Funke Osibodu, Husband, Firms sued over alleged $92.4m Debt

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OrijoReporter.om, Funke Osibodu debt scandal
Funke Osibodu

In a bid to recover the sum of $91.4 million USD debt, allegedly owned by Mr. Victor Osibidu, his wife, former Ecobank MD,  Funke Osibodu, and their companies, three banks and two firm banks have urged a Federal High Court, Lagos, for several orders and injunctions against them and their companies.

The banks and the two firms, which are counter-claimants/applicants in suit marked: FHC/L/CS/239/2022, are; Stanbic-IBTC; Fidelity Bank Plc; Keystone Bank Limited; ALM Consulting Limited and Stanbic-IBTC Trustees Limited.

While those listed as defendants to Counter-Claim/respondents are: Vigeo Holdings Limited (In receivership); VHL International Limited; Global Utilities Management Company Limited; Design Innovation Limited; Mr. Victor Gbolade Sobodu; Mrs. Funke Iyabo Sobodu; Vigeo Power Limited and Benin Electricity Distribution Plc.

The counter-claimants/applicants in their original claims and motion on Notice are asking the court for an order entering summary judgment against the respondents on the undisputed principal amount/credit facilities availed by first to third applicants and absence of conceivable and/or sustainable defence to pplicants’ Counter-Claim to wit: A. Judgment on the liquidated sum of $22,300 million, USD, against the Respcndents being the principal sum/restructured credit facility advanced by the first Applicant to the first Respondent as at March 24, 2016.

  1. Judgment on the liquidated sum of $55,309,439.13 million USD, against the Respondents being principal sum/restructured credit facility advanced by the second Applicant to the first Respondent as at June 5, 2018.

  2. Judgment on the liquidated sum of N24,785,319 billion, against the Respondents being the principal sum/restructured credit facility advanced by the third Counter-claimant/Applicant to the first respondent as at June 16 2021.

  1. Judgment in the aggregate/cumulative sum of $77, 609, 439.13 million USD and N24, 785,319, billion, as prayed in reliefs “a to c” above. And Interest on the above stated sums at the rate of 12.5 percent par annum from the date of the judgment till liquidation of the judgment sums.

The counter-claimants/applicants is also asked the court for an order setting down for trial, the determination of the extent of the Respondents’ indebtedness on the accrued Interest of the above stated principal sums from the date of the restructured facilities being March 2, 2016, 5 June, 2018 and June 16, 2021, till the date the summary judgment above was entered, being the crux of the Respondents’ alleged dispute.

The counter-claimants/applicants also asked the court for an interlocutory order granting leave to them and the Receiver/Manager (Mr. Kunle Ogunba (SAN) appointeg pursuant to a Deed of Appointment of Receiver/Manager dated the February, 2022 and duly registered at the Corporate Affairs Commission, A {CAC} to take over and preserve the assets of the Respondents Particularly: the seventh defendant to the counter claim’s (Vigeo Power Limited) 60% in the Benin Electricity Distribution Plc, {being the asset purchased with the facility sums availed the first Defendant to the Counter Claim the first to third Counter-Claimants}: Property lying and situate at 16A Milverton Road, Ikoyi, Lagos, Nigeria;  Property lying and situate at 6 Osborne Road, Ikoyi, Lagos, Nigeria; Property lying and situate at 31A, Adeniyi Jones Avenue, Ikeja, Lagos, Nigeria; Property lying and situate at Flat 5, 33 Bryanston Square, London, V 2DX,

The second Defendant to the counter claim’s 12. 5 million, Units of shares in the first Defendant; the Defendant to the counter claim’s 7, 500 million Units of its shares in the seventh defendant to counter claim; the first Defendant to the counter claim’s 22. 5 million Units of its shares in the seventh Defendan the counter claim, and The shares of the first Defendant to the counter claim in the fourth Defendant to the counter claim; Funds/monies in any bank account within the jurisdiction of the Court belonging to the Defendants to the counter-Claim.

Any other Asset{s} of the Defendants to the counter Claim/Respondents, be it or personal, wherever may be found and/or traced within the jurisdiction of Honourable court, pending the hearing and final determination of substantive suit before this Honourable Court.

They also asked for an interlocutory order granting judicial protection to the Applicants and/or ‘Kunle Ogunba Esq, (SAN) the Receiver/Manager appointed by the Applicants in the course of the performance of his duties over the assets of the respondents listed in relief “1” abc pending the hearing and final determination of the substantive suit.

“An order of Interlocutory injunction restraining the Respondents their directors, agents, servants and/or privies from interfering with or otherwise from obstructing the Applicants and/or ‘Kunle Ogunba Esq (SAN) Receiver/Manager appointed by the Applicants in the course of the performance his duties as Receiver/Manager over the assets of the Respondents listed in re “1” above, pending the hearing and final determination of the substantive suit before this Honourable Court.

“An order of Interlocutory injunction restraining the Responden their directors, agents, servants and/or privies from interfering with, tamperir removing from jurisdiction of this Honourable Court or otherwise dealing with t Respondents’ funds, bond, stocks and/or. shares in any Bank or financial instituti in Nigeria or outside Nigeria, pending the hearing and final determination the substantive suit before this Honourable Court.”

They also asked the court for an order  directing all the Banks and/or Finance institutions in Nigeria to furnish this Honourable Court and/or the Counte Claimants/Applicants or the Receiver/Manager {Mr. Kunle Ogunba Esq. (SAN) to details of any sums standing to the credit of the Respondents herein within {seven} days of being furnished/availed the Order of Court in this suit.

“An order of the court granting leave to the Claiman Claimants/Applicants to author the prescribed, statutory and procedural Notic depicting the current status of the first Respondent {now in-receivership} as may it deemed fit in any Daily or Nationally circulated Newspaper in Nigeria.

“An order of this Honourable Court directing the Assistant Inspector General Police Zone 2, Lagos State; the Commissioner of Police for Lagos State and oth respective states where the Respondent’s properties may be situated, tf Commandants of Nigerian Civil Defence Corps in Lagos State and other States respectively, their Deputies, officers/personnel as may be deemed appropriate at the Receiver/Manager, to assist the said Applicants and/or Receiver/Manager in execution of their/his powers over the Charged Assets of the Respondents as listed in Relief {2} pending the hearing and final determination of the substantive Suit before this Honourable Court.

The suit is presently before Justice Yellim Bogoro, but no date has been fixed for its hearing.

 

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