Union Bank Plc has appealed against the judgement forfeiting the Osborne apartment and building to the Federal Government. The bank laid claim to the building following a mortgage agreement between itself and Tripple A Properties Investment Ltd. Tripple A Ltd is believed to be owned by former PDP National Chairman and Bauchi State Governor Alhaji Adamu Muazu.
Why Union Bank is claiming ownership
The property according to the bank was collateral for a loan granted to Tripple A Ltd. The company had deposited the title deed to the property, and the bank had sold the building to Chobe Ventures Limited to liquidate the loan.
EFCC’s argument
The Economic and Financial Crimes Commission (EFCC) in its argument claimed that the funds used by Chobe Ventures Limited to purchase the property belong to the Federal Government. Along with the cash recovered from the flat, were documents indicating the flat belonged to Chobe Ventures. Enquiries at the Corporate Affair Commission also revealed that directors to Chobe Ventures were Mrs Folashade Oke and Mr Ayodele Oke (Jnr).
The EFCC had on April 12 2017, stormed the apartment following a tip off and recovered N13 billion comprising $43.4 million, 27,800 and N23.2 million. The flat in question was later discovered to be owned by Folashade Oke wife of the immediate past Director-General of the National Intelligence Agency (NIA) Ambassador Ayo Oke.
The DG was later suspended and then sacked by President Muhammadu Buhari acting on the recommendations of a committee headed by the Vice President to investigate the affair.
