Police Force and/or the Force Marine Officer, Nigeria Police Force, to detain and/or restrain Merchant Vessel (M.v.) Sir Emera Offor and Merchant Vessel (M.v.) Princess Ebikenie being assets duly charged, to the plaintiff/respondent, anywhere found within the jurisdiction of this Honourable Court pending the hearing and final determination of the Motion on Notice.

An order of this Honourable Court directing the Assistant Inspector-General of Police Zone 2, Lagos, Commissioner of Police, Lagos State, Commandants Nigerian Civil Defence Corps, Lagos State Command, their Deputies, Assistants and all other officers under them or other Law Enforcement Officers/Personnel as may be deemed appropriate by the Receiver/Manager, to assist the said Receiver/Manager in his Lawful duties, functions, responsibilities and performance of his lawful duties as Receiver Manager over the pledged Assets of the Defendants/Respondents in accordance with the tenure of the subsisting instruments pending the hearing and I final determination of the Motion on Notice along herewith.

“An order of this Honorable Court granting leave to the plaintiff/applicant to author the prescribed, statutory and procedural Notices depicting the current status of the 1st Defendant as may be deemed fit in any Daily or Nationally circulated Newspaper in Nigeria.”

Justice Aluko while granting the orders sought for, compelled the applicant counsel to file an undertaking to indemnify the Defendants/Respondents in the event that this Order ought not to have been made.

The judge thereafter adjourned the matter till today, for hearing of the substantive suit.

However, at the resumed hearing of the matter today, Adekunle Ogunba SAN leading other lawyers appeared for the Plaintiff, while Chris Okeke (SAN) led a team for the defendants and Abayomi Seyidara leading Godswill Momoru appeared for Party seeking to be joined; C. O Nwagbara appeared for Union Bank, whilst M. O Onah appeared for First Bank Plc.

At the proceedings, plaintiff’s lawyer, Ogunba (SAN) informed the court of his client’s intention to discharge the order of court in respect of the property situate at 5a, Onilegbale Road Ikoyi, Lagos.

The counsel to the party seeking to be joined, also told the court that they had filed an application seeking to discharge the order of court in respect of the said property mentioned by the learned silk.

In view of the foregoing, the court discharged its orders of February 26, 2025 in respect of the property lying and situate at 5a Onilegbale Road, Ikoyi Lagos and consequently struck out the party sought to be joined application.

Thereafter, applicant’s lawyer, Ogunba (SAN) informed the court of our pending application for interlocutory injunction and his readiness to argue same.

However, Chris Okeke (SAN) informed the court of their pending application seeking to set aside/discharge the order of court made on February 26, 2025 and further submitted that the said application ought to be taken and determined first.

After series of submissions from parties, Justice Aluko delivered a Bench ruling that “he shall hear both pending applications together whilst determining first the application for discharge”.

In the circumstance, the suit was adjourned to March 27, 2025, for hearing of the two pending applications.