Tonique Oil and Gas Loses Property to Sterling Bank over N3b Debt

Segun Atanda/

Sterling Bank Plc today took possession of properties of Tonique Oil & Gas Services Limited situated at Gafar Animashahun Street, off Ajose Adeogun, Victoria Island Lagos.

This followed an order of a Federal High Court Lagos, in suit number: FHC/L/CS/1613/2014, which entered a final judgment in the matter in favour of the plaintiff (Sterling Bank).

Court bailiffs entered the premises in the morning to enforce the judgment.

Belongings evacuated from the building including office equipment and files littered the road in front of the premises.

Newsmakers learned that the property had earlier been sold by the bank but the debtor had been filing different cases in court to stop the buyers from gaining possession.

Findings at the court registry on Friday revealed that Tonique is indebted to the bank to the tune of about N3 billion.

Efforts to speak with the bank’s officials proved abortive as Newsmakers was directed to the buyers of the property.

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