In a bid to recover a debt of N818,416,976.26, Skye Bank Plc has dragged a limited liability company Tropical Merchants Limited and two Directors of the company, Ayinde Bakare and Chief Rasheed Alaba Williams before a Federal high court in Lagos.
The bank is seeking an order of the court to sequestrate all cash belonging to the defendants in 22 commercial banks in Nigeria up to the outstanding indebtedness in the sum of N818,416,976.26 being the debt allegedly owed it.
According to an affidavit in support of the debt recovery suit sworn to by Skye bank legal officer Mr Oladapo Olowo and filed before the court by a Lagos lawyer, Barrister Oluwakemi Balogun SAN, it was alleged that Tropical Merchants limited company on the 13th of December, 2012, applied for and was granted a contingent loan in the sum of $2,820,000 to finance the importation of 3000 metric tons of petroleum from Addax Energy SA for Mobil Nigeria Plc.
The loan was secured by notarized statement of networth and personal guarantee of the Managing Director/Chief Executive officer of the company Ayinde Bakare while a Director of the company Chief Rasheed Alaba Williams wrote a letter of consent to mortgage his property situated on 13/15 Lake street, Lagos as security for the loan and deposited the title deed of the property with the bank.
Mr Olowo averred further that, Tropical Merchants limited company’s indebtedness to Skye bank Plc has become due and payable but neither the company, Ayinde Bakare and Rasheed Alaba Williams has taken steps to liquidate the debt which stood at N818,416,976.26 as at 31st of May, 2017, despite repeated demands.
The bank is at loss as to the whereabouts of the defendants having departed their last known addresses, hence the apprehension that the relocation may be preparatory to carrying out their threat to dispose of the assets of the company in order to frustrate the bank from just recovery of the sum due.
Consequently, the bank is urging the court to restrain the defendants and their agents from making withdrawal from their accounts in 22 commercial banks or any financial institutions in Nigeria pending the hearing and determination of the substantive suit.
The bank is also seeking the order of the court directing the banks listed before the court to sequestrate within three days of receipt or service of the order, all and or any cash in banks, bonds, deposit,real estate,stocks, all forms of negotiable instrument in all stock broking firms, discount houses, microfinance banks and all licensed banks in and/or outside Nigeria in the name of the defendants up to the outstanding indebtedness in the sum of N818,416,976.26 and keep same in an interest yielding account in the name of the Chief Registrar of the court pending the determination of the suit.