By Omolola Shobowale
THE parties in the $1.5 million suit by a United States of America-based salts exporter, Michigan Salt Products LLC against Jumbee Limited and Chief Abiodun Adeniji, have been settled out of court, with the trial judge, Justice O. Ogala giving a consent judgment in the matter.
According to the consent judgment entered by the court, the judge said: “In pursuance of the formal admission and settlement thereof, Jumbee Limited further admits and records that its outstanding indebtedness to Michigan Salt Products is $1.5m which shall be settled and paid forthwith to Michigan Salt Products LLC in the following instalments with the first two instalments being 10 percent each of the sum of $1.5m, which initial payment commences on or before January 30, 2018 and other instalments payable at intervals on or before 90 days from each preceding payment.
“Payments by Jumbee Ltd shall be made into Escrow Domiciliary Account with Zenith Bank Plc in the Joint Names of Michigan Salt Products LLC/Stone Waters Law Office and the instrument of transfer shall be copied by Jumbee Ltd to all parties via e-mail addresses within 24 of Jumbee Ltd’s transfer.
“The Michigan Salt Products LLC shall cause this terms of settlement to be published as a retraction of the earlier publication of Jumbee Limited’s indebtedness in the Nigeria dailies/media upon execution and filing of the said terms in the High Court of Lagos State’s registry and Jumbee.’’