Justice Saliu Seidu of the Federal High Court, Lagos has fixed March 10 hearing in the suit filed by Diamond Bank against popular businessman, Sunny Odogwu and his companies over alleged non-payment of N26.229 billion debt.

The matter, which was initially fixed for hearing yesterday, could not go on owing to the preliminary objection filed by the defendants.
Diamond Bank's lawyer, Oluwakemi Balogun (SAN) had told the court that the preliminary objection of the defendants was served on his office around 5p.m. on Friday, and requested for an adjournment to respond to same.

Justice Seidu had earlier ordered 19 commercial banks in Nigeria not to allow Odogwu and his companies – Robert Dyson & Diet Limited and SIO Properties Limited to withdraw funds from their accounts.

The order was sequel to an order of Mareva injunction sought  by Diamond Bank for alleged refusal of Odogwu and his companies to offset a loan of N26,229,943,035.22, they obtained from the bank.
However, the judge yesterday discharged the 13th garnishee in the mareva injunction owing to the fact that the defendants were not maintaining any account with the bank.

Joined as co-defendants in the debt recovery suit are Corporate Affairs Commission, (CAC), The Registrar of Title, Federal Land Registry and Leadway Trustees Limited, as fourth, fifth and sixth defendants respectively.

The mareva injunction was granted after the bank’s lawyer, Balogun, argued an ex-parte application before the court.

The bank, in an affidavit in support of the application sworn to by Fanen Shambe, the bank’s Relationship Manager, averred that sometimes in 2007,  SIO Properties Limited, and Odogwu, on behalf of  Robert Dyson & Diket Limited company, approached the bank and required huge finance to be applied and disbursed as at when due for their project called ‘Luxury Collection Hotels and Apartments’, formerly Le Meridian Grand Tower, to be constructed  at 31-35, Ikoyi Crescent, Ikoyi, Lagos, in the name of SOI Properties Limited  of which Odogwu was the chairman and beneficial majority owner.

The deponent also averred that Odogwu, guaranteed through the SIO Properties Limited to execute third party legal mortgage in favour of Diamond Bank over the said property as a security for the facility availed them by the bank, and that SIO Properties Limited, by a letter and a board resolution affirmed the said covenant to the bank.

Shambe averred further that it was upon a duly executed agreement that the bank granted Odogwu and the two companies the loan in form of a bridge finance of the said N26, 229,943,035.22.

However, the deponent added that Odogwu and his companies were insolvent, otherwise bankrupt and unable to meet their financial obligation.

The bank is therefore, in its originating summons, seeking an order of the court entering judgment in the sum of N26, 229,943, 035.22, jointly or severely against the first to third defendants, being the outstanding sum as at September 30, 2014 on the loan advanced by the bank for the defendants.