In a bid to recover a debt of N818,416,976.26,Skye Bank Plc has dragged a limited liability company, Tropical Merchants limited and two company directors, Chief Rasheed Alaba Williams and Ayinde Bakare, before a Federal high court in Lagos.
The bank is seeking an order from the court, to sequestrate all cash belonging to the defendants, kept in 22 commercial banks in Nigeria, up to the outstanding debt in the sum of N818,416,976.26, being the amount alleged to be owed by the defendants.
According to an affidavit, in support of the debt recovery suit sworn to, by Skye Bank legal officer Mr. Oladapo Olowo, and filed before the court by a Lagos lawyer, Barrister Oluwakemi Balogun (SAN). It was alleged that Tropical Merchants Limited company on the 13th of December 2012, applied for, and was granted a contingent loan in the sum of $2,820,000,to finance the importation of 3000 Metric Tons of Petroleum from Addax Energy SA for Mobil Nigeria Plc.
The loan was secured by the notarized statement of Networth and also the personal guarantee of the Managing Director/Chief Executive officer of the company Ayinde Bakare, while a Director of the company Chief Rasheed Alaba Williams wrote a letter of consent to mortgage his property situate at 13/15 Lake street, Lagos as security for the loan and deposited the title deed of the property with the bank.
Mr Olowo averred further that, The Tropical Merchants limited company indebtedness to Skye bank Plc has become due and payable but neither the company, Ayinde Bakare and Rasheed Alaba Williams has taken steps to liquidate the debt. Which stood at N818,416,976.26 as at 31st of May, 2017,despite repeated demands to make payments.
The bank is at a loss, as to the whereabouts of the defendants having left their last known addresses, hence the apprehension that the relocation may be steps by the company, to carry out their threat to dispose of company’s assets, in a bid to frustrate the bank from recovering its due sum.
Consequently, the bank is urging the court to restrain the defendants and their agents from making withdrawals from their accounts in 22 commercial banks or any financial institutions in Nigeria pending the hearing and determination of the substantive suit .
The bank is also seeking the order of the court directing the banks listed before the court, to sequestrate within three days of receipt or service of the order, all and or any cash in banks, bonds, deposit,real estate,stocks, all forms of negotiable instrument in all stock broking firms, discount houses,microfinance banks and all licensed banks in and/or outside Nigeria in the name of the defendants up to the outstanding indebtedness in the sum of N818,416,976.26 and keep same in an interest yielding account in the name of the Chief Registrar of the court pending the determination of the suit.