COURT ORDERS SEIZURE OF LAGOS COMPANY OVER 4.6BIL UNPAID LOAN

Justice Chuka Obiozor of the Federal High Court, Lagos State, has restrained the management of Shoreline Power Company from interfering with a receiver-manager, Taiwo Ogbara, appointed by Ecobank Nigeria over its assets.Other defendants in the action are Orikolade Karim, Tunde Karim, Yinka Karim, Marc Hasenclever and Graeme Stout. The court restrained them from obstructing Ogbara in the course of his duties as receiver-manager pending the determination of the motion on notice. Obiozor also granted an order of interim injunction restraining the defendants or their agents from tampering with or disposing…

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