Access Bank Plc on Monday, April 15, 2019, won a court case to take over Etiebet’s Place, a popular landed property in Lagos which belongs to a former Minister of the federation.
The property, which is located along Mobolaji Bank Anthony Way, is owned by a former Minister of Petroleum Resources, Chief Don Etiebet, in the name of his firm, Obodex Nigeria Limited.
In a ruling, Justice A. Liman of a Federal High Court in Lagos, rejected a motion on notice seeking to stop Access Bank Plc from taking over the property.
The justice refused Obodex’s plea to stop the execution of an earlier judgement by Justice Ibrahim Buba, which empowered the tier-1 bank to take over the property.
The property tussle
Access Bank Plc had sued Obodex Nigeria Limited for alleged indebtedness. In response, the firm challenged the court jurisdiction to hear the suit.
Meanwhile, in December 2018, Justice Buba dismissed the objection by Obodex and ruled in favour of Access Bank Plc.
Pursuant to this, Access Bank Plc took over Etiebet’s Place and appointed Kunle Ogunba (SAN) as receiver/ manager to manage the property towards the recovery of the alleged debt.
Displeased over the development, Obodex filed an appeal as well as an application for a stay of execution.
In the application for a stay of execution filed through its lawyer, Dele Adesina (SAN), Obodex sought an order restraining Kunle Ogunba (SAN) and his privies or assignees from doing the folloiwing:
“Advertising or offering for sale, selling, mortgaging, transferring, alienating or otherwise interfering with the applicant’s equitable right of redemption on the property situated and lying at 21 Mobolaji Bank Anthony Way, Ikeja, Lagos, also known as Etiebet’s Place, pending the hearing and final determination of the applicant’s appeals”.
However, Access Bank Plc, through Ogunba, opposed Obodex’s application for a stay of execution. But Justice Liman refused to stop the bank from taking over the property.
About Access Bank Plc
Access Bank Plc, together with its subsidiaries, provides various financial products and services primarily to individuals, multinationals, corporates, and institutional and non-institutional clients in Africa and Europe.
The company is currently trading N6.40 on the floor of the Nigerian Stock Exchange (NSE).