A Federal High Court, Lagos, has awarded a judgement sum of N20.7 billion in favour of Union Bank Plc against a petroleum marketer, Kehinde Elliot Ogbor, and his company, Danium Energy Services Limited, over an outstanding loan facility.
The trial judge, Deinde Dipeolu, while delivering judgment in suit marked FHC/L/CS/1905/2023, also ordered the bank to take exclusive possession of several prime properties belonging to Ogbor and his company.
Union Bank, through its counsel, Adetunji Adeniyi-Adedoyin, had approached the court seeking interpretation and enforcement of the Memorandum of Settlement dated 6 March 2018, and the Consent Judgment delivered on 25 April 2018, following the defendants’ alleged breach of settlement terms.
The bank prayed the court to declare that the defendants’ failure to comply with the agreed repayment terms constituted a breach of contract, and to authorise it to take possession and sell the mortgaged properties in satisfaction of the N20,732,299,999.21 debt.
It also sought the court’s directive to relevant security agencies, including the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), to assist in taking possession of the listed assets.
In their response, the defendants, through their counsel, Ikenna Emeh, filed a joint counter-affidavit and counterclaim, and prayed the court to dismiss Union Bank’s suit for lack of merit.
They also sought relief, including a declaration that the Memorandum of Settlement and Consent Judgement were vitiated by fraud, misrepresentation, undue influence, and duress.
Danium Energy further demanded that the court order Union Bank to pay N42.4 billion in alleged excess bank charges and penalties, as well as N25 billion in damages for conspiracy, fraud, and reputational injury.
It also sought the release of all collateral securities pledged to the bank and repayment of funds allegedly wrongfully withheld.
After reviewing the submissions of both parties, Justice Dipeolu dismissed the defendants’ counter-affidavit and counterclaim for lack of merit.
The court upheld all reliefs sought by Union Bank, declaring that the bank’s statutory power of sale had arisen due to the defendants’ continued default.
Justice Dipeolu consequently granted the bank leave to take over and sell the defendants’ listed properties to recover the outstanding debt.
