The United bank of Africa
UBA has dragged a Lagos businessman, Prince Solomon Adediran Aluko and
his company Cityflex Express limited before a Lagos high court in its quest to recover a debt of N215,223,857.4 incurred.
UBA has dragged a Lagos businessman, Prince Solomon Adediran Aluko and
his company Cityflex Express limited before a Lagos high court in its quest to recover a debt of N215,223,857.4 incurred.
The top financial institution is also seeking an order in the alternative of the court
foreclosing the defendants’ right to redeem the mortgaged property
situated at 82, Allen Avenue, Ikeja,Lagos registered as 59 page 59 of Volume 1657 at the lands Registry, Alausa Ikeja Lagos, used to secure the loan.
In a statement of claim filed before the court by a Lagos lawyer,
Barrister Akin Adesomoju, the bank averred that, by letter of offer
dated 7th of March 2014 the bank granted N350million loan to CityFlex
Express Company, for the purposes of financing purchase orders the
company got from counter parties, buying out of the company’s
indebtedness to Unity bank Plc and augmenting its working Capital among
others.
The bank stated that it has reserve the right to dispose off of the mortgaged property situated at 82,Allen avenue Ikeja and apply the proceeds towards liquidating the Company’s outstanding indebtedness.
The company, in contravention of its covenant to promptly pay down
the Outstanding on the facilities and interest as they fall due,
defaulted in its repayment obligations.
This prompted the bank to mandate its solicitors, Messers Akin
Adesomoju to demand the liquidation of the defendants’ Outstanding
indebtedness and recover same.
Whereof the bank claims against the defendants, jointly and
severally are as follows :A declaration that the defendants are indebted
to the bank in the sum of N215,223,857.4
An order foreclosing the defendants right to redeem the mortgaged property situated at 82,Allen Avenue Ikeja.
An order that Prince Solomon Adeniran Aluko should deliver vacant possession of the property to the bank.
Adesomoju to demand the liquidation of the defendants’ Outstanding
indebtedness and recover same.
Whereof the bank claims against the defendants, jointly and
severally are as follows :A declaration that the defendants are indebted
to the bank in the sum of N215,223,857.4
An order foreclosing the defendants right to redeem the mortgaged property situated at 82,Allen Avenue Ikeja.
An order that Prince Solomon Adeniran Aluko should deliver vacant possession of the property to the bank.
In a preliminary objection, the defendants contended that the
bank commenced this suit through a wrong procedure therefore urged the
court to either strike out the suit or in the alternative order parties
to file their pleadings.
In her ruling, the presiding judge, justice Deborah Oluyemi while adjourning till 9th of July, 2018 for hearing struck out the preliminary objection of the defendants and ordered the parties to file their pleadings
