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BILLIONAIRE BUSINESSMAN, KOLA ALUKO IN N500M BANK LOAN SAGA (MESSY DETAILS)



A Federal high court sitting in Lagos,south west Nigeria has adjourned till 15th of April,2016,a bankruptcy suit filed against a Lagos businessman Kola Aluko.
    In the said petition filed before Justice Mohammed Idris,on behalf of Guaranty Trust bank by Barrister Sunday Adara from the law firm of Chief Ajibola Aribisala SAN, the bank  alleged that what led to the bankruptcy petition started sometime in 2012 when the commercial Bank instituted legal action against Kola Aluko of number 27,Oyinkan Abayomi drive Ikoyi-Lagos  who carries on business in Nigeria through Fossil Resources international Company, a leading indigenous downstream company,to recover a debt of N9,517,093,240.97 being amount outstanding on the loan granted to Hi-media limited and guaranteed by Kola Aluko, the bank was also claiming unspecific  general  damages for failure of. Kola Aluko to honour his obligation under the contract of personal guarantee and the indemnity duly executed by him and the cost of this legal action
  However in the course of proceedings in  the debt recovery suit filed before a Lagos high court,the two partIes agreed to settle out of court, the two parties thereafter then executed a terms of settlement,whereby the creditor accept from the debtor  the sum of N3,250,040,000  In full and final settlement.
The terms of settlement was entered as judgement of the court.
  By virtue of the consent judgement, the first tranche in the sum of N500million would be paid by the Debtor to the bank leaving an outstanding balance of N2,750,040,000.which would be liquidated in six quarters over a period of eighteen months
     The debtor paid the first tranche of N500million and the five quarters leaving the payment of sixth quarter. The debtor without any explanation and in flagrant disobedience of the final judgement of the  court suspended the repayment of the outstanding tranche of the sum of N458,340,000 despite several demands by the bank,as he was una ble to pay till date hence this petition.
   Consequently, the bank thus prays the court for the following orders
  An order adjudging the Debtor Kola Aluko Bankrupt.
   An order directing that all assets,interest and holding of the said Kola Aluko either held personally or through third parties be liquidated and the proceeds applied towards discharging Kola Aluko's debt in the sum of N458,340,000
    An order divesting Kola Aluko of all shares or stocks of shares,interest and holdings belonging to him in whatever form,in all public and private companies.
   An order removing Kola Aluko as a Director ,in all public and private companies
   An order restraining Kola Aluko from appointment as Director in any public and private companies in Nigeria.
    However,in an application filed before the court by a Lagos lawyer,Mr Adesegun Ajibola SAN,Kola Aluko urge the court to dismiss the petition on the ground that the petitioner failed to comply with the condition precedent before filling the petition.

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