The legal battle between Access Bank Plc and Obodex Nigeria Limited might soon be over. This is because possibilities abound that the tier-1 bank will end up settling out of court with Obodex Nigeria which is owned by Nigeria’s former Minister of Petroleum Resources, Chief Don Etiebet.
The two parties involved in the suit told Justice Mohammed Liman of the Federal High Court in Lagos that they have decided to explore an out of court settlement.
Access Bank’s lawyer, Divine Obinna, made the disclosure yesterday during a court hearing. He explained that both parties have been in talks and recently reached the stage of an out of court settlement.
The lawyer then pleaded with the court to adjourn the case so the parties can finalise the terms of the settlement and present it before the court.
Meanwhile, confirming the position, the defense counsel, E. I. Azuzu Evarastus, said he is hopeful that both parties will soon find common ground on the dispute.
The case was adjourned: After the hearing, Justice Liman agreed to adjourn the case to June 4, 2019, for a hearing of the new settlement terms.
Details of the case: Access Bank Plc had initially filed a lawsuit against Obodex Nigeria Limited over an alleged N2.4 billion debt. The firm, however, challenged the court’s jurisdiction to entertain the suit.
On December 17, 2018, the court discharged the argument of the firm and empowered Access Bank Plc to take over a landed property belonging to the defendant.
About Access Bank Plc: The bank is a Nigerian multinational commercial bank, owned by Access Bank Group. It was originally licensed by the Central Bank of Nigeria to operate as a corporate bank. However, in 2012, the company acquired personal and business banking platforms from International Commercial Bank.
Access Bank Plc is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits, and branch network.
The merger between Access Bank Plc and Diamond Bank Plc made the bank the largest in Sub-Saharan Africa.