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Ikoyi Money: Union Bank Wades Into Ownership Of Building - Politics - Nairaland

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Ikoyi Money: Union Bank Wades Into Ownership Of Building by Ebullience(m): 9:51pm On Nov 30, 2017
Union Bank of Nigeria Plc on Thursday asked Justice Saliu Saidu of a Lagos Division of the Federal High Court to vacate an interim order of forfeiture placed on Flat 7B Osborne Towers, Ikoyi, Lagos where the sums of $43,449,947, £27,800 and N23, 218,000 (about N13 billion) were discovered by the Economic and Financial Crimes Commission (EFCC) on April 12, in iron cabinets and “Ghana-must-go” bags.

The judge had on November 9, made the order while granting an ex-parte application filed by the anti-graft agency.

A firm, Chobe Ventures Limited, was joined as the respondent in the suit.

Granting the ex-parte order, Mr. Saidu directed the EFCC to notify the respondent in whose possession the property was found to appear before him in a fortnight to show reason why it should not be permanently forfeited to the federal government.

The anti-graft agency was also directed to publicise the interim order in a national daily for the respondent or anyone interested in the property to show cause within two weeks why a final forfeiture order should not be made on the property.

However, at the resumed hearing of the matter on Thursday, Union Bank through its lawyer, A. A. Aribisala, a Senior Advocate of Nigeria, drew the court’s attention to an application seeking to vacate the interim order of forfeiture.

In an affidavit in support of the application deposed to by one, Alfred Olukayode Edun, the bank argued that the forfeited flat was part of the property situated at 16 Osborne Road, Ikoyi, Lagos, belonging to Adamu Muazu, by virtue of a certificate of occupancy dated 27th September 2009 and registered as 97/97/2009 in the Lands Registry Office, Alausa, Lagos.

The bank said Mr. Muazu, a former Bauchi State governor and former Chairman of the Peoples’ Democratic Party, had mortgaged the entire property to it by virtue of a Tripartite Deed of Legal Mortgage dated November 1, 2011, in order to secure a loan granted to his company, Tripple A Properties & Investment Ltd.

The bank further claimed that the original title deed of the property had been vested in it while the loan is yet to be liquidated till date despite the fact that its tenor has expired.

The bank further claimed it sold the property to Chobe Ventures Ltd to liquidate the loan.

However, in its counter affidavit to the application, the EFCC argued that the bank lacks the ‘locus standi’ to challenge the forfeiture of property “reasonably suspected to have been acquired with proceeds of unlawful activities of Ambassador Ayo Oke and Mrs. Folashade Oke.”

https://www.premiumtimesng.com/news/top-news/251132-ikoyi-money-union-bank-wades-ownership-building.html/amp

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by python1: 9:53pm On Nov 30, 2017
Abeg, make una break the calabash, no time. Thieves must be exposed and punished, pigs can only grunt. And if the grunting gets too much, python will dance away the excess, nonsense.

10 Likes 1 Share

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Paperwhite(m): 9:57pm On Nov 30, 2017
I have never seen a rotten Nigeria as it's today.

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by 989900: 11:49pm On Nov 30, 2017
And the beat goes on . . .

6 Likes

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by baralatie(m): 12:10am On Dec 01, 2017
rivers state and Lagos state will soon he dragging the ownership of the money
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Bari22(m): 6:59am On Dec 01, 2017
Hmmm

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by dunkem21(m): 7:04am On Dec 01, 2017
Union Bank is right..

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by nawtyme: 7:17am On Dec 01, 2017
Paperwhite:
Never seen a rotten Nigeria as seen it's today.
I swear my brother. Remember, union Bank is the bank buhari's Banks with. So what do you expect

8 Likes 1 Share

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by luvinhubby(m): 7:49am On Dec 01, 2017
Why should EFCC seek to confiscate a whole building of multiple flats because a thief hid some money in one out of the numerous flats there?

If there is a case of financial fraud against the proceeds used to build the entire house or the source of funds that Chobe ventures used to buy up the mortgage loan from. Union bank, then efcc can Institute a court case based on that and seek to confiscate based on that.

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by DRISKLEF(m): 8:48am On Dec 01, 2017
Interesting!
Let's see how the events will unfold.

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by omowolewa: 8:51am On Dec 01, 2017
Took.soo long to voice out
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by wirinet(m): 9:24am On Dec 01, 2017
luvinhubby:
Why should EFCC seek to confiscate a whole building of multiple flats because a thief hid some money in one out of the numerous flats there?

If there is a case of financial fraud against the proceeds used to build the entire house or the source of funds that Chobe ventures used to buy up the mortgage loan from. Union bank, then efcc can Institute a court case based on that and seek to confiscate based on that.

The EFCC did not confiscate the whole building or multiple flats, it seized the flat that Mrs and Mrs Oke bought with proceeds of crime. The person that should be challenging the forfeiture should be Mr and Mrs Oke. The Bank can complain if the sale of the flat was not completed and Mrs oke had not fully paid for the flat.

Does the Bank want to collected the flat back after it has sold the property?


While arguing the application for the flat’s forfeiture, EFCC’s lawyer said Mrs Oke made cash payment of $1,658,000 in tranches of $700,000, $650,000 and $353,700, for the flat’s purchase between August 25 and September 3, 2015.

If the bank wants the flat back, they should simply return the $1,658,000 it received from Mrs oke to the EFCC.

5 Likes 1 Share

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by miqos03: 11:26am On Dec 01, 2017
Seen
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Wiseandtrue(f): 11:27am On Dec 01, 2017
Ebullience:

the bank argued that the forfeited flat was part of the property situated at 16 Osborne Road, Ikoyi, Lagos, belonging to Adamu Muazu, by virtue of a certificate of occupancy dated 27th September 2009 and registered as 97/97/2009 in the Lands Registry Office, Alausa, Lagos.

The bank said Mr. Muazu, a former Bauchi State governor


https://www.premiumtimesng.com/news/top-news/251132-ikoyi-money-union-bank-wades-ownership-building.html/amp
How was a governor able to afford that flat when majority were complaining that they could not pay workers

This people don't need our prayers to succeed, they know what they are doing

3 Likes 4 Shares

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by BruncleZuma: 11:28am On Dec 01, 2017
grin grin grin grin

The plot thickens...

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by FarahAideed: 11:30am On Dec 01, 2017
The Comedy of the current government continues grin grin.. By the time they finished with this case we will be the ones begging them to forget any money was found in that flat ..I just feel for the whistle blower because he will get forgotten in the barrage of court cases that will surround this money and the flat till he gives up

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Sirheny007(m): 11:31am On Dec 01, 2017
Me watching the development like...

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by AishaBuhari: 11:33am On Dec 01, 2017
It takes a decade to fight a minor crime in this country - Messy

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Unionised(m): 11:34am On Dec 01, 2017
nawtyme:

I swear my brother. Remember, union Bank is the bank buhari's Banks with. So what do you expect

And you just applied logic, abi?

1 Like 1 Share

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by AlanSugar(m): 11:34am On Dec 01, 2017
nawtyme:

I swear my brother. Remember, union Bank is the bank buhari's Banks with. So what do you expect

Are you sure you read the story or even with understanding at that? Between EFCC and union Bank which would work for buhari's interest? The bank needs the sale of the property to liquidate a certain expired loan but the EFCC says the property was gotten from proceeds of a crime and hence should be forfeited to the federal government.

2 Likes 1 Share

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by AishaBuhari: 11:37am On Dec 01, 2017
Paperwhite:
Never seen a rotten Nigeria as seen it's today.
It leaves any sane person speechless and in doubts if truly there's a leader or on autopilot!

After 8months still no ownership!

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Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by 1nigeriamyfoot: 11:38am On Dec 01, 2017
Buhari has finally destroyed this con3

1 Like

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by AngelicBeing: 11:47am On Dec 01, 2017
Paperwhite:
Never seen a rotten Nigeria as seen it's today.
Not just rotten, the country is dead for long, what you see is carcass, useless and rotten jungle sad

2 Likes

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by GavelSlam: 11:51am On Dec 01, 2017
1nigeriamyfoot:
Buhari has finally destroy this con3

It wouldn't have been possible without the help of your primary school.
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by 1nigeriamyfoot: 11:55am On Dec 01, 2017
GavelSlam:


It wouldn't have been possible without the help of your primary school.
Seems that you are sick upstair

1 Like

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by geunik(m): 11:56am On Dec 01, 2017
luvinhubby:
Why should EFCC seek to confiscate a whole building of multiple flats because a thief hid some money in one out of the numerous flats there?

If there is a case of financial fraud against the proceeds used to build the entire house or the source of funds that Chobe ventures used to buy up the mortgage loan from. Union bank, then efcc can Institute a court case based on that and seek to confiscate based on that.
hmm
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Kooldon(m): 12:21pm On Dec 01, 2017
When The Corruption Fighting Tool Is Corrupts And Greedy, Wat Wil U Expect? EFCC is now looking 4 how to bend law so dt dy can take over the property and share among themselves.
How Many Of Those Asset Taken Over By Efcc Have U Heard Of Again?

1 Like 1 Share

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by seguno2: 12:24pm On Dec 01, 2017
989900:
And the beat goes on . . .

Have you seen Buhari dance before grin

1 Like

Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by BanevsJoker(m): 12:30pm On Dec 01, 2017
Unionised:


And you just applied logic, abi?
Union Bank is that you?
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Afritop(m): 1:14pm On Dec 01, 2017
Where they sleeping all this while. Ooh because they declared them the first Nigerian bank to be the best in Africa that is why they have the temerity to lay claim of ownership of the building
Re: Ikoyi Money: Union Bank Wades Into Ownership Of Building by Idango(m): 1:46pm On Dec 01, 2017
The bank further claimed it sold the property to Chobe Ventures Ltd to liquidate the loan.

I don't understand union bank's position on this. You have already sold the property to another company to liquidate the loan, why are you now laying claims to the property ?

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