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Etiebet loses bid to stop bank from seizing property

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The Federal High Court, Lagos, yesterday turned down a motion on notice seeking to stop Access Bank from taking over a property known as Etiebet’s Place in Ikeja, Lagos.A former Minister of Petroleum Resources, Chief Don Etiebet, owns the property located on Mobolaji Bank Anthony Way, in the name of his firm, Obodex Nigeria Limited.

In a ruling yesterday, Justice A. Liman, refused Obodex Nigeria Limited’s plea to stay the execution of a December 17, 2018 judgment of Justice Ibrahim Buba, which empowered Access Bank to take over the property.Justice Liman refused to stop the bank from taking over the property.

The bank had dragged Obodex Nigeria Limited to court over an alleged indebtedness.The firm challenged the court’s jurisdiction to hear the suit.But in his December 17, 2018 decision, Justice Buba dismissed the objection by Obodex Nigeria Limited and ruled in favour of Access Bank.

Pursuant to this, Access Bank took over Etiebet’s Place and appointed a Senior Advocate of Nigeria, Mr. Kunle Ogunba, as receiver/ manager to manage the property towards the recovery of the alleged debt.Not pleased, Obodex Nigeria Limited filed an appeal as well as an application for stay of execution of the judgment.

In the application for stay of execution, filed through its counsel, Mr. Dele Adesina (SAN), Obodex Nigeria Limited sought an order restraining Ogunba (SAN) and his privies or assignees from “advertising or offering for sale, selling, mortgaging, transferring, alienating or otherwise interfering with the applicant’s equitable right of redemption on the property situated and lying at 21 Mobolaji Bank Anthony Way, Ikeja, Lagos, also known as Etiebet’s House, pending the hearing and final determination of the applicant’s appeals.”

But Access Bank, through Ogunba, opposed Obodex’s application for stay of execution. In a similar vein, the Court of Appeal, Jos Division, has quashed the judgment of the Federal High Court against Ibrahim Baba Hassan representing Jos North-North State Constituency in the Plateau State House of Assembly.The appeal court allowed the appeal of Hassan, which sought the setting aside of the lower court judgment that disqualified him alleging that he forged a diploma certificate.Justice Mudasiru Oniyangi, in a consensus judgment, said the lower court presided over by Justice Musa Kurya, lacked the jurisdiction to enter judgment on a 2015 pre-election suit.


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Don Etiebet
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