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N198 million debt: Court orders attachment of  Derilar company and it’s Directors accounts

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    A federal high court sitting in Lagos south-west Nigeria has ordered the immediate attachment of funds belonging to an Ibadan based company Derilar Enterprise Nigeria Limited to the tune of N198,061,091.61. Also affected by the order of the court are, the managing Director and alter Ego of the company Chief Dele Ajayi and two directors of the company Mrs Adenike Ajayi and Mrs OMOLARA Ajayi are also shareholders of the company. The presiding Judge Lewis Allagoa, also ordered AMCON to take interim possession of the two properties  stated below used as collateral for the loan
1. Plot No. 378, Area A2 Wuse I District, FCT covered by a certificate of occupancy No. FCT/ABU/OY.57 registered as No. FC 22 on page 22 in volume 18 of the Land Registry Office at Abuja.
2. Property of Chief Dele Ajayi at Iwo Road, Ibadan, Oyo state covered by a Deed of Assignment registered as No. 8 at page 8 in volume 2576 of the Land Registry office at Ibadan.
      The order of the court was as a result of an application accompanied by an affidavit sworn to and filed before the court on behalf of Asset management corporation of Nigeria AMCON by a Lagos lawyer Barrister John Duru.
   Barrister Duru avers that Derilar Enterprise company, is a company duly registered under the laws of Nigeria with its address at N5/871H Opposite Express Over-Head Bridge, Iwo Road Ibadan, Oyo State, the Company was a customer of  Trans International Bank Plc (now Heritage Bank), On the 24th of October, 2000, upon application of the company a loan facility of  N 40,000,000 (forty million Naira), was granted to the company by Trans International Bank Plc (now Heritage Bank).
    The purpose of the loan was to finance the execution of the contract awarded by the Osun State Government to the company “for the construction of ‘Type B’ New Secretariat Complex in Osogbo”
    The tenor of the facility was for a ten (10) month – period and the following properties were used as collateral for the credit facility:
Plot No. 378, Area A2 Wuse I District, FCT covered by a certificate of occupancy No. FCT/ABU/OY.57 registered as No. FC 22 on page 22 in volume 18 of the Land Registry Office at Abuja.
Property of Chief Dele Ajayi at Iwo Road, Ibadan, Oyo state covered by a Deed of Assignment registered as No. 8 on page 8 in volume 2576 of the Land Registry office at Ibadan.
   The Defendants having utilized the above-stated loan facility they obtained from the Bank,  defaulted in repaying the same.
      As a result of the defaults by the Defendants, the Bank wrote and sent out several letters demanding the Defendants liquidate their debt, however, they failed and/or neglected to do so.
      As a result of the default, the loan facility became toxic and was subsequently acquired as Eligible Bank Asset (EBA) by Asset management corporation of Nigeria (AMCON)
by virtue of its statutory powers and functions.
By virtue of the purchase, AMCON is statutorily empowered to administer and recover the loan from the Defendants.
AMCON sent demand notices to the Defendants to repay their debts arising from the loan facility granted them
 The Defendants’ letters dated 4th July 2014 and 30th September 2014, addressed to the Plaintiff, the Defendants actually acknowledged being indebted to the Plaintiff and sought time to offset same.
      However, after a series of meetings and negotiations with Plaintiff, Plaintiff restructured the loan with the Defendants to the tune of N60,000,000.00 (Sixty Million Naira) as a full and final settlement of the debts.
By the terms of the agreement, the Plaintiff made it clear to the Defendants that if they defaulted in paying the agreed N60,000,000.00 (Sixty
Million Naira) within the stipulated period being 30th September 2014, Plaintiff reserved the right to revoke the restructured payment proposal and demand for the entire outstanding sum of N198,061,019.61 (One Hundred and ninety-eight million, Sixty One Thousand nineteen naira and Sixty-one kobo).
That the Defendants, however, failed and/or neglected to repay the debts despite the concessions from the Plaintiff.
The default of the Defendants has caused serious financial and economic consequences on the activities of the Bank and its customers, who were the actual owners of the money.
That the current debts of the Defendants amount to the sum of N198,061,019.61 (One Hundred and Ninety Eighty  Million, Sixty One Thousand, Nineteen Naira, sixty-one Kobo).
Plaintiff is desirous of recovering the above-stated sum and also desirous of taking possession of all assets of the Defendants with the assistance of the Police, Sheriffs and Bailiffs of this Court pending the determination of the substantive suit.
The Plaintiff avers that noting the protracted default of the Defendants to liquidate their indebtedness, it has become manifest that except this Honourable Court intervenes in this case; the Defendants will tarry in their default therefore, it is needful for the court to restrain the Defendants as well as  listed banks from removing, deducting, transferring or howsoever tampering with any funds, shares or instruments standing to the credit of the Derilar company
 Unless this court grants this application, there is real and imminent danger of the Defendants removing from the jurisdiction or dissipating the assets thereby making the recovery process of the Plaintiff frustrated.
WHEREOF the Plaintiff claims against the Defendants are as follows: a
 An order of this Honourable directing the defendants to pay the sum of N198,061,019.61 (One Hundred and ninety-eight Billion, Sixty One Million, Nineteen Thousand naira and Sixty-one kobo) being their outstanding indebtedness to the Plaintiff.
An order of this Honourable Court directing the Defendants to pay post judgement interest at the rate of 15% per annum from the date of judgement, till the final liquidation of the entire sum.
Cost of this action is the sum of N5,000,000.00(Five Million Naira).
      The presiding Judge, Justice Lewis
Allagoa, after hearing the submission of David Idang counsel for the plaintiff’s move in terms of the motion paper, the court careful consideration of the application and submission of the counsel, It is  hereby ordered as follows:
      That the order of this court granting leave to the plaintiff to take interim possession of the properties of the defendants at :
Plot No. 378, Area A2 Wuse I District, FCT covered by a certificate of occupancy No. FCT/ABU/OY.57 registered as No. FC 22 on page 22 in volume 18 of the Land Registry Office at Abuja.
Property of Chief Dele Ajayi at Iwo Road, Ibadan, Oyo state covered by a Deed of Assignment registered as No. 8 on page 8 in volume 2576 of the Land Registry office at Ibadan which was transferred via a deed of a legal mortgage by the defendants to Enterprise bank and Intercontinental bank which AMCON purchase from the bank.
     Any other landed, movable, immovable, tangible, intangible, traceable assets within Nigeria, whenever found or situated within Nigeria pending the hearing and determination of the substantive suit.
     An interim order is granted mandating all the  27 banks and other financial institutions to disclose detailed banking, financial, and commercial information of the defendants within 7 days of service of the order on them.
       An order is granted freezing and attaching the various bank accounts of the defendants to the tune of N198,061,019.61 domicile in 27 banks listed before the court. pending the determination of the substantive suit.

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Appeal Court Exonerate Zenith Bank, Upturns High Court Judgement Slam Fine on Real Integrated & Hospitality Limited

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After several months of legal tussle between Zenith Bank Plc v Real Integrated & Hospitality Limited and State Universal Basic Education Board (SUBEB) Gombe State, a three-man panel in the Court of Appeal sitting in Lagos led by Justice Muhammed Sirajo in Appeal No:CA/LAG/CV/262/2022 – have unanimously upturned the Lagos State High Court judgment of Justice O. O. Abike-Fadipe over claims that; on March 8, 2022, there was a breach of contract because on October 7, 2011, Zenith Bank refused Real Integrated to withdraw from its Account No. 1012465427.

 

In her judgment, she directed Zenith bank to pay an interest of 15 per cent per annum on the N872,780,522.84 from May 17, 2011, when the advanced payment guarantees expired till judgment and thereafter at the rate of 10 per cent per annum until final liquidation

 

Through Zenith Bank’s team of counsel led by Prof. Fabian Ajogwu, SAN and Mr Sylva Ogwemoh, SAN, the bank challenged Justice O. O. Abike-Fadipe’s decision of awarding N2,500,000 as the cost of the action in favour of Real Integrated. The legal team via valid argument backed by proofs argued and sought an order setting aside the lower court decision on the ground that it acted in full compliance with its contractual obligations in line with the Advanced Payment Guarantee (APG) contract and that the trial court was wrong. The Court of Appeal, in a unanimous decision on November 23, agreed with the bank’s submission and resolved all the issues raised in its favour. It was gathered that; the 1st Respondent, through its Counsel, E.O Jakpa, argued that the bank breached the contract while SUBEB Gombe State did not contest the Appeal.

Apart from the appellate court setting aside the judgment of Justice Abike-Fadipe, the judge also awarded a cost of N200,000 against Real Integrated & Hospitality Limited and in favour of Zenith Bank. The appeal court further stated that the lower court judgment was upturned on the ground that the trial court was wrong to have presumed that the bank withheld the full account statement of Real Integrated in the light of Exhibit C6 (the comprehensive Statement of Account of Real Integrated), which was tendered by the bank for a limited purpose, adding that there was no need for the lower court to have invoked Section 167 (d) of the Evidence Act, 2011 against the bank.

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Power of Prayer as Apostle Suleman Raises Boy from Dead in Benin City

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Few days ago, another shocking testimony of God’s healing power was made in Benin City, Edo State, Nigeria. Popular servant of God, Apostle Johnson Suleman, prayed life into the unconscious body of a five years old boy.

 

Judging from the two-day ‘Mighty Turnaround’ crusade, the manifestation inspired believers. Normally, when a person has been declared dead for half an hour, doctors give up. But, according to the Scriptures, that was just when Jeremiah was called to pray. Jeremiah prayed and the lifeless man’s heart began to beat and he came back from the dead. That was the lot of the lucky boy, whose life Apostle Suleman spoke to and revived.

 

So, how did he make that happen? ‘It is the power of prayer,” the ‘Restoration Apostle’ enthused in his sermon. He continued; “It’s really as simple as that. And we have a testimony that the miraculous experience is having great effects on believers, it has raised people’s faith levels.”

 

Sources from the Benin City crusade said that the experience really raised people’s expectations “because they saw God move”.

 

According to Apostle Suleman in one of his recorded prayer services, “the power of prayer seeking God’s intervention in human’s affairs was seen most dramatically when God raised Christ from the dead. The resurrection was something the earliest followers of Jesus experienced as a real, historical event. This shows that the very power that raised Jesus from the dead is still available to us and we get it when we ask God in prayer. We ask Him and He helps us with power that exceeds our comprehension and expectations.”

 

The Benin experience was not Apostle Suleman’s first, but it has continued to stay on the front burner, given the surge of testimonies that followed the service. 

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Crude oil theft: Pyrates demand sack of CDS over burning of vessel

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The National Association of Seadogs, Pyrates Confraternity in a renewed call to President Muhammadu Buhari to revisit the burning of MT Deino has demanded the sack of the Chief of Defence Staff, General Lucky Irabor.

The burning of the vessel by the Nigerian Navy after its arrest had elicited controversy and polarised stakeholders.

In a press statement titled ‘General Irabor’s Ignoble Defence of Impunity’, the NAS Capoon, Mr Abiola Owoaje described Irabor’s defence of the vessel outside the ambit of the law as unacceptable.

“The National Association of Seadogs (Pyrates Confraternity) considers this defence of official impunity by General Irabor as unconvincing and defective. The reference to ambiguous and spurious “rules of engagement” is an untenable and unacceptable defence of the destruction of potential criminal exhibits and an illegal conflation of the roles of accuser and judge. It is worth emphasising that General Irabor has not made reference to any known law of the land which confers on the military the power to destroy vessels arrested for oil theft arbitrarily,” he said.

 

PYRATES

PYRATES

 

Owoaje, who pointed out that all officers of the armed forces involved in the burning have violated Section 111 of the Armed Forces Act said the “hasty destruction of MT Deino and its cargo raises more questions than provides answers and has fuelled widespread fear of official collusion with the criminals engaged in oil theft”.

While pointing out that the burning of the vessel with the stolen crude oil has added to the environmental degradation of the Niger Delta region, he stressed that Irabor can no longer be trusted with the war against oil theft.

According to him, relieving Irabor of his duties as CDS would allow investigation into circumstances surrounding the burning of the vessel unhindered.

Owoaje also supported the idea of building a tank farm to store seized stolen crude which can be sold on court orders to save the environment and generate more income for the government.

He said the case of burning of the vessel presents an opportunity for the government to demonstrate its seriousness to fight oil theft because “Nigerians would not accept anything less.”

The statement reads in part, “The National Association of Seadogs (Pyrates Confraternity) therefore demands that President Muhammad Buhari revisit the issue of the burnt vessel by removing General Irabor as CDS. His defence of illegality perpetrated by officers under him portrays him as someone who can no longer be trusted in the war against oil theft being waged by the Federal Government. His removal from office would ensure a probe panel to be set up to investigate the circumstances surrounding the actual burning of the vessel works unhindered to identify all the officers who were involved in the act for prosecution. We also seek full public disclosure of investigations into the identity of the owners of the vessel and immediate prosecution of the Captain and the crew of MT Deino to demonstrate the seriousness the Federal Government attached to the fight against crude oil theft.

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