Federal High Court Orders Businessman to Pay Diamond Bank N26.2 Billion Debt

Federal High Court Orders Businessman to Pay Diamond Bank N26.2 Billion Debt

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Justice Saliu Saidu of the Federal High Court in Lagos has ordered businessman, Chief Sunny Odogwu, and his two companies: Robert Dyson & Diet Limited, and SIO Properties Limited to pay N26.2 billion to Diamond Bank Plc for failing to repay a loan obtained from the bank eight years ago.

Justice Saidu also granted leave to Diamond Bank to foreclose and sell ‘Luxury Collection Hotels and Apartments’, formerly Le Meridian Grand Tower, located at 31-35, Ikoyi Crescent, Ikoyi, Lagos, belonging to Odogwu.

The plaintiff (Diamond Bank Plc) had in a suit filed before the court by its lawyer, Oluwakemi Balogun, (SAN), urged the court to compel Odogwu, and his companies to pay N26,229,943,035.22, they obtained from the bank to construct the above named hotel in Lagos.

Also 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 plaintiff in an affidavit in support of the suit sworn to by Fanen Shambe, the bank’s Relationship Manager, averred that sometimes in 2007, SIO Properties Limited, and Chief Odogwu, on behalf of Robert Dyson & Diket Limited, 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.

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