Court
Access Bank Wins Major Judgement, As Court Orders Sonny Odogwu’s Estate To Pay N26bn Debt
Justice Daniel Osiagor of the Federal High Court, Lagos yesterday upheld the N26 billion debt claim by Access Bank PlC against the estate of the late Ide Ahaba of Asaba, Chief Sonny Odogwu.
Osiagor upheld the bank’s claim after dismissing the preliminary objection filed by the estate of the late Chief Sonny Odogwu challenging the claim of the bank adding that a consent judgement had earlier been entered in which parties to the debt agreed on the payment of N12 billion as full and final payment.
The defendants in the preliminary objection added that having taking benefit of the consent judgement, the plaintiff can’t turn around and ask the court to set aside same.
However, Access Bank it it’s claim before the court said the said judgement was floored in that it was delivered by a court that lacked jurisdiction to entertain it at the time it was entered as consent judgement.
The bank through it’s counsel, Kemi Balogun, SAN said the matter having been placed at the bossom of the Court of Appeal , the lower court which entered the consent judgement as the judgement of the court is Functus Officio ( lacked jurisdiction) and that the only court that has the power to adjudicate on such matter at that level is the appellate court.
Justice Osiagor while dismissing the objection of the defendants nullified the consent judgement entered by Justice Rilwan Aikawa which sanctioned the consent judgement on the ground that it lacked jurisdiction to grant such order as it is functus officio of the matter as at the time he granted the order.
The judge then affirmed the earlier judgement of justice Saliu Saidu which ordered the defendants to pay it’s outstanding indebtedness of N26 billion.
Justice Osiagor however ruled that the payment must be less all amount earleir paid to the judgement creditor
The court also award a cost of N200,000 against the defendants’.
It would be recalled that Access Bank Plc and the late Ide Ahaba of Asaba, Chief Sonny Odogwu, entered into a N26 billion loan agreement when he was alive. The late businessman wanted to use the facility to build luxury apartments to be known as Le Meridien Grand Towers in highbrow Ikoyi, Lagos.
In line with global best practices, the bank demanded for collateral security.
Thus Odogwu mortgaged prime properties in Lagos, Abuja, Dubai, and Los Angeles to Access Bank in return for the facility. After the death of the businessman, the mortgaged properties eventually become a subject of litigation
Trouble started when the estate of the late Chief Odogwu, reacted angrily to a move by Access Bank to take over the uncompleted property due to the non performance of the loan.
The defendants’ went to town with a statement that the property was not part of the consent agreement reached by both parties, and registered as a judgment of Federal High Court, Lagos. The release signed by the estate lawyer, Chief Anthony Idigbe SAN was published by various media platforms on Tuesday.
Reacting to the statement, Access Bank said that the Ikoyi property was not the only one that fell within the purview of the November 3, 2015 Federal High Court judgment that ordered the bank to take over the properties used it as collateral in lieu of the N26 billion loan facility.
Other properties include Berendo Property located in Los Angeles, State of California, United States of America, Unit No: FN428, The Fairmont Palm Residence (North), Dubai, United Arab Emirates, Asokoro Shopping weMall, Abuja, 1 Happy Home Street, Kirikiri, Lagos, properties located at Kingsway and Lawrence Roads, Ikoyi Lagos.
Access bank also stated that it is is the successor in title to Diamond Bank Plc following its merger with Diamond Bank Plc.2
The crux of the matter was that former Diamond Bank PlC granted facilities to the Judgment Debtors for the construction of a property to be known as Le Meridien Grand Towers located and lying at 31-35 Ikoyi Crescent, Lagos and registered as No. 17 at page 17 in volume 100 at the Federal Lands Registry, Ikoyi, Lagos. The property is mortgaged to the bank as collateral for the facilities.
However, litigation that ensued over the inability of company, Robert Dyson & Diket Limited to liquidate the facility, Access Bank secured a Judgment in the sum of N26,229,943,035.22 consequent upon a Federal High Court judgment in Suit No. FHC/L/CS/1633/2014 delivered on 3rd November 2015 against Robert Dyson & Diket Limited & 2 Ors (the Judgment Debtors) in relation to the Project Finance for development of a seven-star hotel and residences (“the Project”).
Following the Judgment, Robert Dyson entered an Appeal against the said judgment and a motion staying the execution of same in APPEAL NO: CA/L/1151/2015 – ROBERT DYSON & DIKET LIMITED & 2 ORS. V. DIAMOND BANK PLC & 3 ORS.
