The Bank of Industry (BOI) has taken over the mortgaged assets of Tara Agro Industries Limited and Ebony Agro Industries Limited, located in Enugu and Ebonyi states, respectively.

The action by court-sanctioned receiver/manager, Robert Ohuoba, followed an interim order granted by the Federal High Court, Lagos State.

The court had granted the prayers of BOI to empower its receiver/manager to take over and preserve the fixed and floating assets of those companies owned by a former minister of industries, Charles Ugwuh.

The suits separately filed by Ohuoba on behalf of the BOI have Tara Agro Industries Limited, Engr Ugwuh, Mr Reuben Malcolm, and Williams Mongseng Wu as defendants on one hand and Ebony Industries as sole defendants on the other.

The ex parte motions revolve around the bid to secure a credit facility disbursed to the mortgagor pursuant to the mortgage instrument executed by the parties on November 15, 2011.

The trial judge, Daniel Osiagor, ordered that BOI, as lender/mortgagee, take control of the assets of the borrower.

The assets also include 6.43 hectares of land in Wukari, Taraba State, covered by Certificate of Occupancy No. 2716 in Volume 2 of the Land Registry, Jalingo; 66.819 hectares at the former Air Balloon Station, Ogrugu Adani Village, Uzo-Uwani LGA, Enugu State, delineated in Survey Plan No. L650C and registered as Certificate of Occupancy No. 89 in Volume 169 of the Land Registry; Plant and machinery listed in the Second Schedule to the Loan and Mortgage Agreement, including all properties mortgaged or charged as fixed or floating security for repayment obligations.

The court further granted leave to the applicants and the appointed receiver to take over and preserve the assets of the 2nd and 4th defendants under the deed of guarantee, in which the guarantors irrevocably undertook repayment obligations for the borrower’s indebtedness.

In addition, all financial institutions in Nigeria were directed to place a Post No Debit (PND) restriction on bank accounts linked to the defendants’ Bank Verification Numbers (BVNs) pending the hearing of the substantive motion on notice.

The interim order also restricts the sale or transfer of title to any affected asset until the court determines the motion.

In the other ruling, the court granted an interim injunction in favour of the plaintiffs against Ebony Agro Allied Industries Limited, restraining the defendant, its agents, or assigns from obstructing the appointed Receiver/Manager in exercising his statutory powers.

The injunction also prohibits the defendant from receiving, using, or disposing of any assets, receivables, or goodwill covered by the mortgage agreements while the properties remain under receivership.

The motions on notice are pending for hearing.