{"id":34600,"date":"2019-09-14T02:32:23","date_gmt":"2019-09-14T01:32:23","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=34600"},"modified":"2019-09-14T02:32:23","modified_gmt":"2019-09-14T01:32:23","slug":"nigerian-businessman-dragged-national-bank-fujairah-of-dubai-to-court-over-bogus-interest-charges","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerian-businessman-dragged-national-bank-fujairah-of-dubai-to-court-over-bogus-interest-charges\/","title":{"rendered":"Nigerian Businessman Dragged National Bank Fujairah Of Dubai To Court Over Bogus Interest Charges."},"content":{"rendered":"<p id=\"yiv2752522321yMail_cursorElementTracker_1568312406608\" class=\"yiv2752522321gmail-MsoNormalCxSpFirst\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568348941788\">\u00a0 \u00a0In a bid to safeguard his business interest against alleged excessive and bogus interest charges,\u00a0 a Dubai based Nigerian businessman,Adedoyin Adeyinka alongside his two companies UNICO MARINE DWC LLC, and ELIZABETH SHIPPING LTD have dragged Dubai United Arab Emirates bank,\u00a0<\/span>National Bank of Fujairah PJSC, before a Federal high court in Lagos South West Nigeria.<\/p>\n<p id=\"yiv2752522321yMail_cursorElementTracker_1568312406608\" class=\"yiv2752522321gmail-MsoNormalCxSpFirst\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568350159983\">\u00a0 \u00a0 \u00a0 In a statement of claim accompanied with statement on oath of Mr. Adedoyin Adeyinka\u00a0 filed before the court on behalf of the plaintiffs by Nigerian International lawyer Barrister Ikechukwu Ukadike, the plaintiffs stated t<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568350449967\">hat by a facility agreement dated 28th November 2016 the National Bank\u00a0 of Fujirah Pjsc of Dubai\u00a0 as lender agreed to provide two facilities jointly for vessels namely MT. \u201cLADY ELIZABETH\u201d and MT \u201cCLOVER SKY\u201d jointly in the\u00a0 \u00a0 \u00a0 \u00a0sum\u00a0 \u00a0 \u00a0 \u00a0of\u00a0 \u00a0 AED\u00a0 \u00a026,141,050,equivalent of USD 7,113,210.<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568350554625\">\u00a0 \u00a0\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568350567777\">Out of the above facility, a total of USD3. 850.000 was lent by the bank for the refinancing of the MT. \u201cLADY ELIZABETH\u201d while the balance was for a separate MT \u201cCLOVER SKY\u201d<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568350817542\">\u00a0 \u00a0<\/span>By a valuation report of\u00a0\u00a0the MT. \u201cLADY ELIZABETH\u201d carried out by the bank, the bank valued the MT. \u201cLADY ELIZABETH\u201d<span id=\"yiv2752522321yMail_cursorElementTracker_1568366475366\">\u00a0VESSEL) for a total of USD 5,500,000.,<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366572462\">while the defendant bank refinanced the MT. \u201cLADY ELIZABETH\u201d in the sum of approximately USD 3,850,000.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568350739693\">The said facility was to be repaid over 9 years.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568350741316\">\u00a0 \u00a0 By virtue of the said facility a ship mortgage was created for the MT. \u201cLADY ELIZABETH\u201d in favour of the bank\u00a0 and subsequently registered in Liberia as a first preferred Liberia ship mortgage.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568350776224\">\u00a0 \u00a0 \u00a0By another offer letter dated 29th March 2018 the defendant bank offered to restructure the facility for another 10 years under similar terms and conditions<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312169220\">\u00a0 \u00a0The following documents are all pleaded in support of this application:<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351025640\">1.C<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366654900\">redit facilities Agreement<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568366660365\">2.<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568312184792\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312183052\">\u00a0\u00a0<\/span><\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568312196912\">First preferred Liberian ship mortgage<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568366676026\">3<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568312194901\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312201962\">\u00a0.<\/span><\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568312212021\">Share security\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366713047\">Agreement<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568312209668\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312211699\">\u00a0<\/span><\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568366769109\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568366771020\" style=\"font-size: xx-small;\">\u00a0<\/span><\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366788234\">4.Memorandum of particulars of a first Liberia Ship mortgage.\u00a0 \u00a0\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366798274\">5<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568374572995\">.ertificate of ownership and encumbrance of a vessel registered under the Liberian flag.\u00a0\u00a0<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568366865856\">6.<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366876236\">Letter of amendments to banking facilities.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7.