Nigeria Deposit Insurance Corporation (NDIC) who are the liquidator of Metropolitan Bank Limited, has renewed its legal battle against, a Lagos business man Iwajuokwu Samuel and his company Corporate Oil and Gas Limited, over an alleged unpaid debt of N40,536,457,.89.
Joined as co-defendant is a Director of Corporate Oil and Gas Limited Iwuajokwu Uche.
In an amendment witness statement in proof of claim sworn to by an assistant manager of NDIC, Mr Oguntoyinbo Oluborode, and filed before a Federal High Court in Lagos by a Lagos lawyer, Barrister Okey Uzoho it was alleged that following the request for credit facilities from Metropolitan bank Limited (now in liquidation) to the tune of N800 million on July 20, 2004 by Corporate Oil and Gas Limited, its Managing Director Iwuajokwu Samuel, and a Director of the company Iwuajokwu Uche, all of Block D, Flat 1, Eko Court Kofo Abayomi street Victoria Island, Lagos south west Nigeria for the purpose of enhancing the working capital requirement of Corporate Oil and Gas Company and import finance for the importation of 10,000 high tensile deformed reinforcing bars.
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The credit facility was granted while the credit facilities were secured by the personal guarantee of Samuel Iwuajokwu backed by his statement of his net worth, Power of Attorney and Warehousing Agreement, Corporate Guarantee of Unigate Investment Limited and legal mortgage over property situate at Mobolaji Johnson road, Oregun Industrial Estate, Alausa, Ikeja belonging to Unigate Investment.
As at April 2010, the outstanding indebtedness of the respondents stood at N40,536,457.89.
Consequently, NDIC filed this suit, urging the court to issue order of specific performance directing the respondents to pay the sum of N40,536,547.89, plus interest at the rate of 22.5%.
The cost of this suit assessed at N5.3million.
The presiding judge, Olawale Faji has adjourned the case for hearing.