The Judgment Debtors also filed a Counter-Claim against the Access Bank in the State High Court: SUIT NO: LD/1666CMW/2016 – LEADWAY CAPITAL & TRUSTS LIMITED V. DIAMOND BANK PLC & 2 ORS.
A Federal High Court sitting in Abuja, on Thursday, declined a request seeking an order postponing the 2023 Census slated to be held from May 3 to 5.
Justice Inyang Ekwo refused to grant the application, but instead asked the applicant, Omotuyi Ademola, to put the defendant, the National Population Commission, on notice.
Ekwo affirmed that the applicant’s lawyer moved a motion for an interim injunction to postpone the conduct of the 2023 census, however, he said, “on considering the motion, I am of the opinion that the defendant should be put on notice” to appear in court and show cause why the applicant’s motion should not be granted.
In his ex parte application, the applicant stated that the NPC currently lacked effective preparation and adequate publicity towards the conduct of a credible, effective and constitutional census in the country.
As a result, he asked for a declaration that the commission was currently underfunded and thus unprepared to conduct a credible, effective and constitutional census.
Commission Act, the aim, intent, importance and purpose of the 2023 census will not be defeated for lack of adequate preparation, lack of adequate awareness and publicity and paucity of funds.
“Whether if the above is in the affirmative, it will not lead to an exacerbated undercount and inefficiency of the census purpose.”
He thereafter prayed the court for an order postponing the forthcoming census for six months to ensure adequate preparation, publicity and adequate funding for the commission.
Justice Ekwo subsequently adjourned the matter until May 5, for the defendant to show cause.
Court
Benue Gov’ship Election : Court Sacks Dep. Gov’ship Candidate Of Labour Party
The Deputy Governorship Candidate of the Labour Party (LP) in Benue State, Idu Christopher Onyiloyi has been sacked by a Federal High Court in Abuja. Onyiloyi who was billed to participate in the March 11, 2023 governorship election was replaced with Ochechi Godwin Adejor by justice Inyang Ekwo. In the suit instituted by Adejor, the […]
The Deputy Governorship Candidate of the Labour Party (LP) in Benue State, Idu Christopher Onyiloyi has been sacked by a Federal High Court in Abuja.
Onyiloyi who was billed to participate in the March 11, 2023 governorship election was replaced with Ochechi Godwin Adejor by justice Inyang Ekwo.
In the suit instituted by Adejor, the presiding judge, Justice Ekwo held that Onyiloyi who personally wrote the Labour Party on the withdrawal of his candidacy and deposed to an affidavit as a legal backing ceased by law to hold the same status.
Relying on sections 221, 222 of the 1999 Constitution and sections 29, 31, 32, 33 and 84 of the Electoral Act 2022, the judge replaced Onyiloyi’s name with Adejor as the Deputy Governorship Candidate of the party.
Justice Ekwoalso ordered the Labour Party to immediately forward the name of Ochechi Adejor to the Independent National Electoral Commission (INEC) for publication as the lawful Deputy Governorship Candidate.
An order compelling INEC to publish Adejor’s name and also restrained INEC from accepting any name other than that of the plaintiff as the Deputy Governorship Candidate was issued by the court.
Court
Alleged disobedience of Court Orders: CSOs call for Bawa’s sack.
A coalition of civil society organizations has called for the removal of the Chairman of the Economic and Financial Crime Commission, EFCC, Abdulrasheed Bawa from office following his alleged disobedience to court orders The over one hundred and twenty- civil society groups after rounding off a weeklong protest in Lagos addressed journalists during a town […]
A coalition of civil society organizations has called for the removal of the Chairman of the Economic and Financial Crime Commission, EFCC, Abdulrasheed Bawa from office following his alleged disobedience to court orders
The over one hundred and twenty- civil society groups after rounding off a weeklong protest in Lagos addressed journalists during a town hall meeting.
They accused the EFCC of greater corruption and called on President Muhammadu Buhari to immediately put machinery in motion to sanitize the commission in line with the fight against corruption by the present administration.
They later issued a seven-day ultimatum to President Muhammadu Buhari directing the Inspector General of police to effect the arrest order on Bawa and commit him to prison.
Meanwhile, the Spokesman of EFCC Wilson Uwujaren in his response said the protests by the CSOs against Bawa and the EFCC were sponsored by persons under investigation by the anti‐graft agency.
The angry protesters had earlier stormed the Lagos state House of Assembly, Alausa Ikeja with their petition to the speaker, Mudasiru Obasa for onward delivery to the National Assembly in Abuja.
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