A federal high court in Lagos, south-west
Nigeria Friday ordered Skye Bank Plc to take over Obat Oil and Petroleum Ltd’s depot on an alleged N2.1 billion debt.
Justice Jude Dagat requested Ibrahim Idris, the inspector-general
of police and the assistant inspector-general of police to facilitate the enforcement
of the order.
The order followed an originating motion by the bank seeking the
enforcement of an arbitral award dated August 7, 2015, where the bank sought to
recover the debt owed by the oil company.
Oba (Dr.) Frederick Akinruntan
guaranteed the loan with a 15% interest
on the amount from April 2014 till the liquidation of the debt.
Agency reports have that the case was taken before an
arbitrator, Aare Afe Babalola (SAN), during which Obat Oil and Dr. Akinruntan
appealed for concessions and waivers on the amount of accrued interest.
The Arbitrator had held that it would be fair and equitable to
award N1.4 billion to the claimant, which represents the amount the respondents
admitted as being outstanding balance as at March 31.
Babalola also awarded 10 per cent interest annually on the
N1.4billion from the April, 2014, till final liquidation of the amount.
The bank, however, alleged that Obat Oil and Dr Akinruntan
failed to comply with the Arbitration Award.
It applied to the court to order the award’s enforcement.
Granting the application, Justice Dagat made an order granting
Skye Bank leave to enforce the Arbitration Award against the respondents.
In compliance with the order, Skye Bank took steps Friday to
enforce the Arbitration Award against Obat Oil and Petroleum and Oba
Akinruntan.
Source:pmnews
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