metro

N26bn Debt: Court Grants Access Bank’s Request to Take over Sunny Odogwu Properties

Published

3 years ago

August 6, 2022

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.

READ ALSO:

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

Related Topics:Access Bank court debt Sunny Odogwu

Up Next

Gunmen Abduct 3 Children in Kogi, Demand N100m Ransom

Don't Miss

Falling naira: EFCC threatens to arrest dollar hoarders

metro

Rainstorm destroys schools, mosques, others in Kwara community

Published

2 hours ago

April 2, 2025

Trends Admin

Rainstorm destroys schools, mosques, others in Kwara community

Rainstorm has destroyed some public and residential buildings in Ogele, Asa Local Government Area of Kwara State.

The storm also rendered scores of residents homeless

The incident, which occurred in the night of Eid- el- Fitr celebration, affected schools, mosques and other buildings. They included the Ansarul Islam Primary School, Community Secondary School, health centre and Mosques

Other were concrete poles and high tension wires supplying electricity to Ogele, Afon and other communities.

READ ALSO:

Some victims of the rainstorm said they were still counting their losses.

They appealed to the government, individuals and organisations for help.

Aare Ogele, Alhaji Abubakar Akanbi, whose residence was also affected, called for government’s aid for the victims, including the Mufti of the community.

Chairman, Ogele Descendants Progressive Union (ODPU), Alhaji Issa Akanbi-Oniyo, said the incident had left many residents homeless.

Rainstorm destroys schools, mosques, others in Kwara community

metro

Rivers police arrest General Overseer for alleged homosexuality

Published

3 hours ago

April 2, 2025

Trends Admin

Rivers police arrest General Overseer for alleged homosexuality

The Octopus (C4i) Strike Force Unit of the Nigeria Police has arrested a General Overseer of a new generation church in Eagle Island, Diobu, Port Harcourt over allegations of homosexuality.

The Guardian gathered that the General Overseer, nicknamed Elijah, was arrested after videos of him engaging in homosexual acts were leaked to the police by a male acquaintance named Patrick.

The acquaintance, who had been the target of the cleric’s advances, reportedly played along and captured nude videos of the pastor as evidence. The police, acting on credible intelligence, traced him to one of his relaxation spots in Port Harcourt, where he was arrested and taken into custody for investigation.

READ ALSO:

Sources close to the investigation revealed that he has allegedly confessed to numerous acts of homosexuality involving both male adults and minors within and outside Port Harcourt.

Confirming the development, the spokesperson for the Rivers State Police Command, SP Grace Iringe Koko, stated that the investigation is ongoing.

Rivers police arrest General Overseer for alleged homosexuality

metro

Police hunt for last suspect in LASU graduate killing

Published

3 hours ago

April 2, 2025

Trends Admin

Ogubode Adedamola and Evangelist Whepetoji Babaniyeh

Police hunt for last suspect in LASU graduate killing

The Lagos State Police Command on Monday said it had intensified its search for Teniola Ajisomo, who is the remaining suspect linked to the murder of a 28-year-old graduate of Lagos State University, Adedamola Ogunbode.

The Lagos State Police Command on March 12, exhumed the body of the late Ogunbode from a shallow grave behind the LASU fence in its Ojo campus.

Newstrends reported that the deceased, a Political Science Education graduate, had been missing since January 16.

Among those arrested during police investigations were Sunday Whepetoji, a pastor, who allegedly received N70,000 from the victim’s account; and Sheriff Adebayo, a church member, accused of also receiving N300,000.

Also, Omolara Ajisomo, who allegedly helped her children, Teniola and Olaoluwa Ajisomo, escape to Cotonou, Benin Republic, after each received N300,000 from the victim’s account, was arrested too.

Meanwhile, Olaoluwa was arrested in the Alakuko area of the state before leading the police to the shallow grave.

Reacting to an inquiry by PUNCH Metro on Monday, the command’s spokesperson, CSP Benjamin Hundeyin, said Teniola was still on the run.

READ ALSO:

He said, “The suspect is still at large and we are trying to get him and we will soon get him. The Shepherd and Sheriff are in Ikoyi correctional centre and Ajisomo who took us to the grave is still with us and is assisting with the investigation.”

Hundeyin also confirmed that Omolara who aided the escape of her children had been released.

“The mother of two of the suspects has been released. She was arrested because her children used her identity to register the SIM. It was the SIM registration that led us to her. But when we discovered that she was not the one using the phone and we arrested the person using the phone, so we let the mother go.”

Hundeyin who addressed newsmen in the course of the probe said the church where some people alleged that the missing boy was killed and buried had been sealed to prevent it from being burned.

“The church was sealed following intelligence reports that some people planned to burn it down out of vengeance, and we do not want that to happen.

“It is still a suspected crime scene, we still need to go over it, and we may need to revisit that scene multiple times for us to gather evidential value.

“The church has been sealed for now to prevent it from being burnt. And we assure the public that updates will be given about the investigation and the progress we have made as soon as we get new updates,” he said.

Punch