Cornerstone Ltd drag Audu Ogbeh to court over unpaid loan

Cornerstone Leasing and investment limited has dragged Nigeria’s Agriculture Minister, Audu Ogbeh to court over unpaid loans

In a bid to recover a debt of N902,655,866,21 a limited liability company Cornerstone Leasing and Investment Limited has dragged Minister of Agriculture Chief Audu Ogbeh before a Federal high court in Lagos.

Joined as co-defendant in the debt recovery suit is scrap metals supplying company Paz Oil Limited.

In a statement of claim filed before the court by a Lagos lawyer, Barrister Okechukwu Umemuo, it was alleged that between May 2011 and July 2013, Paz Oil Limited applied for and was granted various sums of money totalling N255,920,000 as loan.

Chief Audu Ogbeh was alleged to have executed a personal guarantee in favour of Cornerstone Leasing Investment Limited Company for all the sums of money which are due or shall at any time be owing or due from Paz Oil Company.

The loans which were taken at different times was for the following purposes:

LPO facility to finance the execution of contract for the supply of 10 scrap vessels
LPO facility for the purchase of MV SWIFT SPILT
A lease facility to finance the purchase of a Tug boat, MV Ocean Crest.
A lease to finance the purchase of a unit of Ford Edge Limited vehicle

Following Paz Oil Limited Company’s persistent default in repayment, the claimant instructed its solicitors The Law Crest LLP to recover the sum owed.

READ: Hard Facts: Growth of technology, creative industry in Nigeria

The said solicitors by their letters dated 8th February, 2017 and 14th February, 2017 to Paz Oil Limited and Chief Audu Ogbeh respectively made demands for the repayment of the sums then due and despite the said demand the defendants have failed to repay the sum owed.

Consequently the claimant claims against the defendants jointly and severally are as follows:

The sum of N529,487,927.23 being the outstanding principal and accrued interest as at 31st January, on the LPO facilities. dated 9th September, 2013.

The sum of 258,115,405.08 being the outstanding principal and accrued interest on the LPO facility dated 28th January, 2013.

The sum of N 15,052,533.90 being the outstanding principal and accrued interest on the vehicle lease facility

Meanwhile the claimant has filed an application before the court for an order for summary judgment against the defendants in the sum stated above with interest as the claimant alleged that the defendants have no defence to this suit.

The presiding Judge A. M. Lawal has adjourned till 19th September, 2018.for hearing of the application for summary judgement.