UBA Secures Court Order Against Vitol Over $242M Dispute

The Lagos State High Court has granted United Bank for Africa (UBA) Plc (NGX: UBA) an interim preservative order against Vitol SA, a Switzerland-based energy trading company, and four other shipping firms in a dispute involving $242 million over the diversion of petroleum products. UBA claims that Vitol wrongfully released cargoes consigned to the bank under relevant bills of lading.

Bode Olanipekun, SAN, UBA's lead counsel, requested the court to restrain the dissipation of assets and dealings in funds related to the disputed amount. Justice K.

A. Jose ruled in favor of UBA, granting three of its requests against Vitol SA. UBA intends to argue that Vitol and the vessel owners are liable for conversion, misrepresentation, and negligence due to the non-delivery of the petroleum products.

UBA's Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that despite issuing a letter of credit for the transaction and the completion of the voyage, UBA has not received the gasoil, which was allegedly diverted to another party.