The Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, has ordered the Asset Management Corporation of Nigeria (AMCON) to sell properties linked to Farida Bureau de Change Limited for its failure to pay back N194.018 million loan to the defunct Platinum Habib Bank Plc.
Tsoho held in his judgement seen by Nairametrics that loan defaulters have forced many banks to fail over the years.
AMCON’s counsels, Ehi Barnabas and Ekwere Nsikanabasi Esq, had approached the Abuja court in suit no: FHC/ABJ/CS/ 889/16 seeking the sale of properties belonging to the BDC operator due to an inability to repay loans granted it.
They submitted that the defendant and two others were indebted to the claimant in the sum of N194,017,765.89 being their outstanding indebtedness to the claimant as of 4th October 2016, arising from overdraft facilities Platinum Habib Bank Plc offered to them dated April 29, 2008 and July 29, 2008 respectively.
The claimant further argued that the 1st and 2nd defendants are restrained from selling off any interest in the plots they used as collateral.
AMCON therefore sought an order of sale of the defendants’ properties pledged as security for the overdraft facilities covering the under listed properties:
“i. An undeveloped plot of land lying and situated at Plot No. LD 1014 Cadastral Zone A-09 Guzape District Abuja.
iii. An undeveloped plot of land lying and situate at No. 133 Kugbo New Extension Layout, Abuja.”
But the defense team, led by John Adam Okloho Esq, denied owing the bank in dispute or AMCON.
He explained that no money had been credited to his clients as consideration resulting from the loan agreement.
“There was no loan agreement between the 1st, 2nd defendants and the bank as being alleged by the claimant.
“The claimant has failed to produce before the court title documents allegedly pledged as collateral for the loan because the documents have at all times been in the possession of the defendants,” he submitted.
In his judgement dated March 28, 2024 and seen by Nairametrics, Justice Tsoho said there is no room for the defendant to be evasive in his answers to the facts presented by AMCON.
He said that once claims and facts have been specifically put forward by the plaintiff, the other party who fails to either admit them or deny them with specificity is taken to have admitted the claims of AMCON.
The judge subsequently granted AMCON’s prayers.
Tsoho said,