According to the court papers, the defunct
The other parties to the syndication were
The total indebtedness of the 1st defendant at the closure of the defunct bank in 2006, from both the term loan and the overdraft was N483, 856,915.09.
The facilities were secured by a deed of composite debenture on the fixed and floating assets of the 1st defendants and a registered multipartite deed of legal mortgage over property situate at No. 45,
The addition of the defunct bank gave rise to a Supplemental Deed of Composite Debenture and a Supplemental Deed of Legal Mortgage in order to properly assign FCMB's interests in the collateral to
The security for the facility was made up of a copy of the Multipartite Deed of Legal Mortgage over No. 45,
In its effort to recover the loan, the corporation briefed the law firm of
During the proceedings, the 1st defendant brought a proposal for amicable settlement of the debt and proposed to pay the sum of N250, 000,000 within five years in full and final settlement of the debt. When the matter came up on
The plaintiff's solicitor therefore sought the leave of court to move his application.
However, the defence counsel argued that the motion was not ripe for hearing as he was entitled to more time to file his response to the pending application.
He further stated that the defendants were still interested in settling the matter out of court.
The matter was adjourned to
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