Deji Somoye, the CEO of Stallionaire Nigeria Limited is in trouble as the Federal High Court in Lagos has issued interim orders for a Mareva Injunction freezing his bank accounts over alleged N5.8bn debt.
The order was issued on May 20, 2024, in Suit No: FHC/L/CS/509/2024, involving Union Bank of Nigeria Plc and three defendants: STALLIONAIRE NIGERIA LIMITED, Mr. Deji Matthew Somoye, and SUPREME SHIPPING AND MARINE SERVICES LIMITED.
Presided over by Justice Ibrahim Ahmad Kala, the court froze the defendants’ accounts up to the sum of ₦5,858,692,168.58 to preserve the rest in the ongoing legal dispute.
Additional respondents include several commercial banks and FinTech companies.
Represented by legal counsel T. Adamolekun, G. Akinde-Peters, and Boluwatife Oloyede, the plaintiff filed a motion ex parte, supported by an affidavit sworn by Segun Omoshola, seeking various reliefs.
Among the reliefs requested was an order to vary the earlier Interim Mareva Injunction granted on March 25, 2024, specifically to discharge Orders (1) to (4), which had initially attached the defendants’ vessels, and to strike out the names of the 4th to 8th respondents. The counsel argued that the motion aimed to prevent the court from issuing an ineffective order.
After reviewing the motion and hearing arguments, the court issued the following key directives: “An Interim order of Mareva Injunction is granted freezing the Defendants – Deji Somoye and firms’ accounts and connected with the 2nd Defendant’s BVN domiciled with the 4th to 31st Respondents of all monies standing to their credits up to the tune of ₦5,858,692,168.58 or its equivalent value in any foreign currency pending the hearing and determination of the Motion on Notice dated and filed on the 20/5/2024.”
Additionally: “An Interim Order of Mareva Injunction restraining the 9th to 31st Respondents herein from releasing to the Defendants’ monies or funds in whatsoever manner or Instrument standing to the credit of the Defendants (described above) and in any other bank account(s) linked to and/or connected with the 2nd Defendant’s BVN, that may be or found in the custody or possession of the 4th to 31st Respondents pending the hearing and determination of the motion on notice dated and filed on the 20/5/2024.”
Furthermore, the court ordered: “An order is granted directing the 4th to 31st Respondents to disclose by filing in this Honourable Court, an Affidavit on Oath of the total sum of monies or funds standing to the credits of the Defendants – Deji Matthew Somoye and in any other bank account(s) linked to and connected with the 2nd Defendant’s BVN within seven (7) days upon service of this Order.”
The court also preserved parts of the previous order: “An order of this Honourable Court that any other part of the Order of 25th of March, 2024 not specifically altered or varied or affected by prayers 1 and 2 above shall remain and subsist as they are in the order of 25th March, 2024.”
After considering the submissions and supporting documents, Justice Kala ruled: “It is hereby ordered as follows: Order as prayed as per prayers 1 and 2 of the application pending the hearing and determination of the motion on notice filed on 20/5/2024.”
The judge also discharged earlier orders that had targeted the defendants’ vessels: “An Order discharging order (1), (2), (3), and (4) principally attaching the Defendants’ Vessels i.e. MT ADEBOMI 1, Oil Tanker with Official No: 377872.”
