In the interim, Wema Bank Plc, have been permitted by a Federal High Court, Lagos, to takeover all moveable and unmovable properties of a firm, Wylout Designs Limited, over alleged unpaid debt of N363, 957, 461. 07 million.
Justice Daniel Osiagor, who presided over the court permitted Wema Bank to take over all the company’s properties, while granting an motion Exparte, filed by the bank’s lawyer, George Duru.
Duru had told the court that the motion is pursuant to Section 554 Companies and Allied Matters Act 2020, Order 26 Rules 1, 2 (1), 3; Order 26 Rules 8 (1), 9 and 10, Order 28 Rules 1(2) & 2(1); Order 40 Rules 1(3) & (4) Federal High Court (Civil Procedure) Rules 2019, and under the court’s inherent jurisdiction.
Listed as the co-defendant in the suit marked FHC/L/CS/2143/24, is one Mr. Victor Amosu, said the be the firm’s alter ego.
Duru while moving the motion Exparte had asked the court for the followings: “an interim order of this Honourable Court granting leave to the Plaintiff/Applicant and/or the Receiver/Manager appointed by it to take over and preserve the Defendants’ Assets lying and being situate at Plot 5, Yesufu Abiodun Street,oniru, Victoria Island, Lagos State and any other assets of the Defendants wheresoever found and/or traced pursuant to the Deed of Appointment dated the 17th October, 2024 in furtherance of the mutually binding covenants in Deed of fixed and floating Debenture dated the 16 day of August, 2023, the Personal Guarantee of the 2nd Defendant dated the 31st day of August, 2024 and the offer letters dated 2nd August, 2022 and 18th October, 2023 pending the hearing and final determination of the Motion on Notice filed along herewith.
“An interim order of this Honourable Court granting leave to the Plaintiff/Applicant and/or the Receiver/Manager appointed by it to take over and preserve the 1st Defendant’s fixed and floating Assets as covered by the Deed of Fixed and Floating Debenture dated the 16th day of August, 2023 executed in favour of the Plaintiff herein including but not limited to pledged undertaking, goodwill and moveable property whatsoever and wheresoever both present and future including its uncalled capital for the time being, book debt and/ or any other assets belonging to the 1st Defendant at any of the Defendant’s offices or anywhere wheresoever in furtherance of the mutually binding covenants in the said Deed of Fixed and Floating Debenture dated the 165 day of August, 2023 by virtue of Deed of Appointment dated the 11th day of October, 2024 and registered at the Corporate Affairs Commission pending the hearing and final determination of the Motion on Notice filed along herewith.
“An interim order of this Honourable Court granting judicial protection to the Plaintiff and/or George Duru Esq the Receiver /Manager appointed by the Plaintiff/Applicant in the course of the performance of his duties as Receiver /Manager over the charged assets of the Defendants lying and situate at Plot 5, Yesufu Abiodun Oniru Street, Victoria Island, Lagos State and wheresoever the Defendants’ assets may be found or traced by virtue of Deed of Appointment of Receiver/Manager dated the 11th day of October, 2024 pending the hearing and final determination of the Motion on Notice filed along herewith.
“An order of interim injunction restraining the Defendants, their agents, servants and/or privies from interfering with or otherwise obstructing the Plaintiff and/or George Duru Esq., the Receiver/Manager appointed by the Plaintiff/Applicant in the course of the performance of his duties as Receiver/Manager over the charged assets lying, situate and being at Plot 5, Yesufu Abiodun Street,oniru, Victoria Island, Lagos State and wheresoever the Defendants’ assets may be found or traced by virtue of Deed of Appointment dated 11th day of October, 2024 in furtherance of the mutually binding covenants in the Deed of Fixed and Floating Debenture registered with the Corporate Affairs Commission, Abuja pending the hearing and final determination of the Motion on Notice filed along herewith.
“An interim order of mandatory injunction, directing the Defendants/Respondents whether by themselves, their, servants, agents, privies, assigns or otherwise howsoever to do all such acts (including providing full information and delivering possession of all accounting and other documents belonging, concerning and relating to the 1st Defendant in their custody, possession or control, to the Plaintiff’s appointed Receiver/Manager and to do such other things necessary and incidental to facilitating the lawful exercise of the Receiver /Manager’s the Receiver/Manager of the 1st Defendant/Respondent pending the hearing and determination of the Motion on Notice for Interlocutory Injunction filed alongside this motion.
“An interim order of Injunction, restraining the defendants/respondents whether by themselves, their, servants, agents, privies, assigns otherwise howsoever from receiving or collecting any income or profits or benefits or receivables due to the 1st Defendant/Respondent pending the hearing and determination of the Motion on Notice for Interlocutory Injunction filed alongside this motion
“An order of interim injunction restraining the Defendants, their agents, servants and/or privies from interfering with, tampering, removing from jurisdiction of this Honourable Court or otherwise dealing with the Defendants’ funds in any Bank or financial institution in Nigeria or outside Nigeria pending the hearing and final determination of the Motion on Notice filed along herewith.
“An order directing all the Banks and/or financial institutions in Nigeria and other companies contractually obligated to the Defendants to furnish the Receiver/Manager and/or his office the details of any sums outstanding to the credit of the Defendants within 7 {Seven} days of being furnished/availed the Interim Order of Court in this suit.
“An order of this Honourable Court directing the Assistant Inspector General of Police Zone 2, Lagos or the Asset Management Corporation of Nigeria Execution Unit, the Commissioner of Police Lagos State Command, and any other Police Formation where the Defendants’ properties may be situated as identified by the Receiver/Manager, the Commandant of Nigerian Civil Defence Corps in Lagos State, The Nigerian Immigration Service, Economic and Financial Crimes Commission, the State Security Service, Nigerian Maritime Administration and Safety Agency, Nigerian Ports Authority, The Admiralty Marshal, the Chief Registrar of the Federal High Court and other law enforcement and security Agencies in Nigeria and all officers attached to them to render assistance to the Plaintiff/Applicant’s duly appointed Receiver/Manager in performing his functions and in exercising his statutory powers, particularly with regard to enforcing any Orders made in this Suit, maintaining law and order to avoid a breach of the peace and to protect any and all the assets, property, undertaking and goodwill of the 1st Defendant as listed in relief {a} pending the hearing and final determination of the Motion on Notice filed along herewith.
“An order of this Honourable Court granting leave to the Plaintiff/Applicant to author the prescribed, statutory and procedural Notices depicting the current status of the 1st defendant as may be deemed fit in any Daily or Nationally circulated Newspaper in Nigeria.”
The lawyer also informed the court that the motion was supported with 43 paragraphs affidavit deposed to by Adeleke Odunaiya, a legal officer in Wema Bank, written address and documentary exhibits.
He also listed seven grounds for court to considered in granting the motion.
The judge, after listening to the lawyer’s submission, and read through the motion paper and other attached documents, granted all the reliefs sought by the Wema Bank’s lawyer.
Meanwhile, while the matter has been adjourned to November 11, for hearing of the substantive suit, the alleged debtors are yet to file any processes despite being served with all the processes by the plaintiff/applicant.
