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BILLIONAIRE BUSINESSMAN CHIEF CLETUS IBETO’S HEADACHE
Chief Cletus Ibeto is currently not having a good time as two of his companies Ibeto Petrochemical Industries Limited and Odoh Holding Limited are dragged before the Federal High Court in Lagos over unpaid debt of N361,521,417.74 to Nigeria Deposit
Insurance Corporation. NDIC (the liquidator of Metropolitan bank
limited).
In an application for the recovery of debt filed before the court
by the law firm of Joe kyari Gazama, it was alleged that on the 27th of
May, 2003 Ibeto Petrochemical industries limited applied for and was
granted a revolving Bankers Acceptance facility by Metropolitan bank
limited in liquidation in the sum of N500million.
The loan was secured by a deed of Tripartite legal mortgage between
Ibeto Petrochemical Industries limited and Odoh holdings Limited and
Metropolitan bank limited, Unconditional Personal guarantee of Chief C. M. Ibeto for N500millon plus accrued interest along with powers of attorney
The revolving Bankers acceptance was drawn down and utilized by the
Ibeto Petrochemical industries limited and was not repaid before the
license of the bank was revoked by the Central Bank of Nigeria.
As at the closure of the bank on 16th of January, 20006 the company had an outstanding debt balance of N643,506,785.67
The respondents made a post closure payment in several
installments between 2010 to 2011 totalling the sum of
N243,233,089.16,the post closure payment was applied to reduces the
outstanding bankers acceptance facility from N500million to
N256,766,910.84.
Ibeto Petrochemical industries limited and was not repaid before the
license of the bank was revoked by the Central Bank of Nigeria.
As at the closure of the bank on 16th of January, 20006 the company had an outstanding debt balance of N643,506,785.67
The respondents made a post closure payment in several
installments between 2010 to 2011 totalling the sum of
N243,233,089.16,the post closure payment was applied to reduces the
outstanding bankers acceptance facility from N500million to
N256,766,910.84.
Whereof NDIC claims against the respondents jointly and severally is
the sum of N361,521,417.74 being total outstanding debt owed
Metropolitan bank limited in(liquidation,) together with accumulated
interest as at the closure of the bank in January, 2006. Order attaching the properties used by the respondents in securing
the facility as may be sufficient in liquidating the outstanding debt.
An order granting the NDIC the right to exercise the power of sale over the properties.
However, in a reply and counter claim filed on behalf of the
respondents by a Lagos lawyer Barrister Ime Nya Asanga ,the respondents
averred that the facility subject matter of the applicant claim was
granted to Ibeto Petrochemical industries by the legacy Metropolitan
bank limited, originally as a bankers Acceptance Facility which was
subsequently converted by the said bank to a term loan at a reduced
interest rate.
Notwithstanding the above, the bank in computing the respondents
alleged exposure on the facility, continue to treat the same as bankers
acceptance facility at horrendous interest rates and thus unduly bloated
the alleged debt.
The respondents have since 2011 ,on the prompting of the applicant,
fully repaid the principal sum of the facility, therefore the
respondents are not indebted or liable for any outstanding sum of
361,521,417.74,consequently having liquidation the facility granted to
the respondents in full, an order attaching the properties used by the
respondents in securing the term loan granted cannot be made.
alleged exposure on the facility, continue to treat the same as bankers
acceptance facility at horrendous interest rates and thus unduly bloated
the alleged debt.
The respondents have since 2011 ,on the prompting of the applicant,
fully repaid the principal sum of the facility, therefore the
respondents are not indebted or liable for any outstanding sum of
361,521,417.74,consequently having liquidation the facility granted to
the respondents in full, an order attaching the properties used by the
respondents in securing the term loan granted cannot be made.
However in a counter claim, the respondents are seeking the following reliefs; The issuance of deed of release of the properties used as security for the facility The payment of the sum of N550,026,685.85 being excess interest /charges as evidence in Auditor’s report.
The sum of N8million being the cost of defending and instituting the counter-claim. The presiding Judge, Saliu Saidu has adjourned till 10th of April,2018 for hearing.
The sum of N8million being the cost of defending and instituting the counter-claim. The presiding Judge, Saliu Saidu has adjourned till 10th of April,2018 for hearing.