The Yenagoa branch of
Sterling Bank PLC is at the verge of being permanently closed following its
alleged disobedience to an order from a High Court sitting in Yenagoa, the
capital of Bayelsa state.
A firm, Specialty
Engineering Dredging and Construction Company Ltd had dragged another company,
Moreno PLC before the Bayelsa state high court on the ground that Moreno hired
a dredging machine from Specialty and sank same in the course of using it in
2013.
In her ruling, the court
presided over by Justice E.T Okara ordered Moreno PLC to pay the plaintiff the
sum of N1.1 Billion as compensation from its account with the Yenagoa branch of
Sterling bank.
The General Manager of
specialty engineering dredging and construction firm, Engr. Edwin Harcourt said
the court ordered Sterling bank to pay his company the compensation sum because
the defendant has such an amount domisiled with the said bank.
Harcourt said "on
March 14, 2019, we had a judgement against a company known as Moreno PLC. After
the judgement, we filed a Garnishee proceedings against Sterling Bank and the
High Court presided over by the Hon. Justice E.T Okara granted Garnishee
Absolute against Sterling bank having looked at the facts of our submissions.
"The bank was
therefore served with the wreath of attachment to pay the judgement sum. Rather
than pay the judgement sum, the bank started dilly-dallying. That is why the
Bayelsa state High Court ordered the shot down of the bank by way of enforcing
the judgement of the court.
"Sterling bank came
into this matter because it has the money of Moreno PLC. A Garnishee proceeding
is a proceeding where a bank has a judgement deptor's money. You as the
judgement creditor can get an Order Nisi, that is Garnishee proceeding against
the bank, that is what they call it in law.
"The court will now
give an order compelling the bank to pay the judgement creditor which happens
to be my company in this case. That is how Sterling bank came into this matter.
We don't have any problem with Sterling bank and the money we are asking for
does not belong to Sterling bank.
"The Money belongs to
Moreno but Sterling bank has refused to pay us the money. We have now filed a
contempt proceeding against Sterling bank so that they can come and tell the
court why they disobeyed the court order.
He said the court on
Tuesday, ordered a temporary close down of the Yenagoa branch of Sterling bank,
a situation that caused serious panic among customers of the bank in Bayelsa
state.
The high court ruling with
suit number: BHC/5/2013 reads: "Upon the ruling delivered by His Lordship
Hon. Justice E. T Okara on the 14th day of March, 2019, it is hereby ordered as
follows:
"That the said sums
of money are attachable to satisfy the judgement sum in the substantive suit,
following the above, the Garnishee Order Nisi made on the 12th of November,
2018 is hereby made absolute in attachment of the said sum.
"An order to the
Garnishee bank (Sterling bank) to pay over forthwith to the applicant judgement
creditor so much of the said sum as are sufficient to satisfy the judgement sum
in the suit being the unpaid sum of N900, 000,000.00 already attached by the
deputy sheriff of the high court of Bayelsa state.
"That a further award
of five percent interest post judgement per annum of the sum of 900,000,000.00
from January, 2014, till date being the 14th day of March, 2019 totalling
N225,620,500.00 only attachable to satisfy the judgement debt.
"The total sum of one
billion , one hundred and twenty-five million, three hundred and twelve
thousand, five hundred naira (N1,125, 312,500.00) only attachable to satisfy
the judgement debt. I make no further orders as to cost.
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