N270m Debt: GTB urges court to dismiss Ladoja’s bond application

Former Oyo State governor Rasheed Ladoja owes GTB N207m
Former Oyo State governor Rasheed Ladoja owes GTB N207m

Guaranty Trust Bank (GTB), on Wednesday, 6 December urged a Federal High Court, Lagos, Southwest Nigeria, not to grant a bond application filed before the court, by the former governor of Oyo State, Rasheed Adewolu Ladoja, as a security over his property, which the court had granted a leave of protection to a receiver/manager.

The presiding judge Justice Rilwan Aikawa had on 5 October 2017, granted leave of protection to the receiver/manager, Mr. Olamide Owolegbon, appointed by the GTB to take possession of a property belonging to Ladoja, pending the determination of a debt recovery suit filed against him and his company.

GTB in a bid to recover an alleged debt of N207, 150, 761. 46 million, had dragged Ladoja alongside his company, Hi-Nutrient International Limited before the court.

At the resumed hearing of the matter, Ladoja’s lawyer, Chief Bolaji Ayotunde (SAN), told the court of Ladoja’s application dated 29 November 2017 which was filed before the court.

In the said application, Chief Ayorinde urged the court for an order granting leave to Ladoja, to provide a security bond in favour of the court’s Chief Registrar in the sum of N207, 150, 761. 46 million, the alleged debt, pending the determination of the suit.

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Ladoja also sought an order of the court deeming the bond of N207, 150, 761. 46 million, issued by the United Bank for Africa, UBA, in favour of the court’s Chief Registrar, and an order directing GTB to vacate Ladoja’s property together with buildings and appurtenances thereon, situated at 57, Oscar Ibru way, Apapa, Lagos.

Ladoja also sought an interlocutory injunction, restraining the receiver/manager, Olumide Owolegbon, his agents, servants, privies, workmen howsoever, from selling or dispossing off the said property.

Ayorinde (SAN) also stated that the property was a security and alternative security has been provided, while court decides merits or demerits of the case,it is to secure and to preserve the money they are demanding for.

Guaranty Trust Bank, GTB, has named a receiver/manager over Rasheed Ladoja’s property located at 57, Oscar Ibru way Apapa, Lagos

Ayorinde (SAN), therefore urged the court to grant his clients’ application.

Responding, GTB lawyer, Barrister Temiloluwa Adamolekun, while urging the court to dismiss Ladoja’s application, said the order that the defendants are seeking for is for court to upturned his earlier order made on October 5, 2017.

He contended further that the suit is not one where bond can be issued as the reliefs sought by the bank are not to claim any money from the defendants

The action is strictly for the court protection over Receiver/Manager appointed by the bank, Adamolekun told the court that bonds are usually posted where there is a claim for money, adding that, the reliefs he sought for are declaration, while the suit is about a protection of the receiver/manager appointed by the bank over a mortgaged property.

In addition Mr Owolegbon is not court appointed Receiver/manager as the duties of the Receiver/manager are dedicated and based on the Tripartite Deed of legal Mortgage, his deed of appointment by statute.

Consequently, the contents of the exhibit attached to Ladoja’s application are false and at variance with the reality of the proceedings and the order of the court.

There is no judgement sum anticipated by the bank in this suit by virtue of the reliefs sought by the defendants, consequently the bond is not relevant to the suit, the application is misconceived.

He added that since the defendants filed the bond application, they have failed to talk to the bank about the loan, and that what the defendants traded for was the property not money.

Mr Adamolekun also stated that the defendants’ bond if granted, will rob the court of its jurisdiction.

He therefore urged the court not to grant the application.

Justice Rilwan Aikawa, after listening to the submissions of the counsel of both parties, adjourned till 15 December 2017 for ruling.