Access Bank Plc last week commenced the process of recovering the outstanding sums due it from a total of over N50 billion judgment debt in its favour against the late Chief Sunny Odogwu and two of his companies – Robert Dyson & Diket Limited and SIO Property Limited.

The said judgment debt was in respect of a property situated on No. 31 – 35, Ikoyi Crescent, Ikoyi, Lagos State, known as Luxury Collection Hotels and Apartments (formerly Le Meridien Grand Towers).

The said property owned by SIO Property Limited of which the late Odogwu was the majority shareholder, was financed with a loan from the then Diamond Bank, which is now Access Bank.

Justice Saliu Saidu of the Lagos Division of the Federal High Court in suit number: FHC/L/CS/1633/14, had in November 3, 2015, found the late Odogwu and his companies guilty of breach of Bank-Customer Relationship and consequently ordered the sale of the property used as collateral for the loan sum of N26,229,943,035.22.

However, with a 20 per cent interest on the N26 billion judgment debt in the last six years the judgment was delivered, the total debt has now reason to over N50 billion.

The bank had in 2014, commenced legal action against the defendants at a Federal High Court, Lagos, following the failure of the defendants to meet their loan obligations granted in the financing of the Le Meridien Grand Towers, known as Luxury Collection Hotels and Apartments.

While Access Bank was the sole plaintiff; Robert Dyson & Diket Limited, SIO Property Limited, Odogwu, the Corporate Affairs Commission (CAC) the Registrar of Title Federal Land Registry and Leadway Trustee Limited were the first to sixth defendants respectively.

Plaintiff in arguing its case had placed plethora of evidence before the court on how it granted various credit facilities to the 1st and 2nd defendants to finance the construction of the Luxury Collection Hotels and Apartments.

Plaintiff added that the various facilities were at various times restructured to ease the repayment of the loan facility but the 1st to 3rd defendants continue to refused or failed to meet their obligations, stating that the project site located at 31-35 Ikoyi Crescent, Ikoyi, Lagos and the Personal Guarantee of the late Chief Sonny Odogwu were used as collaterals for the facility.

Among the 20 reliefs sought by the plaintiff then was that whether having regards to plaintiff’s colossal investment/ financing of the sum of N26 billion in the 1st to 3rd defendants project and by the various agreements entered between plaintiff and the 1st to 3rd defendants to create a legal mortgage in favour of the plaintiff, a beneficial owner of the property on No 31 – 35 Ikoyi Crescent, Ikoyi, Lagos State, and the breach of the terms of the agreement by the 1st to 3rd defendants, the plaintiff is entitled to leave of court to foreclose and sell the affected property.

“Whether having regard to the failure, refusal and or neglect of the 3rd defendant to execute the deed of personal guarantee as agreed as agreed with the plaintiff on November 19, 2010 as part security of the cumulative sum of facility advanced to the 1st to 3rd defendants for the project at 31 -35 Ikoyi Crescent, Ikoyi, Lagos State which now stands at N26 billion as at September 30, 2014, order an order of specific performance can be made to compel the 3rd defendant to execute the said deed of personal guarantee in favour of the plaintiff within two days of this court.”

Delivering judgment in the suit, Justice Saidu held that the first to third defendants were in fundamental breach of the contract for the financing of the construction of the Luxury Collection Hotels and Apartments, having admitted “Indebtedness to the plaintiff in the sum of N10, 252,315,567.28 on the project finance facility as at December 20, 2011.”

https://www.newslead.ng/2021/12/20/n50bn-debt-access-bank-moves-to-claim-properties-of-late-sunny-odogwu/

Good news

But

Interest rate for Nigeria too high

Chai!

DubaiLandLord:
Good news

But

Interest rate for Nigeria too high

Chai!

Interest has to be high to cover for Buharis bad governance

FarahAideed:


Interest has to be high to cover for Buharis bad governance

Na Buhari sey make the man no pay em debt?

Hatred has blocked the reasoning of some of you.

In

Moferere:


Na Buhari sey make the man no pay em debt?

Hatred has blocked the reasoning of some of you.

Sharap..we were talking about why Nigeria has high interest rate and not Sunny Odugwu

Bank loan a very expensive way to source for fund except your business has a very good cashflow and your overheads is low.