4th October, 2018
Akin Kuponiyi
A Federal High Court sitting in Lagos Southwest Nigeria has adjourned till 17 October, 2018 for hearing the legal tussle between former Chairman of the defunct Intercontinental Bank Plc, Dr Raymond Obieri, and Trustbond Mortgage Bank Plc, for alleged indebtedness of N983, 633,559.42.
While the Mortgage Bank is demanding for the sum of N983,633,559.42 as an outstanding debt owed by Obieri, the former banker while denying not owing the bank has slammed N535,500,000 suit on the bank.
In realisation of this debt recovery, the bank had also petitioned the Economic and Financial Crime Commission, EFCC to investigate Obieri in respect of this transaction that led to the massive debt.
In a statement of claim filed before a Federal High Court in Lagos, by a Lagos lawyer, Dr. Oladapo Olanipekun (SAN), the plaintiff alleged thus, that Trustbond Mortgage Bank Plc (formerly known as Intercontinental Homes Savings and Loan Limited) made investment in the sum of N752.5 million plus interest of N93.1 million being THE total sum of N845.6 million in Summit Capital and Asset Management Limited Company by way of placement, saying that as at the time of the placement Obieri was both a Director in Intercontinental Homes Savings and Loans Plc (now Trust Bond Mortgage Bank Plc )and Summit Finance Company (later renamed Summit Capital and Asset Management limited).
Obieri alleged further that Summit Capital and Asset Management Limited then advanced loan facilities to members of staff of Intercontinental Bank Plc to acquire shares in various companies, as the loan exceeded N845.6 million advanced to Summit capital and asset management by way of placement.
The loan granted to the staff of Intercontinental Bank Plc were never repaid.
The statement of claim said it was discussed during a meeting of the Board of Directors of Summit Capital and Assets Management held on 29th October, 2013 and resolved that the company be voluntarily wounded up and a liquidator, Mr Donald Agu was appointed by the company for that purpose.
Further to the above, the debt owed to Intercontinental Homes and Saving and Loans Limited was set off against the debt owed by Intercontinental Bank Plc staff, as both debts were consequently written off being group related debts.
The decision taken in good faith was considered to be most logical and prudent step to take in the circumstances as both Intercontinental Bank Plc and Intercontinental Homes Saving and Loan Limited being group and connected companies.
Obieri averred further that, sometime in 2017, TrustBond Mortgage Bank Plc singled him out via a letter dated 7th November, 2017 and threatened to issue petition against him to the EFCC and Attorney General of Federation and to institute criminal proceedings against him on unfounded claims and bogus charges if he failed to meet its demands.
Obieri, while demanding for the sums, of N500 million as general damages, N10 million as special damages, N15 million as exemplary damages, N10.5million as the cost of this suit, urged the court to restrain the bank and its agents from making any demands for any sum from him.
However, in a statement of defence and counter claim filed before the court on behalf of Trustbond bank Plc by a Lagos lawyer, Edoka Dox Onyeke, the bank, while denying almost all the claims of Obieri, alleged that prior to the deliberate act of Obieri’s participation in liquidation of his own company, Summit Capital and Asset Management limited, he was the majority shareholder of the company and that his company was indebted to Trustbond Mortgage Bank Plc to the tune of N983,633,559.49 as at 27 march, 2012 which indebtedness he willfully and maliciously omitted from the statement of asset and liability of his company filed with the Corporate Affairs Commission, CAC Abuja, prior to obtaining the consent of the CAC to the voluntary wound-up of his company Summit Capital and Asset management limited.
The bank denied any role in relation to the advancement or grant of any loan facilities in excess of the sum of N845.6 million by the plaintiff’s company to members of staff of Intercontinental Bank Plc, particularly as it related to the reference made by the plantiff to the meeting of his company’s board of Directors which did not deliberate on any agenda in relation to the loans granted by his company to members of staff of Intercontinental bank Plc.
he mortgage bank is urging the court to grant judgement in its favour.