Zomay Marine Sterling Bank settlement ends a prolonged legal dispute after both parties reached an out-of-court agreement confirmed by the Federal High Court

The long-running legal dispute between Zomay Marine and Logistics Limited and Sterling Bank Plc over a contested debt has been formally resolved out of court, bringing an end to a case that spanned multiple jurisdictions and years of litigation.

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The Federal High Court, Lagos Division, confirmed the settlement after both parties jointly informed the court of their decision to resolve all outstanding issues amicably and commit to future business cooperation.

The matter, presided over by Justice Akintayo Aluko, was concluded after the parties requested the court to enter judgment based on the agreed terms contained in their expressions of settlement, which were duly submitted and adopted as the ruling of the court.

Under the terms of the agreement, Zomay Marine and Logistics Limited is required to pay specified sums representing a mutually agreed indebtedness to Sterling Bank within a defined period.

Upon full compliance with these obligations, Sterling Bank is to issue a comprehensive letter discharging Zomay Marine from any further liability.

Both parties consented to comply fully with the conditions outlined in the settlement, signalling a decisive end to the legal hostilities that had characterised their relationship.

The dispute had its roots in claims by Zomay Marine that Sterling Bank unlawfully sealed its property on Tombia Street in Port Harcourt and froze its accounts over alleged unpaid debts.

The company further accused the bank of acting in bad faith by appointing receivers to its properties despite what it said was a subsisting court order restraining such actions.

Sterling Bank, in turn, instituted a counter suit at the Federal High Court in Lagos, contesting Zomay Marine’s claims and seeking relief over the disputed financial obligations.

In May 2025, both parties were granted leave by Justice Frank Onyiri of the Rivers State High Court to explore an out-of-court settlement.

Counsel to Zomay Marine, Frank Okpara, holding brief for Chief Chris Okeke (SAN), informed the court at the time that discussions were ongoing.

Sterling Bank’s counsel, Michael Ofurum, holding brief for Kunle Ogungba (SAN), confirmed the position.

Also read: Ex-bank official, Owoeye, in court for stealing Sterling Bank’s N2m (Photo)

The settlement, now endorsed by the Federal High Court in Lagos, is expected to bring final closure to the dispute, restoring certainty to both parties and opening the door for renewed commercial engagement.