Court freezes businessman Sunny Odogwu's accounts in 19 banks over alleged N26b debt

A Lagos Federal High Court, presided by Judge Saliu Seidu
has ordered 19 commercial banks in Nigeria, to refrain top
businessman Chief Sunny Odogwu, and his two companies:
Robert Dyson & Diet Limited, and SIO Properties Limited,
from making any withdrawal from their accounts.
The order of the court followed an order of Mareva
injunction, Diamond Bank Plc, for alleged refusal of Chief
Odogwu and his companies to offset the loan of
N26,229,943,035.22, they obtained from the bank (A
Mareva injunction is a temporary injunction that freezes the
assets of a party pending further order or final resolution by
the Court).
The bank also sought for an order restraining Chief Odogwu
and his two companies, their agents, privies, or assigns
from disposing, selling, transferring, and or alienating any of
its movable or immovable asset, money, share, stock and
other negotiable instrument pending the determination of
the substantive suit.
The bank in a sworn affidavit, claims that sometimes in
2007, SIO Properties Limited, and Chief Odogwu, on behalf
of Robert Dyson & Diket Limited company, approached the
bank and required huge finance to be applied and disbursed
as at when due for their project called ‘Luxury Collection
Hotels and Apartments’, formerly Le Meridian Grand Tower,
to be constructed at 31-35, Ikoyi Crescent, Ikoyi, Lagos, in
the name of SOI Properties Limited of which Chief Sonny
Odogwu is the chairman and major owner.
The bank is also asking for an order granting leave to it to
foreclose and sell the said property situated at 31-35 Ikoyi
Crescent, Ikoyi, Lagos. The case has been adjourned till
December 12 by the judge .