Connect with us

Bank

Access Bank Win Against Sonny Odogwu’s Estate As  Court Orders him To Pay N26bn Debt

Published

on

Access Bank Wins Against Sonny Odogwu

Access Bank Win Against Sonny Odogwu’s Estate As  Court Orders him To Pay N26bn Debt

Access Bank Wins Against Sonny Odogwu

 

Justice Daniel Osiagor of the Federal High Court, Lagos today 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.

Bank

Fashion is Coming! Experience Africa’s Finest Fashion at the 2022 GTCO Fashion Weekend

Published

on

GTCO Fashion Weekend

Fashion is Coming! Experience Africa’s Finest Fashion at the 2022 GTCO Fashion Weekend

GTCO Fashion Weekend
Fashion and style enthusiasts around the world can once again look forward to experiencing unparalleled fashion moments at the 2022 Guaranty Trust (GTCO) Fashion Weekend scheduled to hold on November 12th and 13th, 2022, at the GTCentre, Plot 1, Water Corporation Drive, Oniru, Lagos.

Guaranty Trust Fashion Weekend is a free business platform that combines elements of global fashion trends, the delicate nuances of African streetwear styles, and human creative enterprise to create one of the most delightful experiences in fashion retail. Over the years, the event has brought together universally celebrated fashion icons and engaging style personalities to interact with young Africans who are passionate about fashion. This year’s event will feature masterclasses, runway shows, free retail stalls, and a streetwear village. All-comers are in for an immersive shopping experience as indigenous small businesses showcase their fashion collections and style accessories.

 

 

 

Commenting on the 2022 GTCO Fashion Weekend, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said; “We have kept our vision of supporting Small and Medium Enterprises in focus through the uncertain times of the past 2 years. Just like our core values as a financial institution, our promise of Promoting Enterprise will never change. We will continue to lend the full weight of our franchise to improving the lives and livelihoods of every African, not only through servicing the full range of our customers’ financial needs with innovative products and services, but also by creating and championing initiatives that help businesses and economies thrive.”

He further stated that; “Fashion is primarily a form of self-expression, and in light of everything that has happened since our last Fashion Weekend event in 2019, we are happy to be able to explore the possibilities within the fashion industry locally and abroad, particularly as people increasingly return outdoors and get to experiment with new fashion and style ideas.”

 

 

 

 

Guaranty Trust Bank is the flagship subsidiary of Guaranty Trust Holding Company Plc, a leading financial services company providing banking and non-banking services across eleven countries spanning West Africa, East Africa, and the United Kingdom. The Group operates a diversified, proudly African franchise and is renowned for its innovative approach to customer service and stakeholder engagement, especially through its non-profit, consumer-focused fairs and capacity building initiatives for small businesses, which has endeared the brand to millions of people across Africa and beyond.

The GTCO Fashion Weekend is critically acclaimed as one of the main events in Africa’s fashion circuit and its 5th edition is sure to entertain.

 

 

For more information on this event, please visit, https://fashionweekend.gtcoplc.com

Continue Reading

Bank

Sterling’s Unify To Digitize Nigerian Higher Education with Africa EDUCare

Published

on

Sterling

Sterling’s Unify To Digitize Nigerian Higher Education with Africa EDUCare

Sterling

Sterling Bank Plc, Nigeria’s leading commercial bank, has signed a memorandum of understanding (MoU) with Africa EDUCare, a disruptive innovation educational and healthcare solutions company, to transform higher education in Nigeria with Unify; Sterling’s innovative education management solution.

The signed MoU is conceived to deploy Unify to transform education and administrative management, and to enable Africa EDUCare realize its dream of floating the Maranatha Institute of Science and Technology (MiST); a NextGen STEAM university with an innovative curriculum focused on Sciences, Technology, Engineering, Agribusiness, and Medicine curriculum.

 

 

Speaking at the signing ceremony in Lagos, Mr. Obinna Ukachukwu, Divisional Head for Business Growth and Transaction Banking at Sterling Bank, said education remains and continues to be one of the five critical sectors of Sterling’s focus under our HEART strategy. The other sectors are Health, Agriculture, Renewable Energy, and Transportation.

“We believe that continued investments in these sectors are key to ensuring the nation’s survival, growth, and prosperity beyond this generation,” Ukachukwu said.

 

 

 

 

 

Obinna continued by saying that Unify is conceived to transform the administration of education at all levels in Nigeria. He said, “At Sterling, we believe that Nigerian tertiary education needs to be reengineered before it can be empowered to transform industry, and the corporate world, with the kind of adequately skilled manpower required for the desired impact.”

Professor James Makinde, CEO and President of Africa EDUCare, mentioned that the partnership presents great development prospects for Nigeria, saying that “Africa EDUCare proposes to revolutionize education and revitalize the national economy for global impact through tertiary and vocational education that transfers skills that are immediately usable in the marketplace.”

 

 

 

 

He added that “The strategy for Africa EDUCare is to take learnings from developed and developing economies through the design of impact instruction modules that mirror real-life employability needs, leveraged through technology.”

Prof. Makinde, also the pioneer Vice-Chancellor of the prestigious Babcock University, concluded by saying that a strategic alliance with an institution of Sterling Bank’s stature and repute will, in the nearest future, transform the education landscape and assist in transforming this vision into reality.

 

 

 

Also present at the signing ceremony were Adatugo Oyebanji, General Manager, Café One (UNIFY), Olufunso Olunaike, Chief Technical Officer, Café One (UNIFY), Prof. Kamar T. Adeleke, President/CEO of Tristate Healthcare System and Executive Vice President, Healthcare for Africa EDUCare.

Continue Reading

Bank

CBN Increases Interest Rate To 15.5%

Published

on

Central Bank

CBN Increases Interest Rate To 15.5%

CBN

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR), which measures interest rate, to 15.5 percent from 14 percent

CBN Governor, Godwin Emefiele, made this known on Tuesday, September 27 after a Monetary Policy Committee meeting in Abuja. He said the move was to curb Inflation.

 

 

Emefiele said, “The committee voted unanimously to raise the MPR…The MPC voted to raise the MPR to 15.5, retain the asymmetric corridor at +100 -700 basis points around the MPR. Increase the Cash Reserve Ratio (CRR) to a minimum of 32.5% and retain liquidity ratio at 30%.”

“Members deliberated the impact of the widening margin between the current policy rate of 14 percent and the inflation rate of 20.52 percent.

 

 

 

“At this meeting, the option of reducing the policy rate was not considered as this would be gravely detrimental to reigning in inflation. The committee thus agreed unanimously to raise the policy rate to narrow the interest rate gap and reign in inflation. The committee thus voted unanimously to raise the MPR.

“10 members voted to raise the MPR by 150 basis points, one (voted to raise it) by 100 basis points and one by 50 basis points. 10 members voted to increase CRR (Cash Reserve Ratio) by 500 basis points, while two members voted to increase it by 750 basis points.”

Continue Reading

Trending