<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366904656\">Guarantee unlimited.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 8<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568366945422\" style=\"font-size: xx-small;\">.<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568351034888\">Latter of the 1st bank dated 29th March<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351064937\">The said MT \u201cLADY ELIZABETH\u201d as well as the shares of the two plaintiff Companies\u00a0 were pledge as security for the mortgage.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351178748\">\u00a0 \u00a0 After the said facility was granted the plaintiffs made several payments to the bank\u00a0 towards liquidating the<\/span>\u00a0\u00a0<span id=\"yiv2752522321yMail_cursorElementTracker_1568351221679\">said facility up to USD1,722,855.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351265099\">\u00a0 \u00a0At all times material to this suit the said vessel is beneficially owned by the UNICO MARINE DWC LLC Company and under the control and\u00a0 possession of the plaintiffs.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351360996\">\u00a0The plaintiffs were fulfilling their obligation to the defendant bank until sometimes in June 2017 when the vessel suffered major machinery failures and while efforts were being made to repair her and put her back to trade, local vendors and suppliers arrested her for outstanding bills rendering the vessel unable to trade till date.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351480808\">The\u00a0 claims of the various vendors are pending both in Lagos and Port Harcourt Division of this\u00a0 Court.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351527666\">\u00a0 Interestingly the plaintiffs duly carried the defendant bank along and promptly notified it of all the challenges the Vessel is facing in Nigeria but the\u00a0 bank was reluctant to show any support and instead proceeded to overcharge the Plaintiff with bogus interest contrary to good faith and the letters and spirit of all\u00a0\u00a0the facility agreements and understanding between the two parties thereby creating a bigger burden for\u00a0\u00a0the plaintiffs and making it even more difficult and burdensome to liquidate the residue of the loan facility.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351596227\">\u00a0 \u00a0 The plaintiffs\u00a0 made frantic efforts to secure third party bare boat charterers who can charter the vessel and settle the outstanding bills of local vendors in Nigeria. The said efforts were dully brought to the attention of the defendant bank.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351644969\">However when the bareboat charter arrangement could not immediately materialize the plaintiffs, particularly Mr Adeyinka Adedoyin\u00a0 took the bull by the horn and raised the sum of USD 122,026.88\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568374774485\">with which the claim of the\u00a0 ASSURANCE\u00a0 of the Vessel was amicably settled out of court and the vessel released from arrest in March 2019.<\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351917834\">\u00a0 \u00a0 The plaintiffs have also agreed to settle the other vendor\u2019s claims amicably so that the vessel can be taking for a dry dock routine maintenance and resume trading.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568351996315\">\u00a0 The defendant bank is well aware that the only source of servicing and liquidating the facility and mortgage was freight and proceeds from the ships trading and if she continued to lay idle she cannot earn money yet they turned down all entireties the plaintiffs made to them to assist in settlement of the outstanding bills of the local vendor in order that the remaining arrest can be lifted and the vessel goes back to trading.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352041622\">\u00a0 \u00a0Instead the defendant bank inflated and continued to charge bogus interest in order to compound the problems of the vessel and subsequently take over and sell the Vessel abroad.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568367229027\">Aside the sum of USD 191, 001 .13, the plaintiffs have paid to the defendant bank, the bank conjured up a further unsubstantiated interest of USD 425,000.00.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352106459\">\u00a0The plaintiffs made an equity contribution of USD 1, 650,000\u00a0 to the defendant bank in order to secure the facility herein.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352143695\">\u00a0 \u00a0 Apart from the equity contribution aforesaid, the plaintiffs have paid a total of USD1, 722,855.as principal and USD 191,001, as interest to the defendant bank in repayment of the facility and spent a total of USD3,900,000\u00a0 towards maintenance and general operating cost of running the vessel till date which brings the plaintiffs investments in the vessel to a total of USD7,463,856.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352196362\">\u00a0 \u00a0By the recent conduct of the defendant bank there is imminent risk and danger that they want to take steps to remove the said vessel form the Jurisdiction of this Honourable Court and or sell her off abroad under the guise of enforcing the said mortgage.