Shell, AFC, GTBank, 6 Other Banks Drag Aiteo to Court Over $2bn Debts

The bickering between a group involving Shell, Africa Finance Corporation (AFC), and seven Nigerian bank, and Aiteo Eastern E&P Company Limited over $2 billion loan accessed by Aiteo has degenerated.

A high court in England has ruled that Shell Plc, Africa Finance Corporation, and seven Nigerian banks have established their right to block Aiteo Eastern E&P Company Limited from taking legal action when a suit initiated by them against the oil firm has not been resolved.

The verdict approving the “final anti-suit injunction” was delivered on April 1, according to court documents seen by PREMIUM TIMES.

Aiteo had urged the court to set aside the interim anti-suit injunction that had been granted ex parte. An anti-suit injunction is an order of a court restraining a party from commencing a legal action in relation to a dispute subject to an ongoing arbitration.

The claimants are Africa Finance Corporation, a multilateral development finance institution headquartered in Nigeria, Shell Western Supply and Trading Limited, and several Nigerian banks including Ecobank Nigeria Limited, Fidelity Bank plc, First Bank of Nigeria Limited, Guaranty Trust Bank plc, Sterling Bank plc, Union Bank of Nigeria plc, and Zenith Bank plc.

Related posts

Leave a Comment