N5.2b debt: Court orders bank to take over A-Z Petroleum’s property

Lukman Olabiyi

Justice Chuka Obiozor of the Federal High Court Lagos has granted an application seeking to take over the property of A-Z Petroleum Products Limited by Union Bank of Nigeria Plc over alleged N5.2 billion debt.

The court gave the order after hearing of Mareva Injunction filed and argued by Mr. Temiloluwa Adamolekun on behalf of the bank and one Mr. Gbenga Akinde-Peters, a receiver/manager, appointed over the properties.

The oil firm’s property that will be taken over by the bank and its appointed

receiver/manager, is a landed property situated at Plot 3508 Cadastral Zone A06, Maitama District, Abuja, covered by a Certificate of Occupancy (CofO) dated September 7, 2005, and registered as No. 3586, Vol. 18, at Abuja Land Registry.

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At the hearing of the application, Adamolekun  asked the court for an interim order to grant the second plaintiff, Akinde-Peters, to take over the exclusive possession of the said landed property, together with any building and appurtenances thereon, by the virtue of the Deed of Appointment made, pursuit to the duly registered tripartite deed of legal mortgage dated September 1, 2010.

Adamolekun also asked the court for an order restraining both the oil firm , Chief Alex Chika Okafor, their directors, shareholders, employees, officers, agents, servants, privies and any other persons acting on their behalf, from interfering with, intermeddling with, obstructing and frustrating the receiver/manager from exercising all powers vested in him in performing his duty as receiver over the said property.

The lawyer also asked the court for an order of Mareva Injunction restraining Petroleum Products Pricing Regulatory Agency (PPRA), Federal Ministry of Finance, Debt Management Office (DMO), Accountant General of the Federation (AGF), Central Bank of Nigeria (CBN), who are thirs to seven respondents, their agents, privies, assigns or anyone whatsoever from releasing any money or funds in form of Sovereign Debt Notes (SDN) or any other instruments belonging to the oil company to the tune of N5, 227, 543, 442 .9 billion, in their custody, pending the hearing and determination of the substantive suit of the matter.

He further asked the court for an order directing the third and seven respondents to disclose on oath within 14 days the total sum of money, funds, and Sovereign Debit Notes (SDN), either processed or yet to be processed within the purview of Petroleum Subsidy Scheme, in their custody, belonging to the oil company.

In an affidavit deposed to by Segun Omoshola, he averred that prior to the facts leading to the institution of the matter, A-Z petroleum product limited had been a customer to the bank, and in course of the bank/customer relationship and following the oil firm’s application, the bank agreed to continue to give several credit facilities to the company for the purpose of importation and local purchase of refined Petroleum products.

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The applicants averred that as security for the various loan facilities, the defendants pledged, agreed and executed a duly registered tripartite deed of legal mortgage dated September 1, 2010,

Upon listening to the submissions of Mr. Adamolekun, lawyer to the applicants, Justice Obiozor said: “In the light of the application for Mareva order, with affidavit in support and written address and submission of the counsel, the application is succeed and hereby granted.

“The order granted is to last pending the hearing and determination of the substantive suit”.

The post N5.2b debt: Court orders bank to take over A-Z Petroleum’s property appeared first on – The Sun News.

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