February 25, 2024

Court Summons Adejare Adegbenro Over N2 Billion Judgement Debt

Court Summons Adejare Adegbenro Over N2 Billion Judgement Debt

The Lagos State High Court sitting at Ikeja, has summoned the Acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons and Pipeline Vandalism (NATCOM), Mr Adejare Adegbenro, to appear before it following his failure to liquidate an alleged judgment debt.

According to the summons, Adegbenro is the 3rd judgment debtor in a N2,016228,442.95 debt owed to the Judgment Creditor, Fundquest Financial Services Ltd.

Justice Akinkunmi Idowu issued the summons in a November 8 ruling following an application by Fundquest Financial Services through its lawyer, Mr. Adetunji Adedoyin-Adeniyi of AAA Chambers.

Part of the summons reads, “The Judgment Creditor obtained a judgment against the above named 3rd Judgment 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 Judgment Debtors being the amount outstanding and unpaid, as at 30th November, 2020 by the 1st & 3rd judgment debtor in respect of the Institutional Note Issuance/Commercial Paper Facilities in the sum of N405, 000,000, availed to the 1st judgment Debtor vide the Judgment Creditor’s offer letter of 27 April 2017 and guaranteed by the 3rd judgment debtor.”

Other sums mentioned as comprising the N2,016,228,442.95 debt include N418,326,446.11 and N594,101,720.38.
Justice Idowu added that the sums “Be attached together with interest at the contractual of 30% per annum from the 30th November, 2020 until 5th July, 2021 and thereafter at 20% per annum till the day the whole outstanding judgment debt is finally liquidated as per the Summary Judgement of this Honourable Court.

“And whereas default has been made in the payment of the judgment debt of N2,812,781,833.87 payable in pursuance of the said Judgment and the Judgment Creditor has required the Judgment Summons to be issued against you the 3rd Judgment 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 Judgment, and also to show cause why you should not be committed to prison for such default.”

The judge adjourned the matter till December 4 for further proceedings.
Recall that in its July 5, 2021 judgment, the court presided over by Justice Taofiquat Oyekan-Abdullahi, then 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.

The suit, marked, LD/ADR/3462/2021, was filed by Fundquest Financial Services Ltd.

Justice Oyekan-Abdullahi, who had 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 include 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.

Adejare Adegbenro

Justice Oyekan-Abdullahi had 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.”

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