News Column

Oyefeso Battles Wema Bank Over N300 Million Loan

August 17, 2014

Tunde Opeseitan

Renowned philanthropist and businessman, Dr. Kola Oyefeso has filed a motion seeking leave of the Federal High Court in Lagos to challenge an ex-parte order procured by Wema Bank to temporarily take over his company, Kotco Energy Limited over alleged N300 million loan.

In the said order, Justice Okon Abang had permitted a receiver/manager appointed by Wema Bank, Kunle Ogunba (SAN) to take over the assets of the company (Kotco Energy), while the accounts of the company were also frozen.

The judge had also enjoined the police, in the interim order, to assist the receiver/manager in performing his duties which included the taking over of the business premises of the company.

In the suit, Kotco Energy and Oyefeso were listed as first and second defendants, while Wema Bank is the plaintiff.

The matter was then subsequently adjourned till October 7, 2014 as the return date.

But the defendants have filed a motion for leave of court to be allowed during the on-going long vacation of the court to challenge the said ex-parte order.

When the matter came up, lawyer to the defendants, Kamoru Adebowale, urged the judge to allow him leave to challenge the interim order as same had occasioned great damage to his clients.

He said already, the day to day running of the company had been put on hold as a result of the order, while great hardship had been done and is being done to the business of the said defendants.

"In fact, my lord, we are now finding it extremely difficult to perform our lawful responsibilities to our customers. Unless, we are allowed to challenge the interim order, the continued survival of the defendants' will be seriously jeopardized.

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Source: AllAfrica

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