Friday, 1 December 2017

Union Bank Claims The Huge Money Discovered By EFCC At Ikoyi Flat


According to report, Union Bank of Nigeria Plc has claimed ownership of the huge sums of money, ($43,449,947, N23, 218,000 and £27,800) that was discovered and recovered by the anti-graft agency, EFCC at Flat 7B in Osborne Towers, Ikoyi, on the 6th of June 2017.

The Bank in its claim application that is reportedly still pending in court, asked the Federal High Court in Lagos to vacate an interim order that has forfeited the flat to the Federal Government, after the court had on the 9th November, ordered the flat’s temporary forfeiture to the Federal Government, after Justice Saliu Saidu ruled that it would be permanently forfeited if no one turned up to justify its ownership within 14 days. An ultimatum which has already expired.

According to the Union Bank’s lawyer Chief Ajibola Aribisala (SAN) on Thursday, he filed an application seeking to vacate the interim forfeiture order on behalf of the bank.

While in a supporting affidavit, the bank said the flat was part of 16, Osborne Road, Ikoyi, that belongs to Alhaji Ahmadu Adamu Muazu. Adding that the property was covered by a certificate of occupancy dated September 27, 2009 and registered as 97/97/2009 in the Lands Registry Office, Alausa.

According to the bank, Muazu mortgaged the property to it by virtue of a Tripartite Deed of Legal Mortgage dated November 1, 2011. While adding that the property was a security for a loan granted to Tripple A Properties & Investment Ltd.

The bank further claimed that the property’s original titled deed had been vested in it (the bank), while adding that the loan was yet to be liquidated despite its tenor expiring.

With the bank's claim that it sold the property to Chobe Ventures Ltd to liquidate the loan, EFCC, in its counter affidavit, argued that the bank lacked the locus standi to challenge the forfeiture.

While arguing the application for the flat’s forfeiture, EFCC’s lawyer said Mrs Oke made cash payment of $1,658,000 in tranches of $700,000, $650,000 and $353,700, for the flat’s purchase between August 25 and September 3, 2015.

And in a supporting affidavit deposed to by an investigating officer, Mr Musa Giwa, the agency said Mrs Oke gave the cash to a bureau de change operator, Alhaji Shehu Usman Anka, to pay for the flat.

“The funds used to acquire the property sought to be forfeited in the name of Chobe Ventures belong to the Federal Government of Nigeria but was fraudulently converted to the use of Chobe Ventures. It is in the interest of justice to grant this application,” the EFCC said.

While adding that when it recovered the huge cash from the flat, it also recovered several documents that indicated that the flat belonged to Chobe Ventures and some of the evidence included invoices and cash receipts issued to the company.

The anti-graft agency further claimed to have written the Corporate Affairs Commission (CAC) for the particulars of Chobe Ventures’ directors, following which the CAC affirmed that the directors of Chobe Ventures were Mrs Folade Oke and Mr Ayodele Oke Jr.

It was gathered that Justice Saidu has adjourned the hearing of Union Bank’s application as an interested party till 12th of January 2018.

Source: The Nation

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