Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,910,890 members, 7,022,367 topics. Date: Wednesday, 17 August 2022 at 08:37 PM

Eleme Petrochemicals Co-operatives: EFCC, First Bank Disregards Court Order - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Eleme Petrochemicals Co-operatives: EFCC, First Bank Disregards Court Order (398 Views)

Eleme Petrochemicals Gives First Bank 48-Hour Court Notice / Video: Dangote Refinery & Petrochemicals Limited In Lagos Been Tested Yesterday / Gtbank Debunks Rumours Of Court Order To Pay N12b To Innoson Boss (2) (3) (4)

(1) (Reply)

Eleme Petrochemicals Co-operatives: EFCC, First Bank Disregards Court Order by igeoff: 12:20am On May 13, 2021
The last is yet to be heard in the case between Eleme petrochemicals co-operatives investment and credit society limited and the Economic financial crimes commission(EFCC) ,as the later (EFCC) through harassment and intimidation has continued to infringe on the right of the members of the co-operative by denying them access to their funds in first Bank Nigeria Ltd , an action that goes against a subsisting court order.

Hon. Justice N.E Maha had on 15th day of January Ordered that restriction placed on the account of Eleme petrochemicals co-operatives and investment and credit society be lifted.

An order First Bank Nigeria plc has refused to honour , citing treats from the EFCC. The bank is demanding that the co-operative signs an indemnity against claims by the Efcc before obliging to honour its obligations to the cooperative a demand that is contrary to the contract between a bank and its customer and against all extant rules of banking.

While the co-operative have written to the First bank plc to explain if there is any court Order served on them by the EFCC restricting it from honoring its obligations to the cooperative the bank has not produced any such order. but could only refer to harassment from EFCC.

EFCC had sort to pervert the course of justice from the beginning having joined issues with the co-operatives in a suit to enforce the fundamental rights of the shareholders of the cooperative but surreptitiously went behind to another court of co-ordinate jurisdiction to obtain an interim order freezing the account of the co-operatives but all this actions failed as the Court after discovering the attempted sharp practice of EFCC ,granted an order lifting the interim restriction on the said account.
Having failed in that regards, the Efcc have resorted to intimidating First Bank PLC to act against the court Order which allows the co-operatives to operate their account without any restriction.

The First Bank Nigeria PLC Continues to act in flagrant disregards to the court order. Meanwhile the Efcc have filed an appeal against the order lifting the restrictions placed on the cooperatives account, no order of stay of execution has been granted.

It is indeed a long walk to justice for staff of Indoroma Eleme Petrochemicals ltd as the battle for the ownership of their shares continues. in February 26,2009 the federal government through the National Council on Privatization had approved the sale of 10% of its equity shares in Indorama Eleme Petrochemicals ltd, Port Harcourt ,Rivers State to the host community and interested staff of Indorama Eleme Petrochemicals ltd.

The 10% equity shares was shared as 7.5% was allotted to the host community while the remaining 2.5% was allotted to the Staff of Indoroma Eleme Petrochemicals.

Interested Staff came together under Eleme petrochemical co-operatives in compliance to the federal government directive that a special purpose vehicle be formed where all members will belong to enable them buy the shares.

Problem began in 2013 when 10 staffs who initially subscribed to the purchase of the 2.5 equity shares had their jobs terminated from the employment of Indorama Eleme Petrochemicals.

Indoroma Petrochemicals since then began a legal battle as to whether the laid off staff can continue to enjoy the dividends since they were not longer staff in the company and in so doing seeks to replace laid off staff with new recruited staff.

When the shareholding became an issue the laid of staff approached the River State Ministry of Commerce and Industry to arbitrate between it and the cooperative, the Ministry gave an Arbitral Award in favor of the laid off staff and consequently the exited staffs of the co-operative ,approached the federal high court to enforce the arbitral award and as required by law it was granted and the award became a judgment of the Federal High Court.

The newly recruited staff been instigated by their employers Indoroma Eleme Petrochemicals Company limited approached The National Industrial court stating that the arbitral award was illegally procured ,when the right thing to do was to appeal the Federal High Court judgement, the industrial court in striking the case out stated that it can not sit on an appeal over a matter that has been decided by a court of co-ordinate jurisdiction. The newly recruited staff have filed an Appeal over the decision of the Industrial court.

It is to be noted that the Efcc started to investigate the ownership of the shares of the cooperative after the cases at the Federal high court and the Industrial Court had been decided.

The cases pending in various Courts over the ownership of the shares of Indorama was triggered by the BPE which was a party sued in case at the Industrial court, when it petitioned the EFCC over the matter at the instigation of the newly recruited staff of the Indorama and Indorama itself.

The efcc has despite the judgment of the Federal High Court which confirmed the shareholding of the exited staff has continued to intimidate the exited staff and the cooperative this also despite the orders of justice Taiwo .O .Taiwo of the Federal high court in Suit FHC/ABJ/SC/1222/2020 granting an Order stopping the EFCC from arresting, inviting ,detaining and prosecuting or inquiring into the acquisition of shares of Indoroma Petrochemicals ltd.

https://premiumnewsnigeria.com/2021/05/12/eleme-petrochemicals-co-operatives-efcc-first-bank-nigeria-plc-disregards-court-order/

1 Like

Re: Eleme Petrochemicals Co-operatives: EFCC, First Bank Disregards Court Order by Jimalicoco(m): 3:03am On May 13, 2021
Nawaa

(1) (Reply)

Greendot Account Needed To Buy / Abdulai Adam Is A Fraudster And A Thief..HalalcryptoExchange / Nigerian Businesses Can Now Accept Apple Pay On Paystack

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 60
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.