Brunel Engineering and Consulting Company Limited and Guaranty Trust Bank Plc have filed terms of settlement before a Federal high court in Abuja to amicably resolve the debt owed by the Engineering company.
The terms of the settlement which have been endorsed as the judgement of the court was as a result of a petition filed before the court by a Lagos lawyer Dr. Francis Chuka Agbu SAN, on behalf of Guaranty Trust Bank, it was alleged that the respondent, Brunel Engineering and Consulting Limited, was awarded a contract by the Central Bank of Nigeria (CBN) for the refurbishment of its branch building in Bauchi, Bauchi state at the cost of N3,746,940,369.90.
The bank extended several loan facilities in the form of advance payment guarantees APG to the company including a N750 million term loan.
When the tenor of the various facilities expired the company failed to liquidate the outstanding indebtedness and the failure of the company to liquidate the indebtedness has resulted in the continue accrual of interest on the outstanding sum.
Consequently, the bank filed the instant petition seeking the winding up of the company by the court under the provision of Companies and Allied Matter Act of the Federation of Nigeria 2004.
In the course of proceedings the two parties sought the leave of the court which was granted to explore amicable settlement out of court.
In the terms of settlement filed before the court, the parties agreed as follows:
That the outstanding indebtedness of the company to the bank stands at the sum of N1,156,779,111.91 as at 23rd of December, 2016 with interest accruing thereon at the bank lending rate.
The company offered to pay the discounted sum of N406,753,642.67 in full and final settlement of the above stated indebtedness,an offer which the bank has duly accepted.
The company has now paid to the bank the sum of N406,753,642.67, and the bank has acknowledged the receipt of the said payment.
The two parties are to bear their respective cost including but not limited to fees paid to the solicitors in connection with this suit.
The Brunel Engineering and Consulting Limited is hereby discharged from further liability to the bank in respect of the debt the subject matter of this suit.
The terms of settlement executed by the two parties are hereby made the judgement of the court.
The presiding judge, Justice I.E. Ekwo, while endorsing the terms of settlement filed before the court as judgement of the court said, “All terms, provisions, conditions and covenants herein shall be binding and shall inure to the benefit of the respective successors and assigns of the parties in this suit.
The terms of settlement constitute the entire agreement between the petitioner and the respondent and it supersedes any prior oral or written agreement between them in respect of this subject matter and there are no representations understanding or agreements relating to the subject matter thereof that are not express herein.
The respondent is hereby discharged from further liability to the petitioner in respect of the subject matter of this suit. This is the judgement of this Court.


![Odiong: US-based Nigerian Catholic priest convicted over sexual assault Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-300x200.jpg)



![Odiong: US-based Nigerian Catholic priest convicted over sexual assault Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg)


