“The Petroleum Products Were Consigned To The Order Of UBA” — Court Preserves Assets In $242m Claim Against Vitol

The Lagos State High Court has granted interim preservative orders in favour of United Bank for Africa Plc against Vitol S.A., a Switzerland-based energy trading company, in a dispute arising from the alleged diversion and non-delivery of petroleum products said to have been consigned to the bank.UBA had approached the court seeking Mareva injunctive reliefs against Vitol and four other shipping companies over cargoes which the bank alleged were released to other parties despite Bills of Lading showing that the petroleum products were consigned “to the order of” UBA.