Fincon Engineering Nigeria Limited, a limited liability company and two of its Director
Adesubomi Adesupo and Adelore Adebayo have been ordered by a Federal high court sitting in Lagos to pay the sum of
N289,983,113,95, being the amount of debt they are owing First Bank of
Nigeria Limited. The order of the court was as a result of an application filed
before the court, by a Lagos lawyer, Barrister Ade Oyebanji , urging the
court to issue a summons on the defendants asking the court to enter
the suit for hearing under the undefended list and marking it
accordingly.
The Presiding Judge Saliu Saidu, acceded to the request of the bank
and the court order were served on the
defendants. The case of First bank limited was that on the 21st of May,
the Finco Engineering Nigeria Limited company applied for a contract
finance facility from First Bank limited to assist the company to
purchase /contract order of USD345,000 issued to the company by Ericsson
Nigeria Limited, the bank granted the company co joined credit
facilities in the sums of N42,492,052.00,N33,944,064 ,and
N187,542,618.75.
The company by letter of undertaking dated the 18th of June,
2014, did undertake to deposit a minimum of 30% of the cost of execution
of the contracts as equity contribution before each draw down of the
facility. Upon the company’s unremitting default and inability to liquidate
its indebtedness, the bank caused a demand letter to be served on the
company, the said letter was duly received and acknowledged and expressly
admitted its indebtedness via a letter dated 3rd December, 2015, but has
always failed to make good its obligation in the contract facility.
As a result of the company’s inability to fulfill its obligation
to the bank, the indebtedness of the company as at 2nd March, 2016.stood
at N289,983,113.95 as interest continues to accrue. The bank has taken various steps with view to ensuring that the company
paid its debt but all efforts have proven abortive as the company has
wilfully refused to pay the debt.
Adesubomi Adesupo and Adelore Adebayo Ahmed guaranteed the loan
facilities obtained by the company, consequently the bank claims jointly
and severally against the defendants are for:
(a)N289,983,113,as at the 2nd of March,2016.
(b) Interest on the said sum from the date of judgement at the rate of
10% per annum till the full liquidation of the judgement debt.
The presiding judge Saliu Saidu in his judgement, said based on
the unchallenged evidence before the court and the letter of
acknowledgement of indebtedness written by the defendants to the bank; I
hereby grant as follows :
N289,983,113.95 only being the sum due to the bank arising from the credit facilities granted to the defendant.
Interest on the said sum of N 289,983,113.95 only from the date of
judgement at the rate of 10% per annum till the full liquidation of the
judgement debt.
(b) Interest on the said sum from the date of judgement at the rate of
10% per annum till the full liquidation of the judgement debt.
The presiding judge Saliu Saidu in his judgement, said based on
the unchallenged evidence before the court and the letter of
acknowledgement of indebtedness written by the defendants to the bank; I
hereby grant as follows :
N289,983,113.95 only being the sum due to the bank arising from the credit facilities granted to the defendant.
Interest on the said sum of N 289,983,113.95 only from the date of
judgement at the rate of 10% per annum till the full liquidation of the
judgement debt.
