A Federal High Court sitting in Lagos has granted leave to the receiver manager Owolegbon Olamide appointed by Guaranty Trust Bank Plc to take possession of a property belonging to the former Governor of Oyo State, Rashidi Ladoja over a debt of N207,150,761.46 loan pending the determination of the substantive suit.
This was sequel to an ex-parte application filled before the court by a Lagos lawyer Temilolu Adamolekun on behalf of Guaranty Trust Bank and its receiver manager Olamide, against Ladoja and his company, Hi-Nutrient international Limited.
In an affidavit sworn to by a litigation manager, Mr Segun Omoshola, filed and argued before the court by Mr Adamolekun, the deponent averred that Guaranty Trust Bank availed several loans facilities to Hi-Nutrient International Limited to finance the acquisition of plant and equipment for the company’s factory. The defendants, despite several letters of demands have failed to liquidate the facility which has continued to accrue interest, the defendants indebtedness to the bank now stood at N207,150,761.46.
In his ruling, the presiding judge, Rilwan Mohammed Aikawa, while granting leave to the receiver manager to take exclusive possession of the property situated at 57, Oscar Ibru Way, Apapa Local Government area of Lagos State, restrained the defendants and the directors of the company and their agents from frustrating Olamide Owolegbon, the receiver manager from exercising all the powers vested in him to perform his duties. The judge has adjourned the case till next week for further hearing of the substantive suit.
By: Fikayo Owoeye