EX BANK BOSS, SOLA ADEOTI SWIMS IN MONUMENTAL DEBT...... DRAGGED TO COURT OVER N150 MILLION BANK DEBT

Former Bank boss and daughter of billionaire Prince Samuel Adedoyin, Pincess Sola Adeoti is swimming in an embarrassing debt profiles put at N150 million. Indication emerged few days ago that the former Managing Director of the defunct City Express Bank was in court over the said debt she and an oil trading company Nitrend Limited acquired from Access Bank. And years after the N150million was granted by Access Bank, neither Nitrend Limited and Ms Sola Adeoti have made move to repay the loan and the case was taken to court.

The development transpired into the effect that a Lagos State High Court made an order directing Banks to disclose accounts of Nitrend Limited. Justice B.A. Oke-Lawal, who made the order in favour of Access Bank Plc, directed 20 commercial banks in Nigeria to disclose the sums of money which Nitrend Limited and its guarantor, Olusola Adeoti, had in the keeping of the banks. The 20 banks, which were directed to file an affidavit of disclosure include Zenith, Wema, Union, Unity, Fidelity, Mainstreet, Keystone, Sterling, Diamond, Skye, Enterprise and Heritage Bank. Others are First Bank of Nigeria, United Bank for Africa, First City Monument Bank, Stanbic IBT Bank, Guaranty Trust Bank, Nigeria International Bank Limited and Standard Chartered Bank.

Justice Kudirat Jose had earlier in November 25, 2013 decided in a counter-claim to the suit numbered LD/1191/12 filed by Nitrend and Adeoti against Access Bank, that the claimants were indebted to the counter-claimant, Access Bank, to the tune of N150million. The judge then ordered that the judgment sum, being an unliquidated overdraft facility granted by Access Bank to Nitrend and guaranteed by Adeoti, be paid. Claims also show that the money is yet to be paid even though demands were made by the claimant and its solicitors. The respondents did not deny liability for this amount in their pleadings.

“The court therefore holds that insofar as the principal facility of N150m granted the first respondent and guaranteed by the second respondent is concerned, no defence has been shown and judgment is hereby entered for the applicant against the respondents to this amount.” The dispute, however, continued to linger as the displeased Nitrend and Adeoti had approached the court seeking a leave to appeal Justice Jose’s ruling and an order to stay the execution of the ruling pending the proposed appeal. While urging the court to grant the leave, Nitrend had said that, “Payment of the judgment sum would totally cripple the applicant’s business,” adding that the loan facility in question was “effectively utilised by Arctus Merchant Trust Limited as partner to the claimant,” which “has agreed to liquidate the judgment sum.” But Justice Oke-Lawal, rejected the leave to appeal and the application to stay the execution of Justice Jose’s ruling