December 5, 2022

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N26.2B DEBT:COURT ORDERS BILLIONAIRE SUNNY ODOGWU TO FORFEIT HOTEL TO DIAMOND BANK

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imageA Federal High Court in Lagos last week entered judgment in favour of Diamond Bank in a N26.2bn debt recovery suit it filed against a businessman, Chief Sunny Odogwu, and his two companies, Robert Dyson & Diet Limited and SIO Properties Limited.

The trial judge, Justice Saliu Saidu, granted Diamond Bank the leave to foreclose and sell ‘Luxury Collection Hotels and Apartments’, formerly Le Meridian Grand Tower, in Ikoyi, belonging to Odogwu, to partly satisfy the judgment debt.

The court perpetually restrained the 3rd defendant from “disposing, selling or alienating any of its personal assets, money, share, stock and other negotiable instrument until the judgment sum is fully liquidated.”

The judge also ordered Leadway Trustees Limited, which is the 6th defendant in the suit, to surrender all the title documents in its custody in relation to the property and other documentation connected and or pertaining to the extant transaction of which the plaintiff is a beneficiary to the bank.

The bank had taken the defendants to court in a bid to recover the loan advanced to the 1st, 2nd and 3rd defendants in 2007 to built Le Meridian Grand Tower.

Also joined as defendants in the suit are the Corporate Affairs Commission, the Registrar of Title, Federal Land Registry, and Leadway Trustees Limited.

The bank had told the court that the defendants had become insolvent or bankrupt and were unable to meet their financial obligation to the bank.

In his judgment, Justice Saidu said the 1st, 2nd and 3rd defendants admitted being indebted to the bank but did not show to the court how they were going to liquidate same.

The judge had earlier ordered 19 commercial banks in the country not to allow the 1s, 2nd and 3rd defendants to make withdrawal from their accounts pending the determination of the suit.

Culled from Punch

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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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