Ex-Lagos Lawmaker Hon. Ogunkoya Adeshina in N58Million Debt

Assets Management Corporation of Nigeria AMCON has dragged former Honourable member of Lagos state house of Assembly, Ogunkoya Adeshina who resides at 24 Adeolu street Olodi- Apapa, Lagos State before a Federal high court in Lagos south west Nigeria over unpaid loan of N58,200,375.34

   In a statement of claim, accompanied by written statement on oath of the AMCON credit manager Mr.Temitayo Abolade and filed before the court by a Lagos Attorney Barrister Akintayo Iwilade,it was alleged,that sometime in 2007 Honourable Ogunkoya Adeshina  applied to Sterling Bank Plc,  for an overdraft loan facility to assist him in financing the purchase of a 4 Bedroom Semi Detached Duplex in Alausa, Ikeja.

Following the above, the bank, by an offer letter dated 2nd July, 2007 granted the Defendant a Mortgage Facility to the tune of N23,100,000.00 ( Twenty Three Million, One Hundred Thousand Naira) to finance the purchase of the 4 Bedroom Semi-Detached Duplex

  Further to the above, by the offer of restructured facility letter dated 28th June, 2010 Sterling Bank Plc granted the Defendant a restructured facility in the sum of N35, 000,000.00 (Thirty five Million Naira) to finance the purchase of one unit of a 4 bedroom semi detached duplex at Central Business District, Opposite MKO Gardens, Ikeja, Lagos. The conditions of this additional loan facility is as shown below :

BENEFICIARY:HON. Ogunkoya  Adeshina 

LENDER:Sterling Bank Plc, FACILITY TYPE:Sterling Acquire-Mortgage Finance AMOUNT: N 35, 000, 000.00 (THIRTY FIVE MILLION NAIRA)

PURPOSE: For the purchase of one unit of 4 Bedroom Semi Detached Duplex at , Central Business District.opposite MKO Gardens, Ikeja, Lagos,

INTEREST RATE. Interest shall be charged at Sterling Bank’s margin leading rate (currently 18%) payable monthly in arrears. Such interest shall be debited to the amount outstanding under the facility under advice  for immediate settlement. 

   Sterling bank’s margin lending rate is determined by ruling market conditions and is therefore liable to fluctuations while reserving the right to vary this rate without notice. Sterling bank shall endeavour to advice you of any change in the rate as soon as possible.

SECURITY Legal Mortgage on the property financed Post dated cheques to cover principal, interest and fees Direct debt instruction

The Defendant secured the loan facility with the 4 Bedroom Semi-Detached Duplex situate Unit 5, Adonai Court, Central Business District, Opposite MKO Gardens, Alausa, with the assured knowledge that failure to meet the loan obligation will amount to a foreclosure/forfeiture of the property in satisfaction of the Defendant’s indebtedness among other lawful debt recovery actions.

     Following the Defendant’s failure to repay the due debt sum and its accrued interests, the Bank assigned to AMCON  all the rights, title, interest, benefits, receivables and proceeds arising from or in connection with the Defendant’s outstanding loan obligation sometime in 2012 in accordance with the AMCON’s statutory role .

    The Defendant’s indebtedness to the Claimant arising from the unpaid debt to the Bank stands at N 58, 200, 375. 34 (Fifty eight Million, Two Hundred Thousand, Three Hundred and Seventy-five Naira and Thirty-eight Kobo) being  loan indebtedness (with accrued commercial interest) as at 31stJuly, 2016 with interests continuing to accrue till date.

    .The Claimant has demanded for the sum to be repaid and has equally made several attempts to reach an amicable settlement with the Defendant over its indebtedness, but the Defendant has failed to settle the said indebtedness to the Claimant. The demands made and further steps taken by the Claimant include:

      By a letter dated 22nd August, 2016, the Claimant’s Solicitors, the law firm of Simmons Cooper Partners acting for and on behalf of the Claimant demanded from the Defendant liquidation of his cumulative loan indebtedness which stood at N58,200,375.34 (Fifty Eight Million, Two Hundred Thousand, Three Hundred And Seventy five Naira, Thirty four Kobo) as at 31st July, 2016 with interests accruing till date

     Beyond the existence of the demand letter relied on above, AMCON to the knowledge of its Solicitors have actively pursued the Defendant with the aim of compelling him to repay the loan sum together with its accrued interests. However, the Defendant remains evasive and has refused to perform his obligations in line with the terms of his loan agreement with the Bank.

    The Defendant have failed to contact the Claimant for a repayment or shown any interest in liquidating its current indebtedness to the claimant. The Defendant’s failure to repay its indebtedness has impaired the Claimant’s fulfillment of one of its core statutory mandates.

The dissipation of the collateral and subject matter of this suit will render the AMCON’s capacity to fulfill its prescribed statutory function of recovering the unpaid debt nugatory.

    The Claimant claims against the Defendant are as follows:

A. An order entering judgment against the Defendant in favour of AMCON in the sum of N 58, 200, 375. 34 (Fifty eight Million, Two Hundred Thousand, Three Hundred and Seventy-five Naira and Thirty-eight Kobo) being their loan indebtedness (with accrued commercial interest) to the Claimant as at 31stJuly, 2016, till date.

B. An order directing the Defendant to pay the continuing accrued commercial interest at the rate of 17% and 18% on the Defendant’s loan indebtedness to the Claimant from the 31st July, 2016 to the date final judgment is delivered and until final liquidation of the sums thereof.

An order directing the Defendant to pay post-judgment interest on the sums in (a.) & (b) above at the rate of 10 % per annum until the final liquidation of the sums thereof.

     An order of this Honourable Court mandating the Defendant to make full payment of the sum of A 58, 200, 375. 34 (Fifty eight Million, Two Hundred Thousand, Three Hundred and Seventy-five Naira and Thirty-eight Kobo) being their loan indebtedness (with accrued commercial interest) and post judgment interest within 14days of the delivery of this judgement.

A forfeiture order against the Defendant (in partial satisfaction of the

Defendant’s loan obligations to the Claimant) of a 4 Bedroom Semi Detached Duplex situate at Unit 5, Adonai Court, Central Business District, Opposite MKO Gardens, Alausa, Ikeja where the Defendant fail to make payment in reliefs stated above  within 14 days of the delivery of judgment.

An order/allowing the Claimant to dispose off the 4 Bedroom Semi-Detached Duplex situate at Unit 5, Adonai Court, Central Business District, Opposite MKO Gardens, Alausa, Ikeja at the best achievable price in compliance with Section 5 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015 (in partial satisfaction of the Defendant’s loan indebtedness to the Claimant).

AN ORDER granting the Claimant ownership, control,disposition and/or lien rights on all shares held in any companies by the Defendant within the Federal Republic of Nigeria 

     Cash at hand or cash held in any Bank and/or financial institution in Nigeria standing to the credit of the Defendant;

    All moveable and immoveable assets, including real estate property, held by the Defendant as may be validly ascertained until final liquidation of the debt/full judgment sum.

General and Exemplary Damages in the sum of N5, 000,000.00 (Five Million Naira) in favour of AMCON and against the Defendant.

Cost of this action against the defendant.

However, Honourable Ogunkoya Adeshina,in his statement of defence filed before the court deny almost statement of the claim of AMCON,but admits paragraphs 3 and 4 of the statement of claim to the extent that he took loan of N23, 100,000.00 (Twenty Three Million, One Hundred Thousand Naira only) from Sterling Bank Plc in 2008 to add up with his money to acquire the property known as Unit 5, Adonai Court, Central Business District, Opposite MKO Gardens, Alausa, Ikeja, Lagos State. The defendant has since been servicing the said loan facility.

      He also admits paragraph 5 of the statement of claim to the extent that it was the loan of N23, 100,000.00 (Twenty Three Million, One Hundred Thousand Naira only) with its accrued interest amounting to N35,000,000.00 that was restructured to be repaid within 60 months with monthly instalment of N888,769.96 but denies any other facts contained therein.

    In  further response to the statement of the claim, the defendant avers that the plaintiff  was economical with the truth in this matter as the defendant was notified of the claimant’s acquisition of the defendant’s loan facility with a letter dated May 3, 2011. Either before or after the plaintiff acquired the defendant’s debt, the defendant had been regularly servicing the loan facility.

      The defendant avers that he paid the sum of N300,000.00 to the Sterling Bank Plc monthly from the date of the loan facility till the plaintiff took over the facility in this matter. 

     The defendant avers further that upon the acquisition of the debt arising from the loan facility, the defendant made payment in the sum of N10,000,000 (Ten Million Naira) to the plaintiff as part of repayment of the loan facility in June 2012. 

 The defendant avers that he does not owe the plaintiff up to the amount it claimed in this suit.

 The defendant avers that the 17% and 18% interest on the loan facility was the unilateral decisions of the plaintiff that was imposed on the defendant.There was never a time the plaintiff made the defendant’s statement of account available to him despite demands.

      He never received any notice of demand from the plaintiff at all.

In  his further response to  the statement of claim, the defendant avers that he was terribly sick and remained on sick bed till he was flown overseas for kidney transplant for survival. 

     The defendant avers, that the property, subject matter of this suit is in good state with its market value over and above the sum of N70,000,000.00 (Seventy Million Naira) only.

       Consequently,the prayers sought in  the statement of claim by AMCON are in bad faith in that, the plaintiff never provided any valuation report to show that the market value of the property, the subject matter of this suit at Unit 5, Adonai Court, Central Business District, Opposite MKO Gardens, Alausa, Ikeja, Lagos State is below the sum to which the defendant is indebted to the plaintiff.  since if disposed off is more than enough to satisfy the debt without attaching any other property of the defendant.

   The defendant shall be ready for amicable settlement of this matter rather than wasting the time of the court and the plaintiff on rigour of trial.

Whereof the Defendant says that the claimants’ claims are frivolous, vexatious and should be dismissed or struck out with substantial costs.