Bad Debt: Court Orders Bank To Take Over Ex-Governor’s Business

A Federal High Court in Ikoyi, Lagos, has authorized Guaranty Trust Bank Plc. to take over a firm, Hi-Nutrient International Limited, which is reportedly owned by a former governor of Oyo State, Chief Rashidi Ladoja.

Justice Rilwan Aikawa, yesterday, granted a court leave for the bank to appoint one Mr. Olamide Owolegbon as the company’s receiver/manager.

The judge ordered that the bank’s receiver/manager would manage the company undisturbed until the final determination of a debt recovery suit filed by GTB against Hi-Nutrient International Limited.

According to Saharareporters, the had bank claimed that the firm owed it N207,150,761.46, being an unpaid loan.

The judge made the orders following an application moved filed by GTB lawyer, Mr. Temiloluwa Adamolekun.

In an affidavit filed in support of the application, one Mr. Segun Omoshola averred that GTB availed several loans facilities to Hi-Nutrient International Limited to finance the acquisition of factory equipment.

According to the deponent, the firm executed “a duly registered tripartite deed of legal mortgage of all parcel of land together with any building and appurtenances thereon situate at plot 25A, B and C, Marine Road, now known as 57, Oscar Ibru Way Soaps, Apapa Local Government Area of Lagos State.”

The deponent claimed that despite repeated demands, the firm failed to liquidate the N207,150,761.46 loan facility which, according to him, had continued to accrue interest.

Adamolekun told Justice Aikawa that unless the firm and its directors were restrained, they would dispose of the mortgage property, thus leaving the bank without any means of recouping or realizing its funds.

He said the appointed receiver/manager needed court’s protection against interference by the firm and its directors to enable him to perform his duties unhindered.

In a short ruling, Justice Aikawa granted an order, empowering the receiver/manager to take exclusive possession of the property situated at 57, Oscar Ibru way Apapa local Government area of Lagos State.

The judge, also restrained the firm and its agents from frustrating the receiver/manager in the exercise of his power.

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