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\">The grounds for believing that the defendant bank is secretly taking steps that will be adverse to the interest of the plaintiffs and make them lose all their investments in the vessel are as follow:-<\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568367636156\">On the 23rd of January 2019 the defendant bank appointed a surveyor to go on board to inspect and value the vessel current market value and requested the permission of the plaintiffs.<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312384570\">\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568367813425\">Despite repeated requests by the plaintiffs for the defendant bank to provide details of their Nigerian appointed solicitors so as to work at common purpose with the plaintiffs Nigerian solicitors herein in the interest of the vessel, the defendant bank has refused and consistently kept the plaintiffs in the dark with their plans.<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312370675\">\u00a0O<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568352376848\">n the 16<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568352382686\">th<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568367842251\">\u00a0of April 2019 the master CAPTAIN OKPAKA CROMWELL of the subject vessel MT. \u201cLADY ELIZABETH\u201d sighted unknown person who approaches the vessel at sea and were taking pictures of her and when they were accosted by the master they claimed to be acting on the instruction of an undisclosed foreign buyer who was in talks with the defendant bank to inspect the vessel preparatory to being taken out of jurisdiction of this Honourable Court.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352417800\">The defendant bank has shown by conduct and expressly that they want to quickly take step to remove the vessel from Nigeria or sell her off outright without notice to the plaintiffs.\u00a0\u00a0<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568368076896\">\u00a0 I<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568368091687\">n breach of the mortgage and facility agreement between the parties the Respondent bank is poised to size the vessel and remove the vessel from Nigeria by subterfuge for a facility that still has 9 years to run.<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568368103070\">\u00a0 \u00a0 The vessel herein is a moving asset that can be easily removed from the Nigeria territorial waters within a very short time and without formal notice to the plaintiffs,as<\/span>\u00a0the vessel is presently offshore.<\/p>\n<p class=\"yiv2752522321MsoNormal\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568368144148\">\u00a0 \u00a0 There is real likelihood of the defendant bank removing the vessel herein from within jurisdiction of this Honourable court, thus rendering any judgment which the plaintiff may obtain nugatory<\/span><\/p>\n<p class=\"yiv2752522321MsoNormal\">That all attempts the plaintiffs have made to get the defendant bank to sit down with them reconcile accounts have proved abortive.<\/p>\n<p id=\"yiv2752522321yMail_cursorElementTracker_1568352528251\" class=\"yiv2752522321MsoNormal\"><span style=\"font-family: New;\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352531600\">\u00a0 \u00a0 \u00a0Consequently, the plaintiffs are urging the court to order the bank to refund to them\u00a0<\/span><\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568352695641\">overpaid interest already charge and\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568312355069\">collected by the defendant bank from them in the sum of\u00a0 USD 85,500.00<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568352704102\">\u00a0<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352744339\">A declaration that the plaintiffs are entitled to equitable\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568353006693\">right of redemption of the mortgaged security herein (the vessel MT \u201cLADY ELIZABETH\u201d)<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568312348737\">\u00a0<\/span><span id=\"yiv2752522321yMail_cursorElementTracker_1568352762188\">A declaration that the right of the mortgage to enforce the said mortgage has not arisen.<\/span><\/p>\n<p class=\"yiv2752522321gmail-MsoNormalCxSpMiddle\"><span id=\"yiv2752522321yMail_cursorElementTracker_1568352769291\">Meanwhile, base on an application filed and argued before the court by Barrister Ikechukwu Ukadike, urging the court to restrain the bank from tampering or removing the Vessel from the jurisdiction of the court,the presiding judge, Saliu Saidu in his ruling\u00a0 restrain the bank from tampering or removing the Vessel from Nigeria\u00a0 pending the final determination of this suit.\u00a0<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>In a bid to safeguard his business interest against alleged excessive and bogus interest charges,\u00a0 a Dubai based Nigerian businessman,Adedoyin Adeyinka alongside his two companies UNICO MARINE DWC LLC, and ELIZABETH SHIPPING LTD have dragged Dubai United Arab Emirates bank,\u00a0National Bank of Fujairah PJSC, before a Federal high court in Lagos South West Nigeria.\u00a0<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":32904,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[6138,6137,6139,6136],"coauthors":[2391],"class_list":["post-34600","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-dubai-united-arab-emirates-bank","tag-elizabeth-shipping-ltd","tag-national-bank-of-fujairah-pjsc","tag-unico-marine-dwc-llc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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