Nigeria: N207M Debt - GTB Asks Court to Dismiss Ladoja's Bond

8 December 2017

Lagos — Guaranty Trust Bank (GTB) has urged a Federal High Court in Lagos not to grant a bond application filed before the court by the former governor of Oyo State, Rasheed Ladoja as a security over his property.

The presiding Judge Justice Rilwan Aikawa had on October 5, 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, had dragged Ladoja alongside his company, Hi-Nutrient International Limited before the court.

At the resumed hearing of the matter yesterday, Ladoja's lawyer, Chief Bolaji Ayorinde (SAN), told the court of Ladoja's application dated November 29, 2017 urging 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, pending the determination of the suit.

Ladoja also sought an order of the court directing GTB to vacate Ladoja's property situated at 57,Oscar Ibru way, Apapa, Lagos.

Responding, GTB lawyer, Barrister Temiloluwa Adamolekun, while urging the court to dismiss Ladoja's application, said the order that the defendants were seeking was for court to upturn his earlier order made on October 5, 2017.

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

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

See What Everyone is Watching

More From: Daily Trust

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.