GTBank Takes Over Ladoja’s Lagos Property Over N208m Unpaid Loan

The Federal High Court in Lagos Tuesday granted leave to GT Bank Plc to appoint the receiver manager, Mr. Owolegbon Olamide to take possession of a property belonging to the former Governor of Oyo State, Senator Rashidi Ladoja over a debt of N207,150,761.46 pending the determination of the substantive suit.

GT Bank alongside its Receiver/Manager, Owolegbon had dragged Ladoja and a limited liability company, Hi-Nutrient International limited before the Court in Lagos.

The order of the court was sequel to an application filed before it by a Lagos lawyer, Temilolu Adamolekun, on behalf of the bank and the receiver/manager, against Ladoja and his company.

In an affidavit sworn to by a litigation manager, Mr. Segun Omoshola, filed and argued before the court by Adamolekun, the deponent averred that GT 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, Apapa, Lagos, 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. 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, Lagos, restrained the defendants and the directors of the company and their agents from frustrating 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.