Ex-minister loses bid to stop bank from seizing property

Ex-minister loses bid to stop bank from seizing property

The Federal High Court in Lagos on Monday turned down a motion on notice seeking to stop Access Bank from taking over a property known as Etiebet ’s Place in Ikeja , Lagos . The property located on Mobolaji Bank Anthony Way is owned by a former Minister of Petroleum Resources , Chief Don Etiebet

The Federal High Court in Lagos on Monday turned down a motion on notice seeking to stop Access Bank from taking over a property known as Etiebet ’s Place in Ikeja , Lagos .
The property located on Mobolaji Bank Anthony Way is owned by a former Minister of Petroleum Resources , Chief Don Etiebet , in the name of his firm , Obodex Nigeria Limited.
In a ruling on Monday, Justice A . Liman , refused Obodex ’ s plea to stop the execution of December 17 , 2018 judgment of Justice Ibrahim Buba empowering Access Bank to take over the property .
The bank had sued the company for alleged indebtedness .
But the firm challenged the court jurisdiction to hear the suit .
But in his December 17 , 2018 decision , Justice Buba dismissed the objection by Obodex and ruled in favour of Access Bank .
Pursuant to this , Access Bank took over Etiebet ’s Place and appointed Mr Kunle Ogunba (SAN ) as receiver / manager to manage the property towards the recovery of the alleged debt.
Not pleased , Obodex filed an appeal as well as an application for a stay of execution.
In the application for a stay of execution filed through its lawyer , Mr Dele Adesina (SAN ), Obodex sought an order restraining Kunle Ogunba (SAN ) and his privies or assignees from “ advertising or offering for sale , selling , mortgaging , transferring, alienating or otherwise interfering with the applicant ’ s equitable right of redemption on the property situated and lying at 21 Mobolaji Bank Anthony Way , Ikeja , Lagos , also known as Etiebet ’ s Place , pending the hearing and final determination of the applicant ’s appeals ” .

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