A Lagos couple, Mrs. Victoria Abe and Mr. Titus Abe, have dragged Skye Bank Plc before anÂ Appeal Court over wrongful sale of their property used as collateral to secure a loanÂ from the bank.
Also joined as codefendants at the appellate court are Rasaki Yusuf, an auctioneer andÂ one Rafiu Ayodeji Akindele.
Meanwhile, the couples have filed an application for stay of execution of the judgment inÂ the suit delivered by Justice A. Gbajabiamila on 29 June, 2010, endorsing that the saleÂ was in order.
The claimantss also want the court to restrain Skye Bank and its agents from levyingÂ execution of the said judgment on the property situated at 12, Bello Street, Ayedere,Â Ketu, Lagos, covered by a Certificate of Occupancy numbered 9/9/1995U and dated 14 July,Â 1995 or interfere with the ownership.
In an affidavit sworn to by Mrs. Victoria Mopelola Abe and filed before a Lagos HighÂ Court by Barrister Oluwole Kehinde, the deponent alleged that she took a loan of N500,000Â from Skye Bank prompting her husband to deposit the title deed of his property to secureÂ the loan.
However, the deponent averred that she defaulted in payment, making the bank to commenceÂ a legal action and subsequently obtained judgment against her to sell their property.
Thereafter, series of meetings were held where a compromised agreement was reached andÂ the bank agreed to accept N6 million as full and final settlement of the judgment sum ofÂ N6,784,188.43.
Pursuant to the said implied extension, further payments were made to the bank towardsÂ liquidation of the balance of the loan up till 7 November, 2005, while the bank also toldÂ the claimants to continue making payments.
At the time of sale of the property for N8 million, the value of the property was overÂ N15 million. The bank, after obtaining order of the court to sell the property,Â purportedly exercised the right by private treaty instead of through court officials.
There was evidence that the buyer did not pay fully for the property at the time of theÂ purported sale, which was not disclosed to the claimantss until after a month that theÂ claimantss made another attempt to repay the loan.
The bank was alleged to have engaged the services of an auctioneer, Mr. Rasaki Yusuf, toÂ conduct the alleged sale and no return has been made to the claimantss till date.
As at the time of the sale, the claimants was having about N2 million in her savingsÂ account with the bank which formed part of the collateral.
However, Justice Gbajabiamila dismissed the claim of the claimantss and dissatisfied,Â their counsel, Barrister Oluwole Kehinde, was instructed to file an appeal.
Consequently, the claimants urged the court to grant a stay of execution of the judgmentÂ as a refusal will rendered them together with their children and extended family stayingÂ with them homeless.
The appellant averred that the grounds of appeal contained special circumstances whileÂ stay of execution and injunction should be granted and the refusal, the claimantsssÂ contended, would cause them and their entire family irreparable loss and damage.