Fri. Sep 30th, 2022

Access Bank Outlines How Late Odogwu, His Firms Failed To Pay N26.2bn Judgment Sum

Access Bank Outlines How Late Odogwu, His Firms Failed To Pay N26.2bn Judgment Sum

One of Nigeria’s leading commercial banks, Access Bank Plc has relled out how late Chief Sonny Odogwu, his two companies, namely: SIO Properties Limited and Robert Dyson and Diket Limited allegedly failed and refused to pay the judgment sum of N26, 229, 943, 035.22 billion.

Access Bank in a statement captioned “Indebtedness Of SIO Properties Limited, Robert Dyson & Dike Limited And Chief Sonny Odogwu To Access Bank Plc”, and emailed to newsdishng.com stated that despite several reconciliatory meetings held by the parties, Late Odogwu and his firms failed and refused to pay the judgment sum even when it was reduced to N12 billion.

Below Is The Bank’s Statement 1. The Bank is a Judgment Creditor for the sum of N26, 229, 943, 035.22 (Twenty Six Billion, Two Hundred and Twenty Nine Million, Nine Hundred and Forty Three Thousand and Thirty Five Naira and Twenty Two Kobo) (the Original Judgment Amount) in respect of judgment granted by the Federal High Court, Lagos, Nigeria in Suit No. FHC/L/CS/1633/2014 delivered on 3rd November 2015 (the Judgment) against Robert Dyson & Diket Limited & 2 Ors (the Judgment Debtors) in relation to the sale of the property located at 31-35, Ikoyi crescent, Lagos, Lagos (“the Project”).

2. The extant Judgment of Court for the sum of N26, 229, 943, 035. 22 (Twenty- Six Billion, Two Hundred and Twenty-Nine Million, Nine Hundred and Forty- Three Thousand and Thirty-Five Naira and Twenty-Two Kobo) (the “Original Judgment Amount”) affect all the properties and other assets of the Judgment Debtors no matter how described worldwide.

3. The Parties met and owing to mutual respect and the desire to continue business relationship, decided to settle and resolve all disputes, claims, damages, payment that now, exist between them, and in so doing agreed to compromise the judgment by, among other things, reducing the amount payable by the Judgment Debtors from the Original Judgment Amount of N26, 229, 943, 035.22 (Twenty Six Billion, Two Hundred and Twenty Nine Million, Nine Hundred and Forty Three Thousand and Thirty Five Naira and Twenty Two Kobo) to the total sum of N12, 000, 000, 000 (Twelve Billion Naira) (the “Settlement Amount”) in full and final settlement of the said Judgment and all disputes on the subject matter based on certain conditions. The terms of settlement dated May 30, 2019 and an addendum dated July 26, 2019 were executed and entered into as Consent Judgment (Consent Judgement) on October 11, 2019 in Suit No: FHC/L/CS/156/2017.

4. Further to the negotiated Settlement Amount, the Judgment Creditor acknowledged the payment of the sum of N1, 000, 000, 000 (One Billion Naira) only already paid by the Judgment Debtors to the Judgment Creditor thereby leaving the sum of N11, 000, 000, 000 (Eleven Billion Naira) as the outstanding sum payable to the Judgment Creditor;
5. As part of the settlement, the Judgement Creditor was to retain all the properties mortgaged to the Bank until the Judgement Debtors have satisfied the Consent Judgement after which same was to be released. 

6. The Parties have entered into a Consent and Release Agreement wherein the Judgment Debtors agreed to procure Kemekod and Berendo (herein referred to as “The Sellers”) to sell the property described therein (hereafter referred to as the “Berendo Property”) in Los Angeles and for the sum of $11, 111, 111.11 million USD to be paid (60) days from the date of the Settlement Agreement.

7. The Parties executed the Consent and Release Agreement pursuant to the terms and implementation of the Settlement Agreement. The Consent and Release Agreement was incorporated by reference with the same force and effect as though fully set forth and were interpreted in the light of the Settlement Agreement. In the event of a conflict or inconsistency between the Settlement Agreement and the Consent and Release Agreement, the terms and provisions of the Settlement Agreement were to prevail, in which case the parties agreed to amend the Consent and Release Agreement to comply with the terms of the Settlement Agreement.

8. In satisfaction of the outstanding Settlement Amount after receipt of the net proceeds of the sale from the Berendo Property under the Consent and Release Agreement by the Bank, the Judgment Debtors and their assigns also agreed to assign such additional properties directly to the Judgment Creditor by way of an agreed asset swap arrangement subject to the terms of this Settlement Agreement.

9. The Judgment Debtors agreed to assign the totality of their rights, interests, privileges and title in the properties for the purpose of liquidating the outstanding settlement amount by way of asset swap to the Judgment Creditor subject to the terms of the Settlement Agreement. 

10. The Judgment Debtors agreed to provide the Judgment Creditor with all the original documents pertaining to certain properties after the execution of the Settlement Agreement and undertook to execute and provide all documents required to perfect the legal interest of the Judgement Creditor in such properties and also perfect the asset swap for the purpose of liquidating the outstanding Settlement Amount with the Judgment Creditor and shall provide such warranties and representations including without limitation, clean, undisputable and unencumbered title with quiet and peaceful possession. All these shall be achieved within seven (7) days from the date on the Settlement Agreement.

11. The Judgment Creditor agreed to accept the Settlement Amount in cash and or kind to be paid to it both under the Consent and Release Agreement and from the additional properties as full and final settlement of the outstanding Settlement Amount due from the Judgment Debtors subject to the terms of the Settlement Agreement. 

12. The Parties then executed the Consent and Release Agreement simultaneously with the Settlement Agreement.

13. Upon the passing of sixty (60) days from the date of the settlement agreement, the Defendants failed to facilitate/conclude the sale of the Berendo Property, hence the sum of $11,111,111.11 million USD has not been received by the Bank. However, in March 5, 2021, the Judgement Debtors made a partial payment of the sum of USD8m to the Judgement Creditor leaving a balance of USD3.1m from the Berendo property. 

14. The Judgment Debtors have failed and refused to comply with the Settlement agreement and Consent Judgement. They have refused to pay the sum of $11, 111, 111.11 million USD to the Judgement Creditors or assigned the Berendo Property in Los Angeles to the Judgment Creditor. Rather, the Judgement Debtors have compromised the property at Los Angeles without paying the agreed sum to the Judgement Creditor. 

15. Furthermore, the Judgement Debtors have refused to hand over the Dubai property to the Judgement Creditors in line with the Settlement Agreement. The Judgement Debtor have refused to grant vacant possession to the properties at Kirikiri as well as the Dubai property till date in line with the Consent Judgement. 

16. With the breach of the Consent Judgement, the Judgement Creditor has taken steps to realize the property it financed located at Ikoyi Crescent in line with the Original Judgement. 

17. The Judgement Creditors are determined to protect depositors’ funds and realize the fruits of its judgement by recovering the judgement sum of N26 billion.