N207m debt: GTB asks court to dismiss Ladoja’s bond

Guaranty Trust Bank (GTB) has urged a Federal High Court in Lagos not to grant a bond application filed before the court by the former governor of Oyo State, Rasheed Ladoja as a security over his property.

The  presiding Judge  Justice Rilwan Aikawa had on October 5, 2017, granted leave of protection to the receiver/manager, Mr. Olamide Owolegbon, appointed by the GTB to take possession of a property belonging to Ladoja pending the determination of a debt recovery suit filed against him and his company.    

GTB in a bid to recover an alleged debt of N207, 150, 761, had dragged Ladoja alongside his company, Hi-Nutrient International Limited before the court.  

At the resumed hearing of the matter yesterday, Ladoja’s lawyer, Chief Bolaji Ayorinde (SAN), told the court of Ladoja’s application dated November 29, 2017 urging the court for an order granting leave to Ladoja to provide a security bond in favour of the Court’s Chief Registrar in the sum of N207, 150, 761. 46 million, pending the determination of the suit. 

Ladoja also sought an order of the court directing GTB to vacate Ladoja’s property situated at 57,Oscar Ibru way, Apapa, Lagos.

Responding, GTB lawyer, Barrister Temiloluwa Adamolekun, while urging the court to dismiss  Ladoja’s application, said the order that the defendants were seeking was for court to upturn his earlier order made on October 5, 2017.

He added,that since the defendants filed the bond application, they had failed to talk to the bank about the loan, and that what the defendants traded for was the property not money. 

Justice Rilwan Aikawa, after listening to the submissions of the counsels of both parties, adjourned  till December 15, 2017 for ruling. 

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