The firms’ directors to be cited also threatened contempt is the Acting Director-General of National Commission against the Proliferation of Arms, Light Weapons and Pipeline Vandalism (NATCOM), Mr. Adejare Nurudeen Adegbenro and Mr. Adeoye Olusola Ayodeji, listed as third and fourth judgment debtors.
Also, another company threatened by the court with the contempt, is DDSS International Company Limited, listed as second judgment debtor.
However, due to their persistence failure to pay the judgment sum, the judgment creditor, Fundquest Financial Services Limited, through its lawyer, approached the court for an order summoning the judgment debtors.
Consequently, the court on November 8 2023, issued Form 14, which is in accordance with the Section 55 of the court’s judgment summon against all judgement debtors.
The court’s summon issued against the judgment debtors who are, Balmoral International Limited, DDSS International Company Limited, Mr. Adejare Nurudeen Adegbenro and Adeoye Olusola Ayodeji reads in part: “Whereas the Judgment Creditor obtained a Judgment against the above named 3rd Judgment Debtors in this Court on the 5th day of July, 2021 for: “the Sum of N1,033,800,276.46 {One Billion, Thirty-Three Million, Eight Hundred Thousand, Two Hundred and Seventy-six Naira, Forty-Six Kobo} against the 1st and 3rd Judgment Debtors being the amount outstanding and unpaid, as at 30th November, 2020 by the 1st and 3rd Judgment Debtors in respect of the Institutional Note Issuance/Commercial Paper Facilities in the sum of N405, 000, 000.00 {Four Hundred and Five Million Naira} availed to the 1st Judgment Debtor vide the Judgment Creditor’s offer letter dated 27th April, 2017 and guaranteed by the 3rdJudgment Debtor.
“The sum of N418, 326, 446.11 {Four Hundred and Eighteen Million, Three Hundred and Twenty-Six Thousand, Pour Hundred and forty-Six Naira, Eleven Kobo} against the 1st, 3rd and 4th Judgment Debtor being the amount outstanding and unpaid, as at 30th November, 2020 by the 1st, 3rd and 4th Judgment Debtor in respect of the Institutional Note Issuance/{Commercial Paper Facilities in the sum of N168, 000, 000.00 {One Hundred and Sixty-Eight Million Naira} availed to the 1st Judgment Debtor vide the Judgment Creditor’s offer letter dated 28 November, 2017 and guaranteed by the 3rd judgment Debtor.
“The sum of N594,101,720.38 {Five Hundred and Ninety-Four Million, One Hundred and One Thousand, Seven Hundred and Twenty Naira, Thirty-Eight Kobo} against the 2nd, 3rd and 4th Judgment Debtors being the amount outstanding and unpaid, as at 30th November, 2020 in respect of the Institutional Note Issuance Facility in the sum of N237, 000,000.00 {Two Hundred and Thirty-Seven Million Naira} availed to the 2nd judgment debtor vide the judgment creditor’s offer letter dated 28th November, 2017 and guaranteed by the 3rd and 4rh Judgment Debtor.
“Be attached together with interest at the contractual rate of 30% per annum from the 30th November, 2020 until 5th July, 2021 and thereafter at 20% per annum till the day the whole outstanding judgment debt is finally liquidated as per the Summary Judgment of this Honourable Court.
“And whereas default has been made in the payment of the Judgment sum of N2, 012,781,833.57 {Two Billion, Twelve Million, Seven Hundred and Eighty-One Thousand, Eight Hundred and Thirty-Three Naira, Fifty-Seven Kobo} payable in pursuance of the said Judgment and the Judgment Creditor has required this Judgment Summons to be issued against you the 3rd Judgment Debtor Mr. Adejare Nurudeen Adegbenro.
“You are therefore summoned to appear personally in this Court, at High Court of Lagos State, to be examined on oath touching the means you have or have had since the date of the said Judgment, and also to show cause why you should not be committed to prison for such default.”