Unpaid loan: FCMB drags Lagos businessman to court

In a bid to recover a debt of N254,201,001.4, First City Monument Bank FCMB has dragged a business man, Prince Stanley Uduhirinwa trading under the name, Leesabel Ventures Nigeria before a Federal High Court in Lagos.

In a statement of claim jointly filed before the court by the bank and its attorney, Nick Omeye, it was alleged that Prince Stanley Uduhirinwa who was a customer of the bank applied for various loans and entered into a legal mortgage with the bank.

As stated in the offer letter the security for the facility was a legal mortgage over the Defendant’s property located at No 7 Ifon Gabriel Street, by Ojokoro Road, Ikorodu, Lagos.

The defendant deposited with the bank the Deed of Assignment dated 6th October, 2012, registered
as 42/42/2413 at the Lands Registry lkeja, Lagos State.

As for further security for the facilities, the defendant gave his personal guarantee supported with a notarised statement of his personal net-worth for the full facilities amount plus secured interest.

The plaintiff averred that for more than two years the defendant refused to repay the outstanding debt. Consequently, by demand letter dated February 10,2016,the bank demanded for the repayment of the total debt arising from the facilities which as at 31st of January, 2016 stood at N66,575,858.35.

The plaintiff averred that the defendant issued several cheques to the bank in part-repayment of the debt, but on presentation, the cheques were returned unpaid. It said at various times the Defendant applied for the restructuring of the facilities and extension of the repayment periods.

The plaintiff averred that as of 31st of October, 2023,the debt owed the bank on account of the facilities stood at N254, 201, 001.41.

The plaintiff said several attempts to meet the defendant in order to explore ways to liquidate the debt proved abortive as he went into hiding by first vacating his office at 7 Adeniran Ogunsanya Street,Surulere,Lagos and also by refusing to meet the bank’s officials on several occasions during visits at the defendant’ residence in Ikorodu.

The Plaintiff’s claims against the defendant are as follow:

1. The sum of N254, 201, 00141. (Two hundred and fifty Four million One naira, forty one Kobo) being the amount owed the bank by the defendant as at 31/10/2023 on account of the facilities granted the defendant by the bank.

2. Interest on the said sum at the rate of 21% from 1st of November,2023,till liquidation of the Judgment sum.

The plaintiff asked for an order of court granting the plaintiff possession of the mortgaged property stated on the offer letter for the facility and  known as No. 7 Ifon Gabriel Street by Ojokoro Road Ikorodu Lagos, with Deed of Assignment dated 6th October, 2012.,to enable it dispose same and apply the proceeds to liquidate the debt owed the bank by the defendant.

The presiding Judge, Chukwujekwu Aneke has adjourned the matter till 24th of January, 2024 for hearing.