Diamond Bank vs Sunny Odogwu N26b debt: Court fixes March 10 for hearing

A Federal High Court in Lagos on Monday fixed March 10, 2015 for hearing of a suit filed by Diamond Bank against popular businessman, Sunny Odogwu, and his companies over alleged non-payment of N26.229 billion debt.
The matter, which was initially fixed for hearing on Monday, could not go on as scheduled owing to the preliminary objection filed by the defendants.
Diamond Bank’s lawyer, Oluwakemi Balogun (SAN), had told the court that the preliminary objection of the defendants was served on his office around 5pm on Friday, and requested for an adjournment to respond to same.
Trial judge, Justice Saliu Seidu, had earlier ordered 19 commercial banks in Nigeria not to allow Odogwu and his companies – Robert Dyson & Diet Limited and SIO Properties Limited, to withdraw funds from their accounts.
The action was sequel to an order of Mareva injunction sought by Diamond Bank for alleged refusal of Odogwu and his companies to offset the loan of N26,229,943,035.22 obtained from the bank.
On Monday, Justice Seidu discharged the 13th garnishee in the mareva injunction owing to the fact that the defendants were not maintaining any account with the bank.
Joined as co-defendants in the debt recovery suit are Corporate Affairs Commission, (CAC), The Registrar of Title, Federal Land Registry, and Leadway Trustees Limited, as fourth, fifth and sixth defendants respectively.
The mareva injunction was granted after the bank’s lawyer, Oluwakemi Balogun, argued an ex-parte application before the court.
The bank, in an affidavit in support of the application sworn to by Fanen Shambe, the bank’s Relationship Manager, averred that sometimes in 2007, SIO Properties Limited and Odogwu, on behalf of Robert Dyson & Diket Limited company, approached the bank and required huge finance to be applied and disbursed as at when due for their project called ‘Luxury Collection Hotels and Apartments’, formerly Le Meridian Grand Tower, to be constructed at 31-35, Ikoyi Crescent, Ikoyi, Lagos, in the name of SOI Properties Limited of which Odogwu was the chairman and beneficial majority owner.
The deponent also averred that Odogwu, convenated through the SIO Properties Limited to execute third party legal mortgage in favour of Diamond Bank over the said property as a security for the facility availed them by the bank, and that SIO Properties Limited, by a letter and a board resolution, affirmed the said covenant to the bank.
Shambe averred further that it was upon a duly-executed agreement that the bank granted Odogwu and the two companies the loan in form of a bridge finance of the said N26, 229,943,035.22. However, the deponent added that Odogwu and his companies were insolvent, otherwise bankrupt and unable to meet their financial obligation.
The bank is, therefore, in its originating summons, seeking an order of the court entering judgement in the sum of N26, 229,943, 035.22, jointly or severely against the first to third defendants, being the outstanding sum as at September 30, 2014 on the loan advanced by the bank for the defendants.