A BUSINESS dispute between
Zenith Bank Plc and Nigdel United Oil Company Limited over a N1.7 billion loan
facility the bank granted the oil firm to acquire an oil bloc in 2006 has taken
a legal dimension.
The bank has dragged the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and three others before a Federal High Court in Lagos claiming ownership of the oil bloc.
Zenith Bank, in the case before Justice Okechuckwu Okeke, is praying the court for a perpetual injunction restraining the minister, her agents, servants, privies, or whosoever is acting on her behalf from recognising Nigdel oil, owned by popular businessman and Delta State politician, Prince Joseph Panawou, as the rightful owner of the OPL 233 oil bloc since same was paid for by the bank on behalf of the oil company which it has allegedly refused to pay back.
The bank has dragged the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and three others before a Federal High Court in Lagos claiming ownership of the oil bloc.
Zenith Bank, in the case before Justice Okechuckwu Okeke, is praying the court for a perpetual injunction restraining the minister, her agents, servants, privies, or whosoever is acting on her behalf from recognising Nigdel oil, owned by popular businessman and Delta State politician, Prince Joseph Panawou, as the rightful owner of the OPL 233 oil bloc since same was paid for by the bank on behalf of the oil company which it has allegedly refused to pay back.