Guaranty Trust Bank (GTB) on Wednesday urged a Federal High Court in Lagos not to grant a bond application filed before the court by the former governor of Oyo State, Rasheed Adewolu Ladoja, as a security over his property.
The presiding judge, Justice Rilwan Aikawa, had on October 5, 2017, granted leave to Olamide Owolegbon, who had been appointed by GTB to take possession of a property belonging to Mr. Ladoja pending the determination of a debt recovery suit filed against him.
GTB, in a bid to recover an alleged debt of N207,150,761.46, had dragged Mr. Ladoja alongside his company, Hi-Nutrient International Limited, before the court.
At the resumed hearing of the matter on Wednesday, Mr. Ladoja's lawyers, Bolaji Ayotunde and T. A. Bayero, informed the court of their client's application dated November 29, 2017.
In the application, Mr. Ayotunde urged the court for an order granting leave to Mr. Ladoja and to provide a security bond in favor of the court's Chief Registrar in the sum of N207,150,761.46 million, the alleged debt, pending the determination of the suit.
Mr. Ladoja also sought an order of the court deeming the bond of N207,150,761.46 million, issued by the United Bank for Africa (UBA), in favor of the court's Chief Registrar, Lagos, and an order directing GTB to vacate Mr. Ladoja's property situated at 57 Oscar Ibru Way, Apapa, Lagos.
He further sought an interlocutory injunction restraining the receiver/manager, Mr. Owolegbon, as well as his agents, servants, privies, and other workers from selling or disposing off the said property.
Mr. Ayorinde also stated that the property was a security and alternative security has been provided while the court decides the merits or demerits of the case. He argued that the purpose of the existing order of injunction is not punitive, it is to secure and to preserve the money they are demanding.
Mr. Ayorinde therefore urged the court to grant his client's application.
Responding, GTB’s lawyer, Temiloluwa Adamolekun, urged the court to dismiss Mr. Ladoja’s application, saying that the defendants are seeking to overturn the court’s order delivered on October 5, 2017.
Mr. Adamolekun told the court that bonds are usually posted where there is a claim for money, adding that the reliefs he sought are a declaration, while the suit is about a protection of the receiver/manager. He added that since the defendants filed the application, they have failed to talk to the bank about the loan.
Mr. Adamolekun also stated that the defendant's bond, if granted, would rob the court of its jurisdiction. He therefore urged the court not to grant the application.
Justice Rilwan Aikawa adjourned till December 15, 2017, for a ruling.
It would be recalled that Justice Aikawa had on October 5 granted GTB's application to appoint Olamide Owolegbon, as the receiver/manager of Mr. Ladoja's property located at 57 Oscar Ibru Way Apapa, Lagos, due to an unpaid debt of N207,150,761.46 million.
The judge also made an order restraining the defendants and the directors of the company and their agents from frustrating the receiver/manager from exercising all the powers vested in him to perform his duties.