Receiver Manager Takes Over Ladoja House Over N207m Debt
A Federal High Court in Lagos on Tuesday ordered Guaranty Trust Bank alongside its Receiver Manager Olamide Owolegbon to takeover a property situated at 57,Oscar Ibru way Apapa local Government area of Lagos State belonging to former Governor of Oyo state Senator Rashidi Ladoja over N207,150,761.46 debt.
Justice Rilwan Aikawa gave the order after hearing an exparte application filed by GTBank and Owolegbon against Ladoja and a limited liability company, Hi-Nutrient International limited, seeking to recover the debt.
The plaintiffs are to take over the building pending the determination of the substantive suit.
In an affidavit attached to the suit and sworn to by a litigation manager, Segun Omoshola, the deponent averred that, Guaranty Trust bank availed several loans facilities to Hi-Nutrient International Limited to finance the acquisition of plant and equipment for the company’s factory.
Omoshola claimed that the defendants executed the following documents as security for the loan: duly registered Tripartite deed of legal Mortgage of all parcel of land together with any building and appurtenances thereon situate at plot 25A, B and C, Marine Road, now known as 57,Oscar Ibru Way Soaps, Apapa local Government Area of Lagos State, Nigeria.
A personal guarantee and indemnity signed by one Mr. Olabode Adetoyi who is an alter ego of Hi-Nutrient international company.
The plaintiff also maintained that the defendants despite several letters of demands have failed to liquidate the facility which has continued to accrue interest and that the defendants indebtedness to the bank now stood at N207,150,761.46
Consequently, the bank appointed Mr. Olamide Owolegbon as Receiver/Manager over the property charged in favour of the bank.
Upon the appointment, the Receiver manager is statutorily empowered by law to take charge and remain in exclusive possession and control of the property and assets over which he was appointed as Receiver Manager
Consequently, the plaintiffs contended that unless the defendants and the Directors of the company are restrained, they would strip the mortgage property and dispose same; thus leaving the bank without any means of recouping or realizing the indebtedness of the defendants.
Therefore the Receiver, Manager needs the protection and direction of the court to enable him perform his duties unhindered
In his ruling, Justice Rilwan Aikawa granting leave to the Receiver Manager to take exclusive possession of the property situated at 57,Oscar Ibru way Apapa local Government area of Lagos State.
The court also restrained the defendants and the Directors of the company and their agents from frustrating Olamide Owolegbon, the receiver Manager, from exercising all the powers vested in him to perform his duties.
The case has been adjourned till November 29 for the hearing of the substantive suit.