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GTB Takes Over Ladoja’s Property Over N207m Debt

The bank and the Receiver/Manager had dragged Ladoja and his company, Hi-Nutrient International Limited, to the court, in their bid to recover a debt of N207,150,761.46

Justice Rilwan Mohammed Aikawa of a Federal High Court in Lagos has granted leave to a Receiver/Manager of Guaranty Trust Bank Plc, Olamide Owolegbon, to take exclusive possession of a property situated at 57,Oscar Ibru Way, Apapa, Lagos, belonging to former Governor Rashidi Ladoja of Oyo State over alleged N207.1 million debt.

The order was sequel to the granting of an ex-parte application filed and argued before the court by a Lagos lawyer, Temilolu Adamolekun, on behalf of the bank and the Receiver/Manager seeking a takeover of the property pending the hearing of the substantive suit.

The bank and the Receiver/Manager has dragged Ladoja and his company, Hi-Nutrient International Limited, to the court, in their bid to recover a debt of N207,150,761.46.

Arguing the ex-parte application, Adamolekun 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.

He further argued that the Receiver/Manager needs the protection and directions of the court to enable him perform his duties unhindered.

In his ruling, Justice Aikawa granted leave to the Receiver/Manager, Olamide Owolegbon, to take exclusive possession of the property. He also restrained the defendants and the Directors of the company as well as their agents from frustrating Owolegbon, from exercising all the powers vested in him to perform his duties.

In an affidavit in support of the application deposed to by a litigation manager, Segun Omoshola, it was averred that Guaranty Trust bank had availed several loan facilities to Hi-Nutrient International Limited to finance the acquisition of plant and equipment for the company’s factory.

Documents allegedly executed as security for the loan by the defendants included; “A duly registered Tripartite deed of legal Mortgage of all parcel of land together with any building and appurtenances thereon situated 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, Olabode Adetoyi, who is an alter ego of Hi-Nutrient International Company”.

The deponent further averred that despite several letters of demands, the defendants have failed to liquidate the facility which has continued to accrue interest. He said the defendants’ indebtedness to the bank now stood at N207, 150,761.46.

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