By Jude-Ken Ojinnaka
Further proceedings against the acting Director-General, National Commission against the Proliferation of Arms, Light Weapons and Pipeline Vandalism (NATCOM), Mr Adejare Nurudeen Adegbenro comes up on Monday December 4 following a summons issued to him by a Lagos High Court sitting at Ikeja to appear before it following his failure to liquidate an alleged judgement debt.
According to the summons, Adegbenro (3rd judgement debtor) is in a N2,016228,442.95 debt owed to the Judgement Creditor, Fundquest Financial Services Ltd.
Justice Akinkunmi Idowu had issued the summons in a November 8 ruling following an application by Fundquest Financial Services through its counsel, Mr. Adetunji Adedoyin-Adeniyi.
Part of the summons reads: “The Judgement Creditor obtained a judgement against the above named 3rd Judgement Debtor in this court on the 5th day of July, 2021 for:
“The sum of N1,033,800,276.46 against the 1st and 2nd Judgement Debtors being the amount outstanding and unpaid, as at 30th November, 2020 by the 1st and 3rd judgement debtor in respect of the Institutional Note Issuance/Commercial Paper Facilities in the sum of N405, 000,000, availed to the 1st judgement Debtor vide the Judgement Creditor’s offer letter of 27 April 2017 and guaranteed by the 3rd judgement debtor.”
Other sums mentioned as comprising the N2,016228,442.95 debt include N418,326,446.11 and N594,101,720.38.
Justice Idowu added in the summons that the sums “Be attached together with interest at the contractual of 30 percent per annum from the 30th November, 2020 until 5th July, 2021 and thereafter at 20 percent per annun till the day the whole outstanding judgement debt is finally liquidated as per the Summary Judgement of this Honourable Court.
“And whereas default has been made in the payment of the judgement debt of N2,812,781,833.87 payable in pursuance of the said Judgement and the Judgement Creditor has required the Judgement Summons to be issued against you the 3rd Judgement Debtor- Mr. Adejare Nurudeen Adegbenro.
“You are therefore summoned to appear personally in this Court, to be examined on oath touching the means you have or have had since the day of the said Judgement, and also to show cause why you should not be committed to prison for such default.”
Recall that in its July 5, 2021 judgement, the court then presided over by Justice Taofiquat Oyekan-Abdullahi, granted a Mareva Injunction restraining “all commercial banks in Nigeria” from releasing all monies/assets due to two firms and two persons including Adegbenro from all accounts up to N2,016228,442.95, pending the determination of the motion on notice.
The firms and the persons are Balmoral International Ltd, DDSS International Company Ltd and Mr Adegbenro being first, second, third and fourth defendants respectively.
In a suit, marked, LD/ADR/3462/2021, filed by Fundquest Financial Services Ltd, Justice Oyekan-Abdullahi, who upheld Fundquest Financial Services’ application, further restrained the four defendants, including the 1st and 2nd defendants’ directors or agents, from transferring or dealing with their funds in the banks up to N2,016228,442.95.
The 21 commercial banks are: Guaranty Trust Bank, Access Bank, Citi Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, Globus Bank, Heritage Bank, Jaiz Bank, Keystone Bank, Polaris Bank, Providus Bank, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Union Bank, United Bank for Africa, Unity Bank, Wema Bank and Zenith Bank.
The judge also restrained the defendants from tampering with any of the 1st to 4th defendants’ “properties that can be traced and located by the claimant/applicant during the pendency of this suit.”
“The fourth prayer is granted subject to the fact that the banks who have no funds shall do a letter to court/claimant counsel, while those with funds shall comply with an affidavit of compliance on or before the seven days, once they are served.”
