There are indications that Sterling Bank may go back to court against Aime Nigeria Limited, an Oil & Gas Products Marketing company over its failure to pay back a Judgment Debt arising from a trade finance facility of N120 million obtained in December 2008 for the purchase of petroleum products.
We gathered that Aime Nigeria Limited commenced business transaction with the Berger Branch of the bank in March of 2006. The Company is run by Mrs. Judith Ogbara, the Managing Director/CEO who also guaranteed the loan cum judgment debt. The office is centrally located at 48 Calcutta Crescent, Apapa, Lagos
Facts gathered by our correspondent show that the securities provided for the facility includes:
· Third Party Legal Mortgage on the property at No. 7 Ibironke Crescent, Parkview Extension with OMV OF N205m and N137m FSV
· Personal Guarantee of Mrs. Judith Ogbara
· Lien on Product Finance though Bank’s possession of ATL’s
· Triparte Warehousing Agreement
However, we gathered that the facility went bad with a debit balance of N108,713,596.82.It was also discovered that the customer submitted a cloned [forged] C of O, an indication of outright intent to defraud. Sources close to both parties told our correspondent that the customer was arrested, but later released and the legal suit commenced in year 2009, which culminated in Terms of Settlement dated 15th July, 2010 executed by all parties to the suit and their respective counsel upon which the court subsequently pronounced Consent Judgment.
The said Consent Judgment mandated both Aime Nigeria and Mrs. Judith Ogbara, the customer should commence the payment of N5m monthly to the Bank from October, 2011 until full liquidation of the amount amounting till year 2016. However, the amount was reviewed downward to N3mmonthly based on the customer’s appeal on 22nd October, 2011 and the account restructured in line with the repayment plan.
Regrettably, the customer reneged on the above Consent Judgment, an action necessitating a garnishee move by the Bank on its accounts in 17 Banks in February, 2013; an effort that yielded a meager N1,206,713.84. In view of the foregoing the bank is expected to employ the services of the Law Enforcement Agencies to move against Aime Nigeria, especially in the light of the cloned [forged] C of O submitted to the Bank.