December 5, 2022

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BILLIONAIRE SUNNY ODOGWU IN TROUBLE WITH DIAMOND BANK OVER N26B DEBT

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Chief Sunny Odogwu

Chief Sunny Odogwu
Chief Sunny Odogwu
This is surely not the best of time for Ide-Ahaba, Olorogun Sunny Odogwu, a successful businessman, over his inability to pay up a loan of N26.229 billion owed a commercial Bank, Diamond Bank Plc. Justice Saliu Seidu of the Federal High Court, Lagos, has fixed March 10 hearing in the suit filed by Diamond Bank against popular businessman, Sunny Odogwu and his companies over alleged non-payment of N26.229 billion debt.
Gathered that Diamond Bank in an affidavit in support of the application sworn to by Fanen Shambe, the bank’s Relationship Manager, averred that sometime in 2007, SIO Properties Limited and Odogwu, on behalf of Robert Dyson & Diket Limited, approached the bank and required huge finance to be applied and disbursed as at when due for their project called ‘Luxury Collection Hotels and Apartments’, formerly Le Meridian Grand Tower, to be constructed at 31-35, Ikoyi Crescent, Ikoyi, Lagos, in the name of SOI Properties Limited of which Odogwu was the chairman and beneficial majority owner.
The deponent also averred that Odogwu guaranteed through the SIO Properties Limited to execute third party legal mortgage in favour of Diamond Bank over the said property as a security for the facility availed them by the bank, and that SIO Properties Limited, by a letter and a board resolution affirmed the said covenant to the bank.
Shambe averred further that it was upon a duly executed agreement that the bank granted Odogwu and the two companies the loan in form of a bridge finance of the said N26, 229,943,035.22.
However, the deponent added that Odogwu and his companies were insolvent, otherwise bankrupt and unable to meet their financial obligation.
The bank is therefore, in its originating summons, seeking an order of the court entering judgment in the sum of N26, 229,943, 035.22, jointly or severally against the first to third defendants, being the outstanding sum as at September 30, 2014 on the loan advanced by the bank for the defendants.
Justice Seidu of the Federal High Court had earlier ordered 19 commercial banks in Nigeria not to allow Odogwu and his companies – Robert Dyson & Diet Limited and SIO Properties Limited to withdraw funds from their accounts.
The order was sequel to an order of Mareva injunction sought by Diamond Bank for alleged refusal of Odogwu and his companies to offset a loan of N26,229,943,035.22, they obtained from the bank.

Joined as co-defendants in the debt recovery suit are Corporate Affairs Commission, (CAC), The Registrar of Title, Federal Land Registry, and Leadway Trustees Limited, as fourth, fifth and sixth defendants respectively.

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UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

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UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

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