GT Bank has filed a motion in response to that filed by former Oyo State governor Rashidi Ladoja to pay a security bond of N207 million pending the determination of the case. Federal High Court sitting in Lagos had 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.
Why the bank is raising an objection
GT Bank’s lawyer, Temiloluwa Adamolekun, said it was aimed at upturning the court’s earlier order made on October 5. While accepting the fact that bonds were usually posted where there was a claim for money, the lawyer said it was wrong for the defendants to seek declarative reliefs when the suit was about recovery of a loan.
Lawyer representing Ladoja, Bolaji Ayorinde (SAN) in his response, stated that the bond was to serve as security over his client’s seized property.
Why we think Ladoja is keen on settling the case
The approaching political season, may also be another reason why the former governor is eager to settle the debt. Bad press could scuttle the likelihood of his either running for elective office or being appointed. The proposed bond is equivalent to the sum being owed the bank.
GT Bank shares closed at N42.01 in today’s trading session on the Nigerian Stock Exchange (NSE) down N1.04. Results for the 9 month period ended Spetember 2017 show the bank’s interest income increased from N181 billion in 2016 to N248 billion in 2017. Profit before tax also icnreased from N137 billion in 2016 to N150 billion in 2017.