Union Bank takes over firm’s property over alleged N5.2b debt

Union Bank of Nigeria Plc and its appointed receiver/manager, Gbenga Akinde-Peters have taken over landed property belonging to A-Z Petroleum Products Limited over the firm’s N5.2 billion debts.

The take over of the property situated at Plot 3508 Cadastral Zone A06, Maitama District, Abuja, covered by a Certificate of Occupancy (C of O), dated September 7, 2005, with registration No. 3586, Vol. 18, at Abuja Land Registry, followed a Mareva injunction granted Union bank by a Federal High Court, Lagos.

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Counsel to the plaintiff, Temiloluwa Adamolekun, filed the application before Justice Chuka Obiozor, who granted it. Adamolekun had asked the court for an interim order to grant the second plaintiff, Akinde-Peters to take over possession of the property, together with any building and appurtenances thereon, by virtue of the Deed of appointment dated July 18, 2018, pursuant to the duly registered deed of legal mortgage dated September 1, 2018.

He also asked the court for an order restraining A-Z petroleum Product Limited, Chief Alex Chika Okafor and their agents from interfering with or obstructing the receiver/manager from exercising all powers in performing his duty as receiver of the property.

The counsel also asked the court for an order of Mareva injunction restraining the Petroleum Products Pricing Regulatory Agency (PPPRA), Ministry of Finance, Debt Management Office (DMO), Accountant General of the Federation (AGF), Central Bank of Nigeria (CBN), who are third to seven respondents or their agents from releasing any funds in form of Sovereign Debt Notes (SDN) or any other instruments belonging to the oil firm amounting to N5.2 billion in their custody, pending the hearing and determination of the substantive suit.

He further asked the court for an order directing the third and seven respondents to disclose on oath within 14 days the company’s total money, funds and SDN within the purview of Petroleum Subsidy Scheme in their custody.

Credit: Guardian