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| The building and its owner. |
The Federal High Court in Lagos on Monday refused to grant an
application by a former Petroleum Minister, Chief Don Etiebet’s company,
seeking to stop Access Bank Plc from taking over his property known as
Etiebet’s Place on Mobolaji Bank Anthony Way, Ikeja, Lagos, Southwest Nigeria.
Justice Mohammed Liman in his ruling on the application, also
refused an application for stay of execution of a December 17, 2018 judgment of
Justice Ibrahim Buba, which empowered Access Bank to take over the property
located on Mobolaji Bank Anthony Way, Ikeja, Lagos, in the name of Etiebet’s
company, Obodex Nigeria Limited.
The bank had dragged Obodex Nigeria Limited before the court
over an alleged debt said to be in the tune of N2.4 billion.
The firm had challenged the court’s jurisdiction to hear the
suit.
Justice Buba, last December 17, dismissed the firm’s objection
and ruled in the bank’s favour.
Access Bank subsequently took over Etiebet’s Place and appointed
a Senior Advocate of Nigeria, Mr. Kunle Ogunba, as receiver/ manager to manage
the property towards recovering the alleged debt.
Dissatisfied, Obodex Nigeria filed an appeal as well as an
application for stay of execution of the judgment.
Through its lawyer, Mr. Dele Adesina (SAN), it sought an order
restraining Ogunba and his privies or assignees from, “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 House, pending the hearing and final determination of the applicant’s
appeals.”
While urging the court to grant his application, Adesina said,
“I urge your Lordship to grant a stay of proceedings and stay of execution so
that we’re not foisted this court with a fait accompli.”
But Access Bank, through Ogunba, opposed Obodex’s application,
saying it was “totally misconceived”.
He said the receiver-manager was already in control of the
applicant’s property, hence the application was belated.
“The defendant wants to eat his cake and have it. It’s very
reprehensible. They admitted the debt and pleaded for time. They signed a
mortgage. We urge your Lordship to discountenance their application,” Ogunba
said.
Cull fromm PM News.
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