Former governor Rashidi Ladoja on Tuesday, lost one of his Lagos houses over his inability to pay a N207.15M loan.
A federal high court sitting in Lagos granted leave to the receiver manager, Mr Owolegbon Olamide appointed by Guaranty Trust bank to take possession of a property belonging to the former Governor of Oyo State, Rashidi Ladoja over a debt of N207,150,761.46 loan pending the determination of the substantive suit.
Guaranty Trust Bank alongside its Receiver/Manager, Olamide Owolegbon had dragged Ladoja and a limited liability company, Hi-Nutrient International limited before a Federal Court in Lagos, Southwest Nigeria.
Pmnews reported that the order of the court was sequel to an application filed before it by a Lagos lawyer, Temilolu Adamolekun on behalf of Guaranty Trust Bank and its receiver manager Olamide, against Ladoja and his company, Hi-Nutrient international Limited.
In an affidavit sworn to by a litigation manager, Mr Segun Omoshola, filed and argued before the court by Mr Adamolekun, the deponent averred that Guaranty Trust bank availed several loans facilities to Hi-Nutrient International Limited to finance the acquisition of plant and equipment for the company’s factory.
The defendants executed the following documents as security for the loan:
A duly registered Tripartite deed of legal Mortgage of all parcel of land together with any building and appurtenances thereon situate at plot 25A, B and C, Marine Road, now known as 57, Oscar Ibru Way Soaps, Apapa Local Government Area of Lagos State, Nigeria and a personal guarantee and indemnity signed by one Mr Olabode Adetoyi who is an alter ego of Hi-Nutrient international company.
The defendants, despite several letters of demands have failed to liquidate the facility which has continued to accrue interest, the defendants indebtedness to the bank now stood at N207,150,761.46.
Consequently, the bank appointed Mr Olamide Owolegbon as Receiver/Manager over the property charged in favour of the bank.
In his ruling, the Presiding Judge, Rilwan Aikawa, while granting leave to the Receiver Manager to take exclusive possession of the property situated at 57, Oscar Ibru Way, Apapa Local Government area of Lagos State, restrained the defendants and the Directors of the company and their agents from frustrating Olamide Owolegbon, the receiver Manager from exercising all the powers vested in him to perform his duties.
The case has been adjourned till next week for hearing of the substantive suit.
