FCMB Drags Lagos Businessman Stanley Uduhirinwa to Court Over Unpaid Loan

      In a bid to recover a debt of N254,201,001.41 First City Monument Bank FCMB has dragged a Lagos business man Prince Stanley Uduhirinwa trading under the name and Style of Leesabel Ventures Nigeria before a Federal high court in Lagos south west Nigeria.

       In a statement of claim jointly filed before the court by the bank and it’s Attorney,Barrister Nick Omeye,it was alleged that,Prince Stanley Uduhirinwa who is a customer of the bank applied for various loans and entered into a legal mortgage with the bank.

  By offer letter dated 15t October, 2012, the defendant was granted a stock finance facility of N45million Naira for a period of  360 days.

As stated in the offer letter the security for the facility is a legal mortgage over the Defendant’s property located at No 7 Ifon Gabriel Street, by Ojokoro Road, Ikorodu, Lagos.

The Defendant deposited with the bank the Deed of Assignment dated 6th October, 2012, registered as 42/42/2413 at the Lands Registry lkeja, Lagos State.

   As for further security for the facilities the defendant gave  his personal guarantee supported with a notarized statement of his personal Net-Worth for the full facilities amount plus secured interest.

 Thereafter,the defendant applied for and was granted other various loans amounting to N18,000,000.

     The Plaintiffs aver that for more than two years the Defendant refused to repay the outstanding debt. Consequently, by demand letter dated February 10,2016,the bank demanded for the repayment of the total debt arising from the facilities which as at 31st of January, 2016 stood at N66,575,858.35.

     The Plaintiffs aver that the Defendant issued several cheques to the bank  in part-repayment of the debt, but on presentation, the cheques were returned unpaid,at various times the Defendant applied for the restructuring of the facilities and extension of the repayment periods.

     Following the Defendant’s refusal to repay the outstanding debt,the bank  activated the Clause 5 of the Deed of Legal Mortgage over the mortgaged property and appointed  Barrister Nick Omeye as Receiver over the Defendant’s property to enable the bank exercise its rights over the property as a Mortgagee. 

    The Plaintiffs aver that as at 31st of October, 2023,the debt owed the bank on account of the facilities stood at N254, 201, 001.41.(Two Hundred and Fifty Four Million, Two Hundred and One Thousand and One Naira, Forty-One Kobo.

Several attempts to meet the Defendant in order to explore ways to liquidate the debt have proved abortive as the defendant went into hiding by first vacating his office at 7 Adeniran Ogunsanya Street, Surulere, Lagos and secondly,by refusing to meet the bank’s officials on several occasions during visits at the defendant’ residence in Ikorodu.

   The Plaintiffs state that the Defendant has no defense to this suit.

Whereof the Plaintiffs claims against the defendant are as follows 

The sum of N254, 201, 00141. (Two Hundred and Fifty Four Million One Naira, Forty One Kobo)

being the amount owed the bank by the defendant as at 31/10/2023 on account of the facilities granted the Defendant by the bank.

Interest on the said sum at the rate of 21% from 1st of November,2023, till liquidation of the Judgment sum

     Order of court granting the Plaintiffs possession of the mortgaged property stated on the offer letter for the facility known as No. 7 Ifon Gabriel Street by Ojokoro Road korodu Lagos, with

Deed of Assignment dated 6th October, 2012.,to enable the Plaintiffs dispose of same and apply the proceeds to liquidate the debt owed the bank by the defendant

Meanwhile, the presiding Judge, Chukwujekwu Aneke has adjourned till 24th of January, 2024 for hearing.