News Column

N300 Million Loan - Wema Bank, Businessman Know Fate Sept 3

August 19, 2014

Tunde Opeseitan

A Federal High Court in Lagos on Tuesday fixed September 3, 2014 for ruling in an application filed by a renowned philanthropist and businessman, Dr. Kola Oyefeso challenging 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.

At the last adjourned date, Justice Abang had refused an objection raised by Wema Bank challenging the hearing of the motion challenging the ex-parte order during the on-going long vacation of the court.

The judge, at the resumed hearing on Tuesday, entertained arguments on the motion challenging the ex-parte order alongside another motion for interlocutory injunction filed by the bank.

Lawyer to the defendants, Kamoru Adebowale, had while arguing the motion seeking leave of court, lamented that the ex-parte order 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," Adebowale said.

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Source: AllAfrica

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