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
Ramadan ends in Nigeria, Sultan announces March 30 as Eid-el-Fitr
Ramadan ends in Nigeria, Sultan announces March 30 as Eid-el-Fitr
Sultan of Sokoto, Muhammad Abubakar Sa’ad, says the crescent moon marking the end of Ramadan fasting has been sighted.
The Sultan, who is president of the Supreme Council for Islamic Affairs (NSIA), said in a broadcast on Saturday night, “Today marks the end of the Ramadan fasting and Sunday, March 30, is the Eid-el-Fitr celebration.”
metro
Embrace environmental sanitation during Eid-Fitr, LAGESC boss tells Lagosians
Embrace environmental sanitation during Eid-Fitr, LAGESC boss tells Lagosians
By Dada Jackson
The Lagos Environmental Sanitation Corps (LAGESC) has urged Lagosians to embrace proper environmental practices and obey the state’s environmental laws ahead of the Eid-l-Fitr festivities to mark the end of the Ramadan fast by Muslim faithful around the world.
Corps Marshal of the agency, Major Olaniyi Olatunbosun Cole (retd), sounded the call at the agency’s command headquarters at Bolade-Oshodi.
He said, ‘‘The Ramadan fast is a testament to the willingness of Muslim faithful to adhere to the pillars of their faith and it is enjoined that cleanliness is an important religious practice in all faiths, which is why we admonish Lagosians to imbibe proper waste disposal and keep their environment clean during the celebration.”
Cole also advised Lagosians to make proper use of pedestrian bridges for their safety instead of crossing highways to prevent ‘hit and run’ cases by speeding motorists.
He equally read a riot act to miscreants in the habit of converting pedestrian bridges to sleeping areas which deters Lagosians in transit, pedestrians vowing that anyone caught w be made to face the state Environmental laws as amended
The KAI boss also revealed that the agency had recorded giant strides and would not relent in ridding pedestrian bridges across Lagos of criminal obstructions, traders and hawkers with daily arrests made alongside secured prosecutions by the Courts.
The Corps Marshal also warned Lagosians to desist from street trading, use of Styrofoam pack, hawking in traffic, patronage of cart pushers for refuse disposal, and erection of illegal structures on laybys, setbacks, medians, road verges, kerbs or around public schools in the state.
The KAI head said offenders would be made to face the consequences via prosecution in a competent court of appropriate jurisdiction.
metro
Mother, daughter who stole ponmo, stock fish in Ogun jailed six months
Mother, daughter who stole ponmo, stock fish in Ogun jailed six months
A Magistrates’ Court in Abeokuta, Ogun State yesterday sentenced a mother, Falilatu Amidu, and her daughter, Ayisatu, to six months imprisonment each for stealing dry ponmo, stock fish and dried meat valued N1 million
The defendants, who reside at No 21 Ago-Oko area of Abeokuta, were convicted on a two-count charge of conspiracy and stealing.
The Magistrate, Mrs O.O. Odumosu, held that the evidence presented by the prosecution had proven beyond reasonable doubt that the convicts were guilty of the offence as charged.
Odumosu sentenced both mother and daughter to six months in prison each with an option of N5,000 fine.
She ordered that the convicts should refund N100,000 each to the complainant as restitution before accessing the N5,000 fine option.
Earlier, the prosecutor, Insp. Kehinde Fawunmi, had told the court that the defendants committed the offence at Lafenwa market sometime in August 2024.
Fawunmi explained that Falilatu conspired with her daughter, Ayisatu, to steal a big sack containing stock fish, dried ponmo and dried cow meat valued N1million, belonging to one Mrs kafayat Alao.
According to him, one of the defendants, Falilatu, used to help the complainant to carry load from her store in Lafenwa to where the complainant sells her items.
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“The complainant asked her to help her pick some goods from the store. She waited for over an hour and did not see the defendant, which made her to go to the store to check on her.
“On getting to the store, she did not find Falilatu, and she noticed a big bag containing dried meat, ponmo and stock fish was missing while the defendant was nowhere to be found,” he said.
Fawunmi further explained that Falilatu stole the goods and gave it to her daughter (Ayisatu) to sell. He said Ayisatu received the goods from her mother, knowing that they were stolen.
The prosecutor noted that the offence committed contravened sections 516, 390(9) and 127 of the Criminal Code Laws of Ogun 2006.
Mother, daughter who stole ponmo, stock fish in Ogun jailed six months
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