N207M Debt: Former Oyo Gov, Ladoja, Loses Property to GTB

Ladipo Sanusi/

A Federal High Court in Lagos has granted leave to Guarantee Trust Bank Plc to take possession of a building belonging to former governor of Oyo State, Senator Rashidi Ladoja.

Guaranty Trust Bank Plc (GTB), alongside its Receiver/Manager, Olamide Owolegbon, instituted a suit against the former governor and a limited liability company, Hi-Nutrient International Limited, before the court in a bid to recover a purported debt of N207,150,761.46.

The leave granted by the court empowered the receiver/manager to take possession of the property pending the determination of the substantive suit.

The court’s order was sequel to an application filed before the court by GTB’s lawyer, Temilolu Adamolekun, on behalf of the bank and its receiver/manager against Ladoja and his company.

In an affidavit sworn to by a litigation manager, Mr Segun Omoshola, which was filed and argued before the court by Adamolekun, the deponent averred that GTB availed several loans facilities to HI-Nutrient International Limited to finance the acquisition of plant and equipment for the company’s factory.

The defendants, according to the deponent, executed the necessary documents as security for the loan, including a duly registered Tripartite Deed of Legal Mortgage of all parcel of land together with any building and appurtenances thereon situate at plot 25A, B and C, Marine Road, now known as 57, Oscar Ibru Way, Apapa local Government Area of Lagos State, Nigeria.

The bank also obtained a personal guarantee and indemnity signed by one Mr Olabode Adetoyi, who is an alter ego of Hi-Nutrient International Limited.

The deponent said the defendants have failed to liquidate the facility, which has continued to accrue interest, despite several letters of demands.

Adamolekun said the defendants’ indebtedness to the bank now stands at N207,150,761.46.

He further submitted that the bank, consequently, appointed Mr Olamide Owolegbon as Receiver/Manager over the property, adding: “Upon the appointment, the Receiver/Manager is statutorily empowered by law to take charge and remain in exclusive possession and control of the property and assets over which he was appointed as Receiver/Manager”

Adamolekun contended that unless the defendants and the company’s directors are restrained, they would strip the mortgaged property and dispose same; thus leaving the bank without any means of recouping or realising the indebtedness of the defendants.

“Therefore, the Receiver/Manager needs the protection and direction of the court to enable him perform his duties unhindered,” he added.

In his ruling, Justice Rilwan Aikawa, granted leave to the Receiver/Manager to take exclusive possession of the property and also restrained the defendants and the directors of the company and their agents “from frustrating the Receiver/Manager in exercising all the powers vested in him to perform his duties”.

He adjourned till next week for the hearing of the substantive suit.

0