The Court of Appeal in Lagos has set aside a December 4, 2017 ruling obtained by Ecobank Nigeria Limited at the Federal High Court in Lagos against Vigeo Limited and its Chairman Mr. Victor Osibodu in a dispute over alleged debt.
A three-man panel of the court also discharged a Mareva Injunction Ecobank obtained at the lower court on July 11, 2017 against Vigeo and Osibodu.
The Mareva Injunction operates to stop a defendant against whom a plaintiff has a good arguable claim from disposing of or dissipating their assets pending the determination of the case or pending payment to the plaintiff. The injunction had restrained Vigeo and Osibodu from operating the firm’s accounts.
But, lifting the order, appellate court upheld Vigeo and Osibodu’s argument as canvassed by their counsel M. Kuti that the Mareva Injunction shouldn’t have been granted in the first place.
The Court of Appeal further remitted the suit to the Federal High Court Chief Judge for re- assignment to another judge for determination.
Vigeo Limited and Osibodu were the appellants in the suit marked CA/L/1472/2017 while the bank was the respondent.
The appellants were represented by M. Kuti, while O. Akinosun, SAN represented the respondent.
Justice Joseph Ikyegh delivered the court’s lead ruling on Monday March, 22, 2021, after reading the Record of Appeal and the Appellant’s Brief of Argument filed on behalf of the Appellants. The judge upheld Vigeo and Osibodu’s argument as canvassed by Kuti.
Justice Ikyegh held: “It is hereby ordered as follows that, the Appeal having been conceded by the respondent is allowed on the brief filed by the Appellants.
“The ruling of the court below delivered on 4/12/2017 is hereby set aside and the Mareva Injunction granted by the court below on 07/11/2017 is discharged. The action is remitted to the Chief Judge of the court below for re assignment to another judge for determination. Parties to bear their costs,” the Judge ruled.
Justice Saliu Said of the Federal High Court in Lagos had on November 7, 2017, granted orders of Mareva Injunction against Vigeo Limited and its Chairman restraining the company from operating its accounts.
The injunction was granted on the basis of an ex parte application (with no notice to Vigeo Limited or no request to hear a counter argument from Vigeo Limited) filed by Ecobank Nigeria Plc in respect of a facility between the defunct Oceanic Bank International Plc and Vigeo Limited.
It was also alleged that Ecobank obtained the Mareva Injunction order by suppressing names of the account owners and misrepresenting material facts as to the true state of affairs between itself and Vigeo Limited.
It all started in 2007, when Vigeo Limited obtained a loan from the defunct Oceanic Bank International Plc to acquire oil vessel, MV Vigeo Olufunke.
The vessel was acquired for charter as an oilfield support vessel to SNEPCO/Bonga Oilfield, a key player in the offshore exploration and production of petroleum.
