United Bank for Africa (UBA) has secured an interim court order restraining the dissipation of assets and dealings with funds linked to a disputed $242 million petroleum products transaction involving Swiss energy trader Vitol SA and four shipping companies.
The Lagos State High Court granted three prayers in UBA’s application for a Mareva injunction, including measures to preserve assets up to the disputed amount.
However, the presiding judge, Justice K. A. Jose, specified that the prayers were granted against the second respondent only.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.
UBA is alleging that Vitol and the vessel owners wrongfully released petroleum cargoes consigned to the bank’s order under the relevant bills of lading, resulting in the non-delivery of the products.
The bank is seeking to establish in substantive proceedings that the respondents are liable for alleged conversion, misrepresentation and negligence arising from the disputed transactions.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, said the bank had issued a letter of credit to facilitate the petroleum products transaction involving Vitol.
According to the affidavit, the cargoes were transported to Nigeria, while the vessels’ masters issued bills of lading for the shipments.
UBA said Vitol subsequently endorsed the original bills of lading to the bank’s order, a step it maintained entitled it to take possession of the cargoes upon completion of the voyages.
However, Chilaka said the bank did not receive the gasoil despite the completion of the shipments.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargoes were instead released for the use of other parties, arguing that the failure to deliver them breached obligations arising from the transaction and the endorsed shipping documents.
The bank also cited 34 financial institutions and public agencies in connection with the application, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service.
The application was brought under Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
The interim order is intended to preserve assets pending the determination of the dispute. The allegations against Vitol and the other parties have not been established by a final court judgment.
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