Directors of TRI-T Engineering Services company in Debt Saga …Accounts Frezed

       A Federal high court sitting in Lagos south west Nigeria has ordered that the account of a limited liability company, TRI-T Engineering Services Limited, and three of it’s directors, namely Rev. (Engr) Olusesan E. Adebajo, Mrs Abimbola Adebajo and Mr. Oluwatosin Adebajo should be frozen for their failure to repay a loan of N548,612,340.85

        The order of the presiding Judge Akintayo Aluko, was sequel to an application filed and argued before the court on behalf of Assets Management  Corporation by a Lagos lawyer Barrister C.O. Eze of MacMilton LP law firm, urging the court to frozen the account of TRI-T Engineering Services Limited and three of its Directors, Rev (Engr) Olusesan E. Adebajo,Mrs Abimbola Adebajo and Mr.Oluwatosin Adebajo, for their failure to pay a debt of N548,612,340.85

    Justice Aluko,in his ruling,said having considered it deserving granted the prayers sought:

It is hereby ordered as follows:

1.That an order restraining the defendants whether by themselves,agents, servants, officers, privies, assigns,and/or any other person, natural or artificial whatsoever described, under the control of the defendants from transferring or otherwise dealing with any and all monies standing to the credit of the defendants and/or linked to the defendants’ bank verification numbers in the 37 banks listed before the court or anywhere else up to the amount of the Claimant/Applicant’s claim of the debt sum of N548,612,340.85 (Five Hundred and Forty-Eight Million,Six Hundred and Twelve Thousand,Three Hundred and Forty Naira,Eighty Five Kobo) which the Defendants owe the Claimant/Applicant, as at November 16,2023 on which interest continues to accrue is hereby granted.

   The banks within seven (7) days of service of this Order(s) on them, should swear to Affidavits disclosing a statement on each account howsoever designated, held and/or maintained by the Defendants (including current, savings and fixed deposit accounts) and all accounts to which the Defendants are signatories as well as any related company accounts with the Banks for a period of 6 months prior to the date of service of the order is hereby granted.

4.That an injunction restraining all banks and/or financial institutions listed before the court  from forthwith, releasing or dealing in any manner whatsoever monies held in any account (including current,savings, fixed deposit, investment and domiciliary accounts)owned by the Defendants or to which the Defendants either separately or jointly are signatories as well as any related company accounts with the Banks for a period of 6 months prior to the date of service of the order is hereby granted.

5.That the Applicant shall file an undertaking as to damages In the event that the order ought not to have been granted.

      Pursuant to an application by the defendants,the defunct Bank PHB Now Keystone bank by a duly executed offer letter dated 11th day of November,2008,granted the defendants a Local Purchase Order Facility in the sum of N115,000,000.00 The application Letter and the Offer Letter are pleaded and shall be relied on during the trial of this Suit.

    The inability and/or refusal of the Defendants to repay the Facility led to the acquisition by AMCON via  loan purchase Agreement.

     Despite the demand letter from the Claimant for the payment of  the defendants remained recalcitrant and refused to repay  the Facility.

   The total balance of the debt sum the Defendants owe the Claimant as contained in the Account Statement dated November 16, 2023 stands at #548,612,340.85 (Five Hundred and Forty-Eight Million, Six Hundred and Twelve Thousand,Three Hundred and Forty Naira, Eighty Five Kobo) on which interest continues to accrue. The company’s (TRI-T ENGINEERING SERVICES LIMITED) statement of Account is pleaded and shall be relied on during the trial of this Suit.

     Consequently AMCON  claims against the Defendants jointly and severally are as follows:

   The sum of N548,612,340.85 (Five Hundred and Forty-Eight Million, Six Hundred and Twelve Thousand,Three Hundred and Forty Naira, Eighty Five Kobo) the Defendants owe the Claimant, being the outstanding indebtedness of the Defendants to the Claimant as at November 16,2023 on which interest continues to accrue.

     Interest at the rate of Fifteen percent (15%) per annum on the said sum of stands #548,612,340.85 (Five Hundred and Forty-Eight Million, Six Hundred and Twelve Thousand, Three Hundred and Forty Naira, Eighty Five Kobo) from November 16,2023 until judgment is delivered.

Judgment sum from the date of entry of final judgment in the suit until the said judgment sum is fully and finally liquidated.

       An order directing the defendants to pay  AMCON the cost of this action in the sum of N2,000,000.00(Two Million Naira Only).

 Accelerated hearing of this Suit.

         The presiding Judge Daniel Osiagor has adjourned till 18th April,2024, for hearing.