A shipping company, OAN Overseas Agency Nigeria Limited (OAN), has asked Ecobank Nigeria Plc to comply with a Supreme Court judgment by paying it the sum of $4,581,774.86.
It includes the principal sum claimed by it in addition to interest which Ecobank undertook to pay when it issued a bank guarantee to secure OAN’s claims. This followed a suit by OAN at the Federal High Court in 2006.
OAN Overseas Agency Nigeria, initiated an admiralty action in 2006 against the Vessel MT “Ocean Success” and Master of the Vessel MT “Ocean Success” and Bronwen Energy Trading Ltd. OAN claimed the sum of $1,986,939.97 as outstanding debt against Bronwen Energy Trading for port and cargo dues, ships’ charges and agency fees, as well as interest.
Ecobank, in order to secure the claims of OAN at the Federal High Court, issued a bank guarantee, numbered EBN/1346 on December 1, 2006 in favour of OAN Overseas Agency for $1.9million or whatever sum that may be adjudged by the Federal High Court and appellate courts on behalf of Bronwen Energy Trading Ltd.
On March 14, 2011, the Federal High Court, in a judgment by Justice Dan Abutu (Chief Judge now retired), awarded OAN the sum of $1,986,939.97 with interest at the rate of 15 per cent per annum from November 23, 2006, to March 14, 2011, and another simple interest on the judgment sum at the rate of six per cent per annum until full liquidation. Bronwen Energy Trading appealed against the judgment. On December 9, 2014, the Court of Appeal delivered judgment on the appeal lodged by Bronwen Energy Trading, allowing the appeal in part, while sustaining the judgment of the Federal High Court.