<p>A Federal High Court sitting in Lagos has granted Wema Bank of Nigeria Plc the power either by itself or through its appointed Receiver Manager to take </p>



<p>over and preserve the
property of ; a limited liability company CMB Maintenance &; Investment
Company used as security to obtain loan that has not been paid, pending the
determination of the substantive suit. ;</p>



<p> ;  ;  ;
Joined as co-defendant in this debt recovery suit is the company Managing
Director, Kelechuckwu Mbagwu. ;</p>



<p> ;  ;
 ;The order of the court was as result of an application file and argued
before the court by a Lagos lawyer Barrister Norrison Quakers,SAN.</p>



<p>In an affidavit sworn
to by a Relationship Manager of Wema Bank, Mr Henry Alakhume, the deponent averred
that by an application dated 24th of March 2014 and signed by Kelechukwu Mbagwu,
the company applied to Wema bank for a loan Project Finance Facility in ;
the Real Estate sector, to finance the completion of 17 units of detached
duplexes Pearl Garden Estates at Sangotedo, Lagos State and which was granted. ;</p>



<p> ;  ;  ;
The security for the facility was agreed to be legal ; mortgage 7 units
detached duplexes 3 blocks located at Pearl Nuga Estate,along Cardinal Anthony
Olubunmi Okojie Road, Sangotedo Lekki expressway Lagos State valued at
N347.2million,being develop. ;</p>



<p> ;  ;
 ;Six other legal mortgages were also created in respect of the properties
in the security specified. ;</p>



<p> ;  ;  ;
 ;  ;The defendants drew down on the facility but have since failed to
meet repayment obligations and as at January 2017 the sum of N226,496.441.09
only was outstanding and unpaid by the defendants.</p>



<p> ;  ;  ;
The defendants have refused and neglected to pay their indebtedness despite
restructuring it several times while interest has continued to accrue on the
debt and the bank has therefore exercise its right to appoint a receiver
/Manager as provided under the respective Deeds of legal Mortgages and
consequently appointed Mr. Gerard Onyiuke as Receiver /manager of the ;
mortgaged properties. ;</p>



<p> ;  ;  ;Mr
Alakhume averred further that CMB has become insolvent and unable to repay its
debts and that Kelechuckwu Mbagwu as the guarantor as well as the alter ego of
the company is similarly unable to repay ; the debt and the said debt can
only be repaid upon the realization of the charged assets of the company. ;</p>



<p> ;  ; By
virtue of the appointment of the Receiver Manager requires the sanction and
protection of the court to be able to physically take over and assume control
of the mortgaged properties as the defendants Will not willingly cede the
control of the said mortgaged properties to the Receiver/Manager unless they
are compelled.</p>



<p> ;  ;  ;
The orders sought have become necessary ; because the mortgaged properties
are at the risk of being dissipated by the defendants and are also ;
deteriorating in value so long as Receiver /Manager is unable to take effective
control and if Receiver /Manager does not assume control urgently the amount
realisable from the properties if at all may not meet the repayment ; of
the sum owed by the defendants. ;</p>



<p> ;  ;  ;
 ;After listening to the argument and submission of Mr, Norrison Quakers
SAN., the presiding Judge Ayokunle Faji while restraining Kelechukwu Mbagwu his
company and their agents and privies from doing anything obstructing the
Receiver/Manager in his lawful execution of his duties or function,granted Wema
bank Plc through itself and by its duly appointed Receiver /Manager to take
over and preserve the properties of the company&#8217;s properties used as security
for loan. ;</p>



<p> ;  ;  ;
 ;Thereafter, Justice ; Faji while adjourning till 21st of June, 2019
for further hearing also ordered the Inspector General of Police, through
the ; officers and men of the Police Force to provide the bailiffs of the
court and the Receiver /Manager with the necessary police protection while they
carry out the orders of the court pending the determination of the motion on
notice. ;</p>

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