metro
N26bn Debt: Court Grants Access Bank’s Request to Take over Sunny Odogwu Properties
A Federal High Court in Lagos yesterday upheld the N26 billion debt claimed by Access Bank Plc against the estate of the late Ide Ahaba of Asaba, Chief Sunny Odogwu.
Justice Daniel Osiagor in his judgement upheld the Access bank’s claim, and dismissed the preliminary objection filed by the estate of the late Chief Sunny Odogwu challenging the claim of the bank.
The court held 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 had argued that having taken advantage of the consent judgement, the plaintiff can’t turn around and ask the court to set aside same.
However, Access Bank in its claim before the court argued that the judgement was floored in that it was delivered by a court that lacked jurisdiction to entertain it as at the time it was entered as consent judgement.
The bank through its counsel, Kemi Balogun, SAN, submitted that the matter having been placed at the bosom of the Court of Appeal, the lower court which entered the consent judgement was at the time it gave the judgement 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 as at the time he granted the order.
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The judge then affirmed the earlier judgement of justice Saliu Saidu, which ordered the defendants to pay its outstanding indebtedness of N26 billion.
Justice Osiagor however ruled that the payment must be less all amount earlier paid to the judgement creditor
The court also awarded 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 collateral security.
Thus Odogwu mortgaged prime properties in Lagos, Abuja, Dubai, and Los Angeles among others to Access Bank in return for the facility.
After the death of the businessman, the mortgaged properties eventually became 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.
The bank had in its originating summons urged the court to enter judgment in the sum jointly or severely against the first to third defendants, being the outstanding sum as at September 30, 2014, advanced by the bank for the defendants.
The bank also asked the court for an order granting leave to it to foreclose and sell the said property situated at 31-35 Ikoyi Crescent, Ikoyi, Lagos State and an order directing judicial sale and granting leave to sell the said property, being the security for the sum of N26, 229, 934, 035.22
The bank also urged the court to direct Leadway Trustees Limited to surrender all title documents in its custody in relation to the said property.
Thisday
metro
NURTW scribe felicitates Nigerians on Xmas, urges caution
NURTW scribe felicitates Nigerians on Xmas, urges caution
The General Secretary of the National Union of Road Transport Workers (NURTW), Comrade Kayode Agbeyangi, has enjoined Nigerians to imbibe the virtues of peace, love and compassion as taught through the birth of Jesus Christ.
He stated this in his Christmas and end of the year goodwill message to felicitate members of the union and Nigerians in general.
Agbeyangi urged Nigerians to use the festive season to reflect on the values of love, compassion, and sacrifice that Jesus Christ embodied.
“This period is not for merry making alone; we should also spare time to reflect on the birth and life of Jesus Christ.
“His birth teaches humility, love compassion and sacrifice. As Nigerians, we must show love to our fellow county men. We must love our country. As Nigerians, we must be ready to make sacrifices for the nation.”
The NURTW scribe also used the opportunity to appeal to members of the union and other road users to always exercise caution and adhere to all safety protocols while travelling during the festive season.
“As we celebrate, let us not forget the importance of road safety. The roads can be treacherous, especially during the festive season.
“I urge our members and all road users to drive safely, avoid overspending, overtaking at dangerous bends and overloading, and be courteous to other road users,” he stated.
He also advised drivers that all their vehicle papers should be up to date to avoid embarrassment from law enforcement officers on the highways.
Comrade Agbeyangi prayed for a peaceful and joyous celebration, and wished members of the union and Nigerians, a happy prosperous New Year.
metro
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody. The banner became a source of controversy after a picture of it was shared on social media, with many calling it an…
The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody.
The banner became a source of controversy after a picture of it was shared on social media, with many calling it an attack on the Christian faith.
Addressing his congregation, Jamiu said the banner was displayed to educate Muslims.
He said, “When you come to Lekki Central Mosque, at least you should learn something. You pass by the banners outside, you look here and there, you learn something because Islam treasures knowledge.”
The Imam said all the banners displayed outside the mosque contain Quran and Hadith verses.
He said after a photo of one of the banners went viral, he “received calls from the government, local government, and area command appealing to us to please remove the banners because of the festive period.”
He said the display of the banners was not to provoke anyone, noting that there’s a difference between propagation of Islam and provocation.
“It was not placed there just yesterday. It has been there for about two months or thereabout. We are peace loving people, we don’t provoke anyone. We only propagate our name,” he said.
Jamiu further stated that nobody can monopolise Jesus because Muslims also have what they believe about him as backed by the Quran which calls him Isah.
“If you don’t believe in Jesus, you are not a Muslim. We are Muslims and anything we believe must be in consonant with the Quran and the Quran says Jesus Christ is not God, he’s a messenger of God. We quoted this verse in the banner. Is there anything wrong if we paste what we believe on our territory to educate our congregation? It’s a verse of the Quran. This is freedom of religion, freedom of speech,” he said.
On the removal of the banner, Jamiu said he received multiple calls ascribing the gesture as cowardice.
“It is not cowardice. We removed it to let peace reign, to obey our government because we are peace-loving people and also because we know it’s a festive period, people may think it was actually calculated to enrage others. We are going to modify it and put it back. We are not cowards,” he said.
The banner has since been replaced with another which says “A
llah is the lord of Jesus.”
Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam
metro
CBN fines bank found hoarding cash N150m
CBN fines bank found hoarding cash N150m
The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).
This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.
Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.
A staff member of the CBN stressed that the apex bank would not tolerate such practices.
“The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.
To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.
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For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.
“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.
Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country.
Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.
“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.
CBN fines bank found hoarding cash N150m
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