Unity Bank Drags Tompolo to Court to Recover N5.3bn Debt

In a bid to recover a debt of N5,320,953,095.40, Unity Bank Plc has dragged a Limited liability company, Muhaabix Global services Limited, owned by the leader of Niger Delta militant, Government Ekpemupolo a.k.a. Tompolo before a Federal High Court in Lagos.
Joined as co-defendants in the ensuing debt recovery suit are two ocean going Vessels Damen CSD 500 and Damen CSD 650.
Damen CSD 500 is currently deployed at the proposed Dock/Shipyard,Delta state in fulfillment of a dredging contract by the NIgerian Maritime Safety and Administration Agency (NIMASA) while Damen CSD 650 together with spare parts is currently lying at the Julius Berger Jetty, Warri awaiting customs clearance. The two dredgers were imported by Muhaabix Global services limited company.
In a statement of claim filed before the court by a Lagos lawyer, Oluwafemi Atoyebi, on behalf Unity Bank Plc, it was alleged that by board resolution made on 14th November, 2014, Muhaabix Global Services limited agreed to borrow Euro 8,382,921.00; Euro 282,924.006 and N500,000,000 from Unity Bank Plc to fund letters of credit for the importation of the two dredgers and their spare parts. The credit facilities were all granted and availed to Muhaabix Global services limited company.
Pursuant to the loan agreement and in consideration of both parties, Muhaabix Global services limited company executed and registered in favour of Unity Bank a debenture deed over the dregers, “Damen CSD 500 and Damen CSD 650 as security for the payment of all the loans, all accrued interest and any outstanding amount payable to the bank.
Following the execution of the mortgage on the imported dredgers, the company also gave lien over its fixed deposit investment with the bank which was in the sum of N2,436,144,181.70.
The company also undertook to domicile the balance of its contractual earnings from NIMASA over the phase 1 and 2 dredging and sand filling contracts to the bank.
However, Unity Bank averred that despite Muhaabix Global Services Limited Company’s covenant of repayment agreement/undertakings, the company has failed, refused and neglected to liquidate its huge colossal indebtedness to the bank.
Moreso, in consequence of the attachment of its fixed deposit investment and post no debit on its account by the Economic and Financial Crime Commission (EFCC) thereby rendering the security over the imported dredgers, grossly inchoate .
The company has variously defaulted on the huge facilities availed it by the bank including the loan subsequently requested for and availed it in the sum of N60,000,000 and N59,070,717.32 to meet and augment its working capital.
The bank averred further that by reason of the foregoing and the breaches of the company of the loan agreement, it has surffered huge financial losses and damages.
Consequently, the bank’s claim against the defendants jointly and severally is in the total sum of N5,320,963,095.40 being the total outstanding loan granted Muhaabix Global services limited with interests of 9.2591 percent per day from 16th November, 2016 until judgment for a minimum of three years which the bank reasonably estimate the matter to last for in court and thereafter, at 6 percent per annum post judgement interest until payment and the legal costs of instituting and prosecuting this legal action.
The presiding Judge, Oluremi Oguntoyinbo, has adjourned the matter till April 12, for mention.

Author: News Editor

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