First City Monument Bank (FCMB) has taken legal action against a Lagos businessman, Prince Stanley Uduhirinwa, trading under the name Leesabel Ventures Nigeria, seeking to recover an outstanding debt of N254,201,001.41.
The case has been filed before a Federal High Court in Lagos.
In a joint statement of claim by FCMB and its attorney, Nick Omeye, it is alleged that Prince Stanley Uduhirinwa, a customer of the bank, had applied for various loans and entered into a legal mortgage with the bank
The defendant was granted a stock finance facility of N45 million for 360 days by an offer letter dated October 15, 2012.
The security for this facility was a legal mortgage over the defendant’s property located at No. 7 Ifon Gabriel Street, by Ojokoro Road, Ikorodu, Lagos.
The plaintiff claims that for over two years, the defendant has refused to repay the outstanding debt, which prompted the bank to demand repayment through a letter dated February 10, 2016.
As of January 31, 2016, the total debt stood at N66,575,858.35.
Despite issuing several cheques for part-repayment, these were returned unpaid, leading to the activation of clause 5 of the Deed of Legal Mortgage.
The bank appointed Nick Omeye as a receiver over the defendant’s property.
As of October 31, 2023, the debt owed to the bank had increased to N254,201,001.41.
Efforts to engage with the defendant proved futile, as he reportedly went into hiding by vacating his office in Surulere and refusing to meet the bank’s officials during visits to his residence in Ikorodu.
The plaintiff seeks the following:
- The sum of N254,201,001.41 being the outstanding amount as of October 31, 2023.
- Interest on the sum at the rate of 21% from November 1, 2023, until the liquidation of the judgment sum.
The plaintiff also requests a court order granting possession of the mortgaged property to enable its disposal for the purpose of repaying the debt.
The case has been adjourned until January 24, 2024, for hearing by the presiding Judge, Chukwujekwu Aneke.
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