On Former Minister for Aviation, Senator Stella Oduah 

By: Isaac Oguntoye

Senator Stella Oduah-Ogiemwonyi is in the news again. This time around, it is not about her corrupt practices when she was the minister of aviation and campaign director of Administration and finance in the political campaign of former Nigerian President Goodluck Jonathan but her debt scandal.

The current senator representing Anambra North Senatorial district, at the upper National Assembly is said to be owing Union Homes Savings and loans Plc about N385,750,000 through her company Sea Petroleum Oil and Gas Group limited.

The case is said to be in court as Union homes Savings and loan Plc (the applicant) is contending that Senator Stella Oduah, Sea Petroleum Oil and Gas Company and five Directors of the company namely, Okoh Davis Ifeanyi, Enechukwu Humphrey, Aaekenwa Theophilous Aguguom, Mrs Nwakaego Ageyingbo and Emmanuel Nnamdi Nwobu are owing the company about N385,750,000.

In an affidavit sworn to by the Business manager of Union Homes Savings and Loans Plc Mr Olayinka Odunoiki and filed before the court by Barrister Ken Ahia, the Deponent averred that; between December 2009 and November, 2010, Stella Oduah and the aforementioned persons applied for and were granted various sums of mortgage loans and some of the properties used as guarantee to secure the loan E29 and 31E Fat Oboh street Millennium Homes Oniru Private Estate Lagos as well as F3B, F4A F4B, F5A, F5B, SPG Road Millennium Estate, Oniru Lekki Lagos State, has now being taken over by AMCON through a court order.

Mr Odunoiki averred further that, despite restructuring the loan facilities and interest waiver, the borrowers have failed and refused to take advantage of the concession granted as they are still indebted to Union homes loans and saving Plc till date, consequently the order obtained by AMCON and its receiver manager Moyosore Jubril Onigbanjo SAN as it affects the current status of the legal ownership of the mortgaged properties, the subject matter of this application and other ancillary information are matter of public knowledge in the custody of Corporate Affairs Commission and the lands Registry.

It was also said that, Senator Stella who have been having a running battle with AMCON over her inability to settle a huge debt of about N20billion AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012. However despite the overtures and efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters of Sea Petroleum and Gas limited had remained recalcitrant.

Some of Sea Petroleum’s assets that have been taken over include Gas Limited, Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Limited.

In case you don’t know, Stella have been facing on challenges or the other ever since People Democratic Party lose the Presidential election in 2015.