Court Affirms Orders In Sterling Bank, Dana Case

Justice Mohammed
Yunusa of the federal High Court in Lagos recently dismissed applications by Dana Impex limited, a member of Dana Group, seeking to strike out a suit filed against it by Sterling Bank PLC.
The firm prayed Justice Yunusa to strike the suit or extend the time within which it can respond to his interim orders.
The suit is over the N1.7 billion Dana Impex allegedly owed Sterling Bank.
Justice Yunusa held that the application did not lay a proper foundation for the striking out of the action. .
He said the temporary orders he made were still in force. “The interim orders still subsists,” the judge said.
Justice Yunusa granted Sterling Bank’s Receiver/Manger, Mr. Kunle Ogunlsa (SAN) leave to “take over and preserve the company’s mortgaged property at Plot C, Block II, Ilupeju Industrial Estate, Apapa-Oshodi Expressway, Lagos.
The Judge among others, restrained the company or its agents from withdrawing or tampering with the funds in any of its accounts “under whatever name or guise in any bank or financial institution in Nigeria.”
He further reinforced the order he made against Dana Drugs Limited in a sister case before him, also filed by Sterling Bank.
In the June 9 order, Justice Yunusa granted an interim injunction restraining Dana Drugs or its directors from tampering with its fund in any bank or financial institution pending the determination of the application for the appointment of a provisional liquidator.
The court also directed bank keeping Dana impex’s money to furnish Sterling Bank or its lawyer details of the outstanding credit in the account.
Sterling Bank said it granted Dana Drugs a N200 million overdraft, Dana Impex a N1.5 billion loan
He said the company, after the tenor, could not liquidate the overdraft facility.”
But the company denied owing the Bank and noted that part of the facility had been repaid.