A Federal High Court in Lagos issued a restraining order yesterday against Duport Midstream Company Limited, Platform Capital Investment Partners Limited, and their Managing Director, Akintoye Akindele. The order prevents them from accessing N1.379 billion or its equivalent in any currency across 24 banks, pending the resolution of a motion on notice brought by Union Bank.

The application for the order was made by Union Bank through its legal representative, Temilolu Adamolekun. The implicated banks are the 4th to 27th respondents in the case.

Union Bank claimed that the defendants were indebted to them in the amount of N1,379,400,918 as of June 30, 2023. Acting on this claim, Justice Akintayo Aluko, the trial judge, granted the ex parte application motion, stating, "It is, hereby, ordered as follows: 'That an interim order of Mareva Injunction restraining the defendants from dealing with any of the monies standing to their credit in all of their accounts, records or howsoever, held with the 4th to 27th respondents and also their monies standing to their credit in the custody of the plaintiff up to the tune of N1,379,400,918 or its equivalence in any foreign currency pending the hearing and determination of the motion on notice is hereby granted.'"

The court's order also extends to the banks involved, preventing them from releasing any monies, funds, or instruments belonging to the defendants to the tune of N1,379,400,918 or its equivalent in any foreign currency that may be under their control.

Additionally, the banks are directed "to disclose on oath whatever sum of money that may be in their custody belonging to the defendants for further direction of this court is hereby granted."

Justice Aluko scheduled the next hearing for the motion on notice for September 13, 2023.

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