A Federal High Court sitting in Lagos has granted leave to Guaranty Trust Bank Plc to take possession of a property belonging to the former Governor of Oyo State, Rashidi Ladoja over a N207.15 million debt pending the determination of the substantive suit.
That it gave several loan facilities to Ladoja and his company, Hi-Nutrient international Limited, to finance the acquisition of plant and equipment for the company’s factory.
That Ladoja and Hi-Nutrient International Limited have failed to pay up the debts which has continued to accrue interest. It currently stands at N207,150,761.46.
Justice Rilwan Mohammed Aikawa granted leave to the receiver manager to take possession of the property at 57, Oscar Ibru Way, Apapa Local Government area of Lagos State.
He restrained the defendants and the directors of the company and their agents from frustrating Olamide Owolegbon, the receiver manager appointed by the bank, from exercising all the powers vested in him to perform his duties.
The court thereafter adjourned the case till next week for further hearing of the substantive suit.