For fear of losing its precious asset, a real estate development company, Grant Properties Limited, sent a Save-Our-Soul (SOS) appeal to the federal government, asking President Muhammadu Buhari to intervene in this matter and initiate a investigation of alleged collusion in dissipating the assets of the company to satisfy a facility obtained by the company.
The company said the call for help became necessary as a result of what it described as a collusion against its interests between one of the banks from which it obtained the loan facility and the company. Nigeria Asset Management (AMCON)
He said he got a loan from a consortium of four banks; Sterling Bank, Skye Bank, Unity Bank and Wema Bank, to finance the development of an estate, Victory Park Estate, in Lekki, Lagos, adding that said facility was secured by the shares of its subsidiary, Knight Rook Limited, which is active of approximately 46 acres of land in Victory Park Estate.
There had, however, been a long battle over ownership due to what the company characterized as collusion between Sterling Bank Plc and Assets Management Corporation of Nigeria, (AMCON) in the dissipation of the company’s assets and this is during of the crisis that the president of the company, Chief Olajide Awosedo, who launched the legal fight to protect the assets of the company, has died.
They wrote petitions and the case even went to court. In a petition to the Central Bank of Nigeria, signed by Chief Olajide Awosedo titled: Insiders abuse, collusion and fraud: petition against Sterling Bank Plc, Mr. Yemi Adeola, Mr. Yemi Idowu, Ms. Justina Lewa and the Asset Management Corporation , Awosedo called on the president to intervene to right the injustice inflicted on him and his business.
He asked the CBN to investigate legal and ethical issues raised in insider abuse, collusion, and the illegal sale of a client’s assets by Sterling Bank to its directors, particularly in light of the fact that a judgment of a High Court in Lagos had established the illegality of their actions, which violated the AMCON law and the laws of the Securities and Exchange Commission, the banking laws and all the ethics of the banking profession.
They further call on the government and the CBN to conduct a full investigation into insider trading and collusion by Sterling Bank and its management and to compel the bank to return the 10 hectares of land they seized. illegally sold to AMCON under warranty. in accordance with the judgment of a High Court in Lagos which annulled this sale.
The company also asked the CBN to oblige AMCON to reclaim the 10 hectares of land as collateral and apply it to the 8.5 billion naira debt, demanding that “AMCON order an appraisal of the property and take the part that satisfies the obligation and then return the remainder to us.Once the obligation is fulfilled, AMCON should be requested to issue a letter of discharge and return to us our Knight Rook shares and other properties held by AMCON and the Receiver Manager.
According to the company, the bank’s management, in order to ensure that the court verdict won by the company was not carried out, engaged in a complex web of mind games, appealing to AMCON to put obstacles in the way of the company in order to divert it. to drop his judgment which he won in the High Court in Lagos, adding that at one point in 2009 the project was blocked due to liquidity problems in the banks when “they were no longer in operation. able to provide funds for further development.
âWhen AMCON was formed in 2011, the banks transferred the loan to the company, but Sterling Bank kept the Knight Rook shares and used them to trade illegally. We found out that the bank had not transferred all of our collateral to AMCON, instead it had diverted 10 hectares of the land, which it secretly sold to its manager, a rival real estate developer who was appointed to manage. the account as the head of project implementation. Committee, PIC, made up of the four funding banks and ourselves. In fact, Yemi Idowu should never have been allowed to manage our account because he was a direct competitor, âcompany management said.
The company alleged that the bank sold the land using a proxy company and deposited the proceeds of the sale of 1.8 billion naira “to our project account” and immediately withdrew it from there. ‘without or without a mandate from the real estate development company, to pay for BENA management services. Limited, another surrogate / proxy firm that Sterling Bank secretly used to buy homes in the Victory Park Estate.
The company stressed that it wants the government and the CBN to step in and ensure that the judgment it won on June 2, 2017, is allowed to take effect in accordance with the rule of law and ethical provisions.
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