A Lagos High Court, Ikeja has adjourned hearing in a $47 million loan suit between an investment company, Nichole Integrated Investments Ltd, and oil Magnate, Alhaji Sayyu Dantata and his three companies, MRS Holdings Company Limited, MRS Oil Nigeria Plc, and Bestaf Trading Company Limited to December 6, 2023.

The trial judge, Yetunde Pinheiro on the adjourned date will hear a mareva injunction from the claimants seeking to restrain all the four defendants jointly and severally from paying out any money standing to the credit or for the benefit of the respondents from listed accounts pending the determination of the suit.

The claimant seeks an order of mareva injunction restraining the defendants, particularly the 4th defendant from disposing, alienating, and or transferring the large expanse of land measuring 400,000 square metres situate at Lekki Free Trade Zone Phase 2, Ibeju-Lekki, pending the hearing and determination of the suit.

Alternatively, the claimant seeks the order of court directing the defendants jointly and severally to pay $23,359,626 being the amount claimed as the balance outstanding from the total loan of $44,516,000.

The loan, they claimed, was a facility given by the claimants to the defendants under contract on August 5, 2009.

The claimant wants the court to direct the defendants to pay the money or its naira equivalent at the current bank rate, in addition to the sum of N50 million being the cost of litigation, and N25 million cost for damages for breach of contract.

The claimant wants the sums to be paid into an interest yielding account to be opened in the name of the Chief Registrar, High Court of Lagos State, to await the judgment of the court.

Also on the adjourned date, an application filed by the defendants seeking to stay proceedings pending the determination of an appeal they filed at the Court of Appeal, Lagos to determine whether the lower court has jurisdiction to hear the suit since according to them, the claimant’s suit is statute barred, would be heard.

When the matter came up for hearing on November 17, the claimant’s counsel, Dele Adesina (SAN) informed the court that he was ready to move his application for Mareva injunction because the application was not opposed as the defendants failed to file counter affidavit to the application.

Defence counsel, Norrison Quakers (SAN), in response informed the court that they filed a counter affidavit on November 1 and that the claimant’s counsel refused service, an allegation Adesina refuted immediately.

However, on a closer look, it was discovered that the defendants served the process on a wrong address, to which Quakers took full responsibility and apologised to the claimant’s counsel.