N207m Debt: GTB Ambushes Ladoja In Court

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Global Excellence magazine, new edition

Guaranty Trust Bank (GTB), today, urged a Federal High Court, Lagos,south west Nigeria, not to grant a Bond application filed before the court, by the former governor of Oyo State, Rasheed Adewolu Ladoja, as a security over his property, which the court had granted a leave of protection to the receiver/manager.

The  presiding Judge  Justice Rilwan Aikawa had on October 5, 2017, granted leave of protection to the receiver/managerMr. Olamide Owolegbon, appointed by the GTB to take possession of a property belonging to Ladoja, pending the determination of a debt recovery suit filed against him and his company

GTB in a bid to recover an alleged debt of N207, 150, 761. 46 million, had dragged Ladoja alongside his company, Hi-Nutrient International Limited before the court.

At the resumed hearing of the matter today, Ladoja’s lawyer, Chief Bolaji Ayotunde (SAN), told the court of Ladoja’s application dated November 29, 2017.filed before the court.

In the said application, Chief Ayorinde urged the court for an order granting leave to Ladoja, to provide a security bond in favour of the Court’s Chief Registrar in the sum of N207, 150, 761. 46 million the alleged debt , pending the determination of the suit.

Ladoja also sought an order of the court deeming the bond of  N207, 150, 761. 46 million, issued by the UBA in favour of the court’s Chief Registrar, Lagos,  and an order directing GTB to vacate Ladoja’s property together with buildings and appurtenances thereon, situated at 57,Oscar Ibru way, Apapa, Lagos.

Ladoja also sought an interlocutory injunction, restraining the receiver/manager, Olumide Owolegbon, his agents, servants, privies, workmen howsoever, from selling or dispossing off the said property.

Ayorinde (SAN) also stated that the property was a security and alternative security has been provided ,while court decides merits or demerits of the case,it is to secure and to preserve the money they are demanding for.

Ayorinde (SAN), therefore urged the court to grant his clients’ application.

Responding, GTB lawyer, Barrister Temiloluwa Adamolekun, while urging the court to dismiss  Ladoja’s application, said the order that the defendants are seeking for is for court to upturn his earlier order made on October 5, 2017.

He contended further that the suit is not one where bond can be issued as the reliefs sought by the bank are not to claim any money from the defendants

The action is strictly for the court protection over Receiver /manager appointed by the bank,

Adamolekun told the court that Bonds are usually posted where there is a claim for money, adding that the reliefs he sought for are declaration, while the suit is about a protection of the receiver /manager appointed by the bank over a mortgaged property. In addition Mr Owolegbon is not court appointed Receiver/manager as the duties of the Receiver/manager are dedicated and based on the Tripartite Deed of legal Mortgage, his deed of appointment by statute

Consequently, the contents of the exhibit attached to Ladoja’s application are false and at variance with the reality of the proceedings and the order of the court.

There is no judgement sum anticipated by the bank in this suit by virtue of the reliefs sought by the defendants,consequently the bond is not relevant to the suit, the application is misconceived.

He added,that since the defendants filed the bond application, they have failed to talk to the bank about the loan, and that what the defendants traded for was the property not money.

Mr Adamolekun also stated that the defendants’ Bond if granted, will rob the court of its jurisdiction. He therefore urged the court not to grant the application.
Justice Rilwan Aikawa, after listened to the submissions of the counsel of both parties, adjourned  till December 15, 2017 for ruling.

It will be recalled that Justice Aikawa had on October 5, granted GTB’s application to appoint Olamide Owolegbon, as its receiver/Manager, on Ladoja’s property located at 57, Oscar Ibru way Apapa, Lagos, due to unpaid debt of N207, 150, 761. 46 million, pending the domination of the substantive suit.

The judge, also made an order restraining the defendants and the Directors of the company and their agents from frustrating the receiver Manager from exercising all the powers vested in him to perform his duties.

Ex-Oyo State governor, Rashidi Ladoja