Court orders NEXIM to pay firm $385,000, N30m damages

Justice Peter Affen of a Federal Capital Territory High Court, Maitama, Abuja, has ordered the Nigerian Export-Import Bank (NEXIM) to refund $385,000 to Emaren Oil and Gas Ltd over a failed business transaction. Justice Affen, in a judgement delivered yesterday, on a suit initiated by the Emaren Oil and Gas Ltd, ordered NEXIM to refund with immediate effect $385,000 being the amount deposited by the plaintiff in the course of the business.

Besides, the judge ordered NEXIM to pay the plaintiff N15million in damages for negligence while making the plaintiff to enter the failed transaction. Affen also ordered the second defendant, Mr Adeniyi Adeoye, to pay the plaintiff N15 million as compensation for nonimplementation of memorandum of agreement dated April 16, 2009.

The judge traced the litigation to an ill-fated vessel acquisition transaction between Emaren Oil and the second defendant, Adeniyi Adeoye, and financed by NEXIM. Emaren had in April 2007 applied for a loan facility to enable it acquire a 5,000 metric tonnes marine tanker vessel for the purposes of its business following which the company made an equity contribution of about 20 per cent of the value of the vessel to NEXIM as required to so do.

He said: “Nigerian Export- Import Bank shall forthwith refund and return to the plaintiff, Emaren Oil and Gas Ltd the sum of $385,000 or its naira equivalent at the official exchange prevailing rate at the time of refund. “This sum was deposited as equity contribution towards the acquisition of 5,000 metric tonnes marine tanker vessel together with interest thereon at the interest rate approved by the Central Bank of Nigeria, with effect from February 24, 2009 when the deposit was made.”

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