Former Lagos Lawmaker In A Web Of Crises Over N58 Million Debt

Former Lagos Lawmaker In A Web Of Crises

OpenLife Nigeria reports that Assets Management Corporation of Nigeria AMCON has dragged former Honourable member of Lagos state House of Assembly, Ogunkoya Adeshina , who resides at 24 Adeolu street Olodi- Apapa, Lagos State, before a Federal High Court in Lagos over unpaid loan of N58,200,375.34.

Honourable Adeshina Ogunkoya was for 12 years, a honorable member of the Lagos State House of Assembly, specifically from 1999 to 2011. He represented Ajeromi-Ifelodun State Constituency in the Assembly.

In a statement of claim, accompanied by written statement on oath of the AMCON credit manager Mr.Temitayo Abolade and filed before the court by a Lagos Attorney Barrister Akintayo Iwilade,it was alleged,that sometime in 2007 Honourable Ogunkoya Adeshina applied to Sterling Bank Plc, for an overdraft loan facility to assist him in financing the purchase of a 4 bedroom semi detached duplex in Alausa, Ikeja, Lagos.

Following the request, the bank, by an offer letter dated 2nd July, 2007, granted the Honourable Adeshina a mortgage facility to the tune of N23,100,000.00 ( Twenty Three
Million, One Hundred Thousand Naira) to finance the purchase of the 4 bedroom semi-detached duplex .

Further to the above, by the offer of restructured facility letter dated 28th June, 2010, Sterling Bank granted the defendant a restructured facility in the sum of N35, 000,000.00 (Thirty five Million Naira) to finance the purchase of one unit of a 4 bedroom semi detached duplex at Central Business District, opposite MKO Gardens, Ikeja, Lagos.

Among the conditions of this additional loan facility was that an interest shall be charged at Sterling Bank’s margin leading rate (currently 18%) payable monthly in arrears.
Such interest, according to the agreement term, shall be debited to the amount outstanding under the facility under advice for immediate settlement.

Another agreed term was that there will be post dated cheques to cover principal, interest and fees Direct debt instruction

Expectedly, the Honourable secured the loan facility with the 4 bedroom semi-detached duplex situate Unit 5, Adonai Court, Central Business District, Opposite MKO Gardens, Alausa, with the assured knowledge that failure to meet the loan obligation will amount to a forfeiture of the property in satisfaction of the defendant’s indebtedness among other lawful debt recovery actions.

However, following the Honourable’s failure to repay the due debt sum and its accrued interests, the Bank assigned AMCON all the rights, title, interest, benefits, receivables and proceeds arising from or in connection with the Honourable’s outstanding loan obligation sometime in 2012 in accordance with the AMCON’s statutory role .

The Honourable’s indebtedness to the Claimant arising from the unpaid debt to the Bank stands at N 58, 200, 375. 34 (Fifty eight Million, Two Hundred Thousand, Three Hundred and Seventy-five Naira and Thirty-eight Kobo) being loan indebtedness (with accrued commercial interest) as at 31stJuly, 2016 with interests continuing to accrue till date.

The Bank has demanded for the sum to be repaid and has equally made several attempts to reach an amicable settlement with the Honourable over its indebtedness, but he has failed to settle the said indebtedness to the bank.

By a letter dated 22nd August, 2016, the bank’s Solicitors, Simmons Cooper Partners, acting it’s behalf, demanded from the Honourable liquidation of his cumulative loan indebtedness which stood at N58,200,375.34 (Fifty Eight Million, Two Hundred Thousand, Three Hundred And Seventy five Naira, Thirty four Kobo) as at 31st July, 2016 with interests accruing till date including N5 million to cover miscellaneous associated with the case.

However,Honourable Ogunkoya Adeshina,in his statement of defence filed before the court, has denied almost statement of the claim of AMCON,but admits paragraphs 3 and 4 of the statement of claim to the extent that he took loan of N23, 100,000.00 (Twenty Three Million, One Hundred Thousand Naira only) from Sterling Bank Plc in 2008 to add up with his money to acquire the property.

He also admits paragraph 5 of the statement of claim to the extent that it was the loan of N23, 100,000.00 (Twenty Three Million, One Hundred Thousand Naira only) with its accrued interest amounting to N35,000,000.00 that was restructured to be repaid within 60 months with monthly instalment of N888,769.96 but denies any other facts contained therein.

In further response to the statement of the claim, he avers that AMCON was economical with the truth .

The Honourable said he paid the sum of N300,000.00 to Sterling Bank  monthly from the date of the loan facility till the AMCON took over the facility.

Hearing on the matter is expected to begin soon.