N3.5bn Debt: Court Orders Gravitas Investment Accounts In 26 Banks Frozen

Indeed the company failed to liquidate the entirety of the Judgment Debt in full on or before 3 December 2023, as specifically stipulated by the Consent Judgment;

The company failed to meet its payment obligation on several of the quarterly tranche payments due in the year 2023, as stipulated by the Consent Judgment;

Out of the total Judgment Debt of N4,301,707,500 (Four Billion, Three Hundred and One Million, Seven Hundred and Seven Thousand, Five Hundred Naira Only) due as at the date of the Consent Judgment, the company only paid the Applicant, West Africa Dredging and Marine Technologies the sum of N2,366,853,750 (Two Billion, Three Hundred and Sixty-Six Million, Eight Hundred and Fifty-Three Thousand, Seven Hundred and Fifty Naira Only) leaving a balance, on the principal of N2,009,853,750 (Two Billion, Nine Million, Eight Hundred and Fifty-Three Thousand, Seven Hundred and Fifty Naira Only); meeting its tranche payment obligation to the Applicant under the Consent Judgment as and when due, a total of N1,511,121,263.00 (One Billion, Five Hundred and Eleven Million, One Hundred and Twenty-One Thousand, Two on the Judgment Debt as at 30th April 2024.

Both outstanding (Three Billion, Five Hundred and Twenty Million, Nine Hundred and Seventy-Six Thousand, Thirteen Naira Only) remain unpaid till date.

The last tranche of the judgment sum sought to be attached became due on 31 December,2023 which is more than two years as at the date of filing this Application, yet the Judgment Sum/debt remains due, partially unsatisfied and continues to accrue interest  under the said Consent Judgment.

The company maintains bank accounts with the 26 commercial banks who are indigenous companies licenced to undertake banking business and related financial services in Nigeria, and that unless the Court so orders, the banks are unlikely to disclose the money due to the Judgment Debtor or pay it over to the Judgement Creditor in satisfaction of the outstanding Judgment Sum.

The Consent Judgment sought to be enforced was delivered more than two (2) years ago.

After listening to the submission of Barrister Lious Akanimo, the presiding Judge, Justice Chukwujekwu Aneke ordered as follows :- Order is made granting leave to attach the sum of N3,520,976,013(Three Billion, Five Hundred and Twenty Million, Nine Hundred and Seventy-Six Thousand, Thirteen Naira Only) (“Judgment Sum”), or any sum maximum of N3,520,976,013 (Three Billion, Five Hundred and Twenty Million, Nine Hundred and Seventy-Six Thousand, Thirteen Naira Only), standing to the credit of the Judgment Debtor in any of its accounts domiciled with the banks respectively, for the satisfaction of the Judgment sum due from the Judgment Debtor to the Applicant, as at 30 April, 2024 pursuant to the Consent Judgment of the court.

An order is made directing the banks to respectively prepare and file before this Court duly certified Statements of accounts showing the Judgment Debtor’s financial position with each banks as at the date of this Honourable Court’s order.

An order is made that the cost of this proceedings, as assessed by the Court shall be attached together with the Judgment Sum.