Guaranty Trust, the bank led by Mr Segun Agbaje has taken wrangling with business man, Otunba Ayoola Abioye to another level.. The bank and it's estranged client are at the appeal court over a N400m loan arrangement turned sour.
Here are details of this business arrangement turned legal brawl.
' 'A debt recovery suit N346, 798,405.96 instituted against a Lagos
business man Otunba Ayoola Abioye and his company BSS Steel Rolling
Mills limited (pictured) by Guaranty Trust Bank Plc has taken a new
twist as the bank has filed an appeal against the ruling of a Federal
High court vacating the order made by the court to preserve the assets
of the company by the Receiver manager pending the final determination
of the suit.
In addition, the bank has equally filed an application before the court,
urging it to restrain Otunba Ayoola Abioye or his privies from
executing or taking advantage of the ruling of the court in taking steps
that will prejudice the constitutional right of the bank to approach
the court of appeal to hear and determine the appeal already lodged at
the court for adjudication.
According to an affidavit sworn to by an officer of Guaranty Trust Bank,
Mr. Soga Adewale and filed before the court by a Lagos Lawyer, Mr.
Morrison Quakers (SAN), the deponent averred that by offer letters dated
11th of May, 2009, 30th June 2009 and 2nd March 2010, Guaranty Trust
Bank Plc at the request of Otunba Ayoola Abioye granted various loan
facility totaling N400 Million for the importation of iron rods into the
country. The tenor for the repayment of all the facilities was two
years inclusive three months’ moratorium.
'The loan facilities were secured by an all assets Deed of Debenture over
all the fixed and floating assets of BSS steel rolling mills limited,
Tripartite legal mortgage on Property located at 25 Sehinde crescent,
Oshodi Lagos state owned by Ayoola Abioye who is the Vice chairman of
the BSS company, Tripartite legal mortgage over a five bedroom duplex
located at 24C Victoria Garden city Victoria Island, Lagos state,
Tripartite legal mortgage over a property owned by one Samuel Ariyo
situated at 191 Igbosere road Lagos, and personal Guaranty of Otunba
Ayoola Abioye for the full facilities and accrued interest thereof.
However, Mr. Adewale averred further that upon drawn down of the loan
facilities, the company started defaulting in its repayment obligation
to the bank and could not meet up with its obligations therefore having
an indebtedness of N346,798,405.96 as at January 2012 while interest
continues to accrue on the principal and interest.
In view of the defendant’s failure to pay its debts, the bank appointed
Mr. Morrison Quakers (SAN) as a receiver Manager to take over and
preserve the assets of BSS steel rolling mills covered by the Deed of
Debenture to enable the bank realized the debt owed by the company as
the bank believed that the company is insolvent, unprofitable and cannot
repay its debts, and unless the charged asset of the company is
realized the debt may not be paid as the second defendant being the
alter ago of the company has also failed in his responsibility in
liquidating the debt of the company.
'However, in a counter affidavit sworn to by Otunba Ayoola Abioye, he
denied almost all the allegations of Mr. Soga Adewale and stated that
the N400million loan granted by the bank were for different purposes and
at different times and that it is not true that as at January 2012 the
company had defaulted so much that it had an indebtedness of N346,
798,405.96.
'Otunba Abioye averred further that forensic analysis of all the payments
made by the company were examined and it was shown that the bank
overcharged the company to the tune of N248, 779, 903.99, therefore he
is not personally indebted to the company and he is ready to contend at
the hearing of this suit.
Meanwhile the presiding judge Justice Muhammed Idris has adjourned till 6th of June 2014 when hearing of the suit will commence.
After the ruling of the court it was alleged that Otunba Abioye’s
property, which was under lock and key had been forced open by the
defendants without recourse to the court to do so'
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