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King Sunny Ade

Wife of music legend, King Sunny Ade, arraigned over N45m loan facility

Risikat Adeniyi Adegeye, wife of music legend, King Sunny Ade, is currently entangled in a legal battle over an alleged N45.4 million debts due on a loan facility advanced to her by Sterling Bank in 2008.

She is in court to challenge an order granted to the Asset Management Company of Nigeria (AMCON) to take temporary possession of the property used as collateral to secure the loan.

Mrs. Adegeye, wife of King Sunny Ade also stated that the ex parte application filed by AMCON and the subsequent court judgment was obtained without following due process.

According to the court papers, “she had some time in 2008 secured a loan facility of N23 million from Sterling Bank which she augmented with her own funds to purchase a property valued at N33 million. The property located at Plot A2, House 3, Adonai Tekts Estate, Central Business District, Alausa Ikeja was duly bought and also served as guarantee for the loan.”

In a sworn affidavit presented to the court by George Fola Adeniyi, one of Madam Risikat’s children, “she claimed that she had been dutifully servicing the loan since inception and had even asked her bank manager to provide her with her loan statement of account to enable her ascertain and liquidate the balance of her loan repayment.”

The accuser noted that the bank never provided her with the statement, instead unilaterally passing off her debt to AMCON in 2011. She also claimed that AMCON has since then been imposing extortionate interest on the loan balance without carrying her along.

Moreover, she stated that she was not served notice when the organization filed an ex parte application to take over the mortgaged property. She, therefore, prayed the honourable court to set aside the February 22nd, 2018 ruling which granted temporary possession of the house.”

Although, there are indications that both parties may soon reach an agreement that will enable them to settle the case out of court.

Credit: The Whistler

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