Sterling Bank Plc has dragged former managing director of the defunct Omega Bank Plc, Reverend Segun Agbetuyi and two others before the Federal High Court in Lagos for allegedly failing to pay back a N232,252,173.99 debt.

The bank in the debt recovery suit is seeking a judicial order to liquidate the defendant’s debt by selling Consecrated Farms Limited, located at14b, Danny Estate, Makoko, Lagos, and four numbers of three-bedroom detached bungalows, located at Adebimpe Akinwunmi/Adekitan Oshikoya street, Ori-okuta palace, Owutu-Agric, Ikorodu, which is covered by a Certificate of Occupancy dated May 5, 2006, and registered in number 2, page 2, Volume 2006F of the Lands Registry.

Sterling Bank is also praying the court for an order that proceeds of the sales be applied in part or full satisfaction of the indebtedness of Rev. Agbetuyi and his company, Consecrated Farms Limited.

The bank also wants the court to direct the permanent secretary, Bureau of Land to forthwith regularise the Title Documents in its custody, while also demanding the sum of N10 million, being legal fees for prosecuting the suit.

Joined as co-defendants in the suit are Consecrated Farms Limited, owned by Rev. Agbetuyi, and the permanent secretary, Bureau of Land, Lagos State Ministry of Lands, as first and third defendants.

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http://monitor9ja.com/2014/12/sterling-bank-sues-ex-bank-md-agbetuyi-n232mm-debt