A Federal high court in Lagos yesterday entered a consent judgement as terms of settlement between Sterling bank Plc and Dr. Andy Nnamdi Uba in a debt recovery suit of N549,618,527.76 filed against Dr. Uba and his company.
In an affidavit sworn to by a legal practitioner, Adeleresin Philips-Adeleye and filed before the court by Dr. Oladapo Olanipekun, SAN on behalf of Sterling bank Plc, it was stated that, by a writ of Summons dated 17 June 2020, Sterling bank seeks the following reliefs against Dr.Andy Uba and his company.
The sum of N549,618,527.76, being the amount due and outstanding in respect of the Petroleum Product Finance/PPPRA Term Loan Facility of 17 October, 2018, advanced to Linc company and personally guaranteed by Dr.Andy Nnamdi Uba.
The bank is also seeking for interest on the said sum of N549,618,527.76 at the rate of 27% per annum from 17 June, 2020 until judgment is delivered and at the same rate thereafter until final liquidation.
The bank is also demanding for cost of this legal action assessed at N40 million.
Sterling bank Plc applied for and obtained interim orders restraining the defendants wether by themselves, agents representatives, officers of the, defendants demanding, ,accessing, utilising or making any withdrawal on the defendants’ account(s) in the 22 banks cited on the plaintiff’s Motion paper dated and filed on 17 June2020, and any other financial institution in such a manner that the account(s) may be depleted below the credit balance of N549,618,527.76 pending the hearing and determination of the plaintiff’s Motion on Notice dated 17 June 2020.
Directing the said 22 cited banks to sequestrate and or ring fence any cash, bonds, deposits, all forms of negotiable instruments or chose(s) in action due to or standing to the credit of the defendants up to the sum/value of N549,618,527.76 pending the hearing and determination of the plaintiff’s Motion on Notice dated 17 June 2020;
It the terms of settlement, the two parties agreed the Defendants’ indebtedness to the bank is in the sum of N549,618,527.76
Also, the defendants agree to submit to the bank, Promissory Notes Numbers FGN/PN/OMC/5.3/2020/25D and FGN/PN/OMC/5.3/2020/25F for the respectlys values of N419, 510,091.00
and N340, 279, 249.00.
Promissory Notes Numbers: FGN/PN/OMC/5.3/2020/250 and FGN/PN/OMC/S.3/2020/25F, shall be dematerialised and discounted by the bank on behalf of the company.
Besides, the defendants agreed unconditionally to take any step/action that may be necessary or incidental to the dematerialisation of the said Promissory Notes Numbers: FGN/PN/OMC/S.3/2020/25D and FGN/PN/OMC/S.3/2020/25F.
Parties also agreed that the proceeds of Promissory Notes Numbers: FGN/PN/OMC/S.3/2020/25D and FGN/PN/OMC/S.3/2020/25F shall be paid into any of the company’s account numbers: 00244044308 and 0069951458, held with Sterling Bank Plc- the plaintiff.
The sum of N549,618,527.76, shall be deducted from the net proceeds of the dematerialisation and discounting of Promissory Notes Numbers: FGN/PN/OMC/S.3/2020/25D and FGN/PN/OMC/S.3/2020/25F, and shall be used to fully liquidate the defendants’ indebtedness.
The deduction of the sum of N549,618,527.76 from any of the company account numbers: 00244044308 and 0069951458 shall constitute a full and final settlement of all the claims in this suit.
That any sums in excess of N549,618,527.76, shall stand to the credit of the Linc company.
Upon the deduction and or the receipt of the full sum of N549,618,527,76 the bank shall immediately and unconditionally issue the defendants a letter discharging them from their debt.
The Linc company shall be absolved of all duties/obligations/liabilities under the Petroleum Product Finance/PPPRA Term Loan Facility of 17 October 2018. Dr.Andy Nnamdi Uba shall also be fully discharged of all obligations and or liabilities as the Linc company guarantor.
Further to the paragraph above, the bank shall cease to hold all security rights in respect of the defendants’ duties/obligations/liabilities under the Product Finance/PPPRA Term Loan Facility of 17 October 2018. In particular, the plaintiff shall lift/release all encumbrances in respect of the property situate at Plot 772, Mamman Nasir Street, Asokoro, Abuja.
The adoption of the Terms of Settlement shall constitute a discharge/vacation of the orders of injunction granted by the court on 2 July 2020.
The parties agree that upon the execution of these Terms of Settlement, the Terms of Settlement shall be filed at the Registry of this court and shall be adopted by the parties as the judgment of this court in this cause.
The parties agree that upon the adoption of these Terms of Settlement and entering of same as the judgment of this honourable court in this suit,they shall be bound thereby, and that the judgment shall be enforceable by/against the parties by due process of law.
The parties shall each bear their respective costs in this matter.
When the matter was mentioned, Barrister Oladimeji Adewole, from SAN, told the court that the terms of settlement filed before the court, is meant for adoption, and there is no objection or opposition.
Thereafter,the presiding Judge, Lewis Allagoa entered the terms of judgment as the judgement of court.
