Sunday, March 13

Court orders Prince Adedoyin's account to be freezed

In a bid to satisfy the judgment sum of N44. 68 million, a Lagos High Court sitting at Igbosere Lagos state south west Nigeria has ordered that any money in the accounts, of the industrialist, Prince Samuel Adedoyin in about 20 commercial banks in Nigeria should be attached.

According to PM News, Justice K O Dawudu gave the order following an application filed by two creditors of the defunct City Express Bank PLC own by Prince Adedoyin,the two creditors are Braco Ventures limited and its Managing Director Alhaji Saliu Ibrahim. Justice Dawudu directed all the mentioned banks to appear in court to show reason why they cannot pay to the judgement creditors the entire balance of the judgement sum towards the satisfaction of the debt.


Justice Tijani Abubakar presiding over a Federal High Court in Lagos in a suit instituted by Braco Ventures Limited and its Managing Director, Alhaji Saliu Ibrahim against Prince (Dr.) Samuel Adedoyin and three other directors of the defunct City Express bank, Mrs. Sola Adeoti, Alhaji Gambo Mogaji and Kayode Folorunsho held that the defendants are jointly and personally responsible to pay the applicants the sum of N44, 684,424.00.

Almost nine years after the judgment was delivered, the judgement debtors allegedly refused to pay the money or part of it to the judgement creditors.

Consequently, the judgment creditors through their lawyer, Babatunde Oshilaja in an application filed before the court, prayed the court for an Order directing all the banks to attach all the monies held by them as bankers to the judgement debtors to satisfy the N44, 684,424.00 judgement sum.
In an affidavit in support of the application deposed to by Alhaji Saliu Ibrahim, he stated that he had suffered series of hardships, financial embarrassment and incapacitating business failures following judgement debtors’ failure to pay the judgement debt.

However the judgement debtors through their lawyer,Barrister Tunde Akinrimisi described the garnishee proceeding as an abuse of court process and an attempt to foster a situation of hopelessness on the court of Appeal,since there is pending appeal against the judgement.

In an affidavit sworn to by litigation manager from the law firm of Sanusi,Akinrimisi and company, Kabiru Salawu, and filed before the court by Mr Akinrimisi the deponent averred that the judgement creditors were customers of the defunct City Express bank who obtained default judgement against the bank, EIB International bank Plc and one Olabode Rotimi Bello at a Lagos high court.

Sequel to the judgement, the bank went into receivership and was taken over by Nigeria Deposit Insurance Corporation (NDIC). Prince Samuel Adedoyin as the chairman of the defunct City Express bank attested to the fact that all the creditors of the defunct bank have been paid monies owed to them by NDIC,therefore the judgement Debtors believed that the judgement Creditors are using the court to seek double compensation.

He stated further that there is a subsistence order of stay of execution of the judgement upon which the garnishee order is based and had not been vacated.
Besides, Akinrimisi stated that there is pending appeal in relation to the judgement relied upon by the judgement creditors and that same has been entered at the Court of Appeal,and that prior to the judgement creditor’s application before the court, the judgement creditors has a pending application before the appellate court for an order that the judgement sum should be deposited with the Chief Registrar of the Federal High Court.

He stated that where there is a pending applications before the appellate court, it is desirous that the appellate court be allowed to make a decision in order not to make the final decision of the court nugatory.

“The judgement creditors are aware of the stay of execution and other processes still pending before the Court of Appeal yet brought this processes without disclosing fundamental and material facts before the court”.

He urged the court to refuse making the garnishee order absolute and also discharge the order adding that the present proceeding is premature. Mr Akinrimisi also told the court that he was not served with any order of the court consequently,he filed his response out of caution.
In similar circumstances, lawyers representing seven of the banks told the court that the order of the court served on them bears no address and urged the court to allow them serve Mr Osilaja in the open court.

But Mr Osilaja refused insisted on being served in his office. Justice K. O. Dawudu has adjourned till 23rd of March,2016 for report of service.

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