Court restrains Debt Management Office from paying Vine Oil N628m

Court restrains Debt Management Office from paying Vine Oil N628m

By hixco-net.com

A Federal High Court sitting in Lagos, Friday, granted a Mareva Order restraining the Debt Management Office, DMO,  from paying Vine Oil & Gas Ltd and a businessman, Ben Chukwujama,  N628million standing to the credit at a bank.

Trial judge, Justice Saliu Saidu made the order following an application by D. Awosika, SAN, for the Bank.

Vine Oil & Gas, Chukwujama, and DMO are the 1st, 2nd, and 3rd defendants/respondents in the suit.

Awosika had told the judge that the bank has a pending action to recover N3,550.933.501 which liability arose from the grant of several trading facilities and funding of letters of credit for the importation of Premium Motor Spirit (PMS) and other Petroleum Support Trust fund (PSP) Scheme, which  Vine Oil & Gas had failed to liquidate despite several demand notices.