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Court orders attachment of SEC accounts, CBN and 10 other banks to satisfy N5.6billion Judgement sum in favour of SPDC

Published

3 years ago

December 2, 2020

A Federal high court sitting in Lagos south West Nigeria has ordered that all Securties and Exchange Commission’s SEC accounts or funds in the custody of Central bank of Nigeria and ten other commercial Banks in Nigeria should be attached to satisfy the judgement sum of N5,643,753,404.92,awarded in favour of SPDC West Multipurpose co-operative society Limited by Lagos Division of Appeal court. The order was issued on 2nd of November,2020. The order of the court was sequel to an application filed before the court by the counsel to SDPC multipurpose cooperative Society Limited, Barrister Ayoola Ajayi.

In an affidavit in support of the application for order Nisi attaching the accounts or funds of the judgement Debtor SEC in the custody of the Garnishees in any or all of their branches anwhere in Nigeria or within the jurisdiction of the court sworn to by a legal practitioner Mr Solomon Ojo filed and argued before the court by Mr Ayoola Ajayi, the deponent averred that on 3rd of June,2015, the investment and Securities Tribunal delivered judgement in the case of SDPC multipurpose cooperative Society Limited versus Security Exchange Commission,in which the Tribunal dismissed the claim of the cooperative Society.

Being dissatisfied with the decision of the Tribunal, the cooperative Society filed Appeal against the judgement at the court of Appeal.

On 24th June 2019, the court of Appeal delivered judgement, whereby the appeal was allowed,and set aside the Tribunal’s judgement and replace it with the judgement of the court of Appeal.

In its judgement, the Appellate court granted all the claims of the Cooperative Society as claimed in its amended statement of claim except for the claim for general damages of N500million which was reduced to N100

Million.There is no appeal against the said judgement of the Court of appeal.

Pursuant to the order for registration of the said judgement which the court made on 4th March 2020, the said judgement was registered in the Federal high court’s Register of Judgement and a certificate of judgement dated 4th of March 2020 was accordingly issued.

The court of Appeal granted the judgement Creditor’s claim for its return money in the sum of N1,118,481,000.

00 as claimed in the Appellant’s claim,plus interest thereon at the rate of 14%from 2nd January 2008 up till the date the judgement Debtor satisfied the judgement fully.

The court of Appeal also granted the judgement Creditor claim for general damages by awarding the sum of N100 million as general damages against the judgement Debtor SEC instead of the sum of N500 million claimed by appellant.

The return money in the sum of N1,118,481,000 plus interest thereon at the rate of 14% per annum from 2nd of January,2008 as awarded by the court of Appeal has accumulated up to the sum of N5,543,753,404.92 as at 20th of March,2020.

The Judgement debtor SEC has not paid the aforesaid judgement sum to the cooperative Society up till date despite having become obliged to pay the Judgement sum to the Judgement creditor from 24th of June 2019 when the court of appeal ordered the judgment debtor to pay the Judgement sum plus interest to the cooperative Society .

Consequently,Mr Ajayi urged the court in the interest of justice to grant the application as the Garnishees and the Judgement Debtor SEC will not be prejudiced if the application is granted.

The presiding Judge,Muslim Hassan in his ruling said,Upon reading the affidavit in support of the motion Ex-parte sworn to by Solomon Ojo Male, Nigerian citizen and legal practitioner with the law firm of Oak Partners of 187 of Igbosere Road,Lagos and filed at the Federal high court registry,Ikoyi,Lagos.

After hearing Ayoola Ajayi with Solomon Ojo Judgement/Creditor/applicant’s application Ex-parte dated and filed on the 23rd day of March,2020, the applicable laws, the relief sought including the exhibit attached and the written address of the Counsel for the Applicant, this application is granted as prayed. That the Garnishees are directed to appear before the court to show cause why an order should not be made against the Garnishees for payment of the amount of debt due to and owing or accruing from the Garnishees to the Judgement debtor or so much thereof as will satisfy the total outstanding Judgement sum due and owed by the Judgement debtor under the Judgement Creditor against the judgement debtor in the judgement entered for the Judgement of the investment and Securities Exchange Tribunal delivered on the 3rd June 2015 in the total sum of N5,643,753,404,92.until the entire judgement sum is fully satisfied.

That order Nisi is granted, attaching the accounts or funds of the Judgement Debtor in the custody of the Garnishees in any of their branches anywhere in Nigeria or within the jurisdiction of this court.

That the Garnishees are directed to immediately disclose the comprehensive statement of the accounts and sums in whatever form or shape standing to the credit of the Judgement debtor with the Garnishees in the said account as at the date of service of the order of the Court on the Garnishees and such disclosure must be on oath and verify affidavit sworn and filed before the court and serve on Judgement creditor within seven days of the service of the order of the court. Meanwhile, the case has been adjourned till 7th of December,2020 for further hearing.

Rivers Crisis: Hon. Enemi George Blows Hot, Calls Governor Fubara a Small Man

Published

1 week ago

May 9, 2024

D'SHOW

Hon. Enemi Alabo George, a member of the Rivers State House of Assembly, did not mince his words when he called out Governor Sim Fubara for his reckless and violent actions. He boldly stated, “I dare you today, Sim Fubara.

”You may have had the guts to break the gates of the Rivers State House of Assembly quarters and force your way in, but let me tell you, you are nothing but a small man. Your threats and harassment, shooting and inducing fear into the wives and children of Assembly members are nothing but cowardly acts.”

George went on to remind Fubara of his past misdeeds, saying, “You burnt the hallowed chambers of the House of Assembly, attacked the residence of the Speaker of the Rivers State House of Assembly, and even demolished the Rivers State House of Assembly Complex. Despite all this, we did not answer you, we thought it was just the madness of a minute. But know this, you can never break me.”

He further emphasized, “I have respected our friendship for a long time, but now, I refuse to hold back any longer. You know where I live, you know my apartment, why didn’t you come? I worked hard for you to become Governor, I even mobilized professionals from all works and corners of life to support you. But now, I will never bow to baal. You are nothing but a small man, and I will not be intimidated by you.”

News

NDLEA Act: Senate Passes Bill to enforce Death Punishment for Drug Peddlers

Published

1 week ago

May 9, 2024

D'SHOW

The Nigerian Senate has taken a significant step towards ensuring a safer and healthier society by passing a bill to amend the National Drug Law Enforcement Agency NDLEA Act. The amendment includes the imposition of capital punishment by death for those involved in drug-related crimes in Nigeria. The aim of this move is to create a drug-free environment in Nigeria and to address the issue of drug peddling among the country’s youth, which has become a major concern.

The Senate believes that this amendment will provide the necessary legal backing for NDLEA to carry out its duties effectively and also enable the prosecution of those found guilty of drug-related offences. This will go a long way in curbing the drug trafficking menace that has been a source of worry to the government and citizens alike.

News

BREAKING: Reps Tells CBN to Suspend Cybercrime Levy Collection

Published

1 week ago

May 9, 2024

D'SHOW

On Thursday, May 9th, the House of Representatives made a commendable move by ordering the Central Bank of Nigeria (CBN) to suspend the enforcement of the cybercrime levy introduced by the apex bank. This decision was made to ensure that the principles outlined in section 44(2a) of the Cybercrime Act are adhered to, and that Nigerians are not confused or misled in any way by the circular issued by the CBN.

The House of Representatives expressed their concern about the potential misunderstanding that could arise from the circular issued by the CBN, and urged the bank to retract the previous circular promptly and release a new one that aligns with the provisions of the Act.

This action was taken in response to a pressing issue raised by Minority Leader Kingsley Chinda (PDP, Rivers) on behalf of all members. The House’s decision shows their commitment to promoting fairness, transparency, and accountability in Nigeria’s financial sector.