The Federal High Court in Lagos on Monday turned down a motion on notice seeking to stop Access Bank from taking over a property known as Etiebet’s Place in Ikeja, Lagos.
The property located on Mobolaji Bank Anthony Way is owned by a former Minister of Petroleum Resources, Chief Don Etiebet, in the name of his firm, Obodex Nigeria Limited.
In a ruling on Monday, Justice A. Liman, refused Obodex’s plea to stop the execution of December 17, 2018 judgment of Justice Ibrahim Buba empowering Access Bank to take over the property.
The bank had sued the company for alleged indebtedness.
But the firm challenged the court jurisdiction to hear the suit.
But in his December 17, 2018 decision, Justice Buba dismissed the objection by Obodex and ruled in favour of Access Bank.
Pursuant to this, Access Bank took over Etiebet’s Place and appointed Mr. Kunle Ogunba (SAN) as receiver/ manager to manage the property towards the recovery of the alleged debt.
Not pleased, Obodex filed an appeal as well as an application for a stay of execution.
In the application for a stay of execution filed through its lawyer, Mr Dele Adesina (SAN), Obodex sought an order restraining Kunle Ogunba (SAN) and his privies or assignees from “advertising or offering for sale, selling, mortgaging, transferring, alienating or otherwise interfering with the applicant’s equitable right of redemption on the property situated and lying at 21 Mobolaji Bank Anthony Way, Ikeja, Lagos, also known as Etiebet’s Place, pending the hearing and final determination of the applicant’s appeals”.
But Access Bank, through Ogunba, opposed Obodex’s application for a stay of execution.
In a ruling on Monday, Justice Liman refused to stop Access Bank from taking over the property.