A River State High Court has restrained Indorama Eleme Petrochemicals Limited from paying 7.5 percent equity/stake due to the host communities in Eleme Local Government area of Rivers state to Elano Investment Limited.
A member of the state’s House of Assembly, representing Eleme Constituency, Hon. Aforgi Igwe, instituted the case on behalf of Akpajo, Njuru/Akpakpan, Okerewa, Aleto and Agbonicha communities.
In the suit no: PHC/3344/CS/2020, Igwe joined Indorama Petrochemicals Limited, Elano Investment Limited and First City Monument Bank (FCMB) as the 1st, 2nd and 3rd respondents respectively.
Igwe also argued that the continuous payments and further dissipation of res by respondents may lead to breach of peace and order in his constituency that could not be regained.
Justice Adolphus Enebeli, while granting an interim order, also restrained the 3rd respondent (FCMB) from paying, dissipating or honouring cheque or payment instruction from the 2nd respondent.
“It is hereby ordered as follows; That an interim order of court pursuant to Article 26(3) of Arbitration Rules, First Schedule to the Arbitration and Conciliation Act.
CAP A18 Law of the Federation of Nigeria 2004, vis-à-vis Section 25 of the Arbitration and Conciliation Act, CAP A18 Law of the Federation of Nigeria 2004 be.
“And it is hereby made restraining the 1st defendant/respondent by itself, its servants, agents, officers, directors, legal representatives and other whomsoever from paying to the 2nd defendant/respondent any dividend or other payment howsoever described due and accruing to the applicant/host communities 7.5 percent equity/stake in the 1st defendant/ respondent, pending the hearing and determination of the Motion on Notice.
“An order is hereby made restraining the 1st defendant/respondent by itself, its servants, agents, officers, directors, legal representatives and other whomsoever from depositing any payment whatsoever into the 2nd defendant/respondent’s account being held in trust on behalf of the applicant/host communities of Eleme Local Government, Eleme, Rivers State domiciled with First City Monument Bank Plc.
“An order is hereby made restraining the 3rd defendant/respondent itself, its servants, agents, officers, directors, legal representatives and other whomsoever from paying, dissipating, or honouring any Cheque or payment instruction or howsoever tampering with the money/dividend/res in their custody to which this suit relates especially as pertaining to the 2nd defendant/respondent’s accounts being held in trust on behalf of the applicant/host communities of Eleme Local Government, Rivers State domiciled with First City Monument Bank PLC.,” Justice Enebeli ruled